Re Intag International Ltd (in Liq): ex parte Westpac Banking Corporation v Intag International Limited [1999] NSWSC 645

New South Wales Supreme Court CITATION : Re Intag International Ltd (in Liq): ex parte Westpac Banking Corporation v Intag International Limited [1999] NSWSC 645 CURRENT JURISDICTION : Equity FILE NUMBER(S) : 1144/99 HEARING DATE(S) : 28/06/99, 29/06/99 JUDGMENT DATE : 29 June 1999

PARTIES : Westpac Banking Corporation (ARBN 007 457 141) (P) Intag International Limited (ACN 009 270 188) (D) JUDGMENT OF : Santow J

COUNSEL : ex parte J Priestley (D) SOLICITORS : ex parte Dunhill Madden Butler (D) CATCHWORDS : CORPORTIONS — Terminating winding-up under s482(1) of Corporations Law — Relevant principles — Moulding orders and undertaking to ensure public interest and commercial morality not jeopardised — Self-executing order putting company back into liquidation if payments not received by company under Deed of Company Arrangements — Solvency considerations — Future directorial and financial control. ACTS CITED : Corporations Law s436B(2); s482(1); Re Data Homes Pty Ltd [1972] 2 NSWLR 22 Re Elvi Pty Ltd; Re Fullin Enterprises Pty Ltd (1983) 1 ACLC 910 CASES CITED : Re Mascot Home Furnishers Pty Ltd (in liq) [1970] VR 593 Re Skay Fashions Pty Ltd (in liq) (1987) 5 ACLC 46 Re Telescriptor Syndicate Ltd [1903] 2 Ch 175 DECISION : Winding-up terminated.

Intag.29June99 — 29 June, 1999: Re Intag International Ltd (in Liq): ex parte Westpac Banking Corporation v Intag International Limited 5 REVISED — 29 June, 1999 IN THE SUPREME COURT OF NEW SOUTH WALES IN EQUITY

SANTOW J

No. 1144/99 In the matter of INTAG INTERNATIONAL LTD (in Liq) (ACN 009 270 188) and the Corporations Law WESTPAC BANKING CORPORATION (ARBN 007 457 141) Plaintiff INTAG INTERNATIONAL LIMITED (ACN 009 270 188) Defendant