Aust Yieh Stainless Pty Limited v Horans Steel Pty Limited [2000] NSWSC 244

New South Wales Supreme Court

CITATION : Aust Yieh Stainless Pty Limited v Horans Steel Pty Limited [2000] NSWSC 244 CURRENT JURISDICTION: Equity FILE NUMBER(S) : SC 4173/99 HEARING DATE(S) : 28/03/00 JUDGMENT DATE : 28 March 2000

PARTIES : Aust Yieh Stainless Pty Limited (ACN 076 379 587) (Plaintiff/Appellant) Horans Steel Pty Limited (ACN 000 048 233) (Defendant/Respondent) JUDGMENT OF : Santow J

COUNSEL : P A Beale (Plaintiff/Appellant) T G R Parker (Defendant/Respondent) SOLICITORS : McGrath Dicembre & Co (Plaintiff/Appellant) Allen Allen & Hemsley (Defendant/Respondent) CATCHWORDS : CORPORATIONS — General solvency argued at winding up stage — No leave required under s459S of Corporations Law — Not in dispute that company had failed to set aside statutory demand but was solvent even if debt was paid in full — Registrar's order declining to wind up confirmed. LEGISLATION CITED : Corporations Law, s459S Alcatel Australia Ltd v P R B Holdings Pty Ltd (1998) 27 ACSR 708 Chippendale Printing Co Pty Ltd v Commissioner of Taxation (1995) 13 ACLC 229 Elite Motor Campers Australia v Leisureport Pty Ltd (1996) 14 ACLC 1759 CASES CITED : Kekatos v Holmark Construction Co Pty Ltd (1995) 13 ACLC 1581 Liverpool Cement Renderers (Aust) Pty Ltd v Landmarks Constructions (NSW) Pty Ltd (1996) 19 ACSR 411 Mandarin International Developments Pty Ltd v Growthcorp (Australia) Pty Ltd (Santow J, 23 March 1998 unreported) Master Paving Pty Ltd v Heading Contractors Pty Ltd (1997) 15 ACLC 1025 Switz v Glowbind ([2000] NSWCA 37, 10 March 2000, unreported) DECISION : Plaintiff's Motion dismissed with costs.