NSW Caselaw
Reported Decision : (2000) 18 ACLC 343
New South Wales Supreme Court
CITATION : Switz Pty Ltd v Glowbind Pty Ltd [2000] NSWSC 222 revised - 4/04/2000 CURRENT JURISDICTION: Supreme Court FILE NUMBER(S) : SC 3407/99 HEARING DATE(S) : 17 March 2000 JUDGMENT DATE : 27 March 2000
PARTIES : Switz Pty Ltd v Glowbind Pty Ltd JUDGMENT OF : Hodgson CJinEq at 1
COUNSEL : P - Mr B Coles QC & Mr R Newlinds D - Mr M Walton SC SOLICITORS : P - Clayton Utz D - PricewaterhouseCooperLegal CATCHWORDS : Corporations - Winding up - Insolvency - Cash flow test - Whether can infer solvency from surplus of current assets over current liabilities - Whether is mere temporary illiquidity where debts could be paid by sale of assets. LEGISLATION CITED : Corporations Law ss 95A, 459A, 459C, 459P Leslie Howship Holdings Pty Ltd (1997) 15 ACLC 459 at 466 Sandell v Porter (1966) 115 CLR 666 at 670-1 Hi Mix Concrete Pty Ltd v Garrethy (1977) 2 ACLR 559 at 566 Taylor v ANZ Banking Group Ltd (1988) 6 ACLC 808 at 811 CASES CITED : Ogilvie v Adams (1981 VR 1041 ex parte Russell (1882) 19 CH D 588 at 601 re Timbatec Pty Ltd (1974) 24 FLR 30 at 36-7 Rees v Bank of NSW (1964) 111 CLR 210 at 218 Brimaud v Honeysett Instant Print Pty Ltd (McLelland J SC of NSW 19/9/88) DECISION : See pae 50
IN THE SUPREME COURT OF NEW SOUTH WALES EQUITY DIVISION
CORAM: HODGSON CJ IN EQ
Monday, 27 March 2000
No 3407/99: SWITZ PTY LTD -V- GLOWBIND PTY LTD JUDGMENT
1 I am dealing with the final hearing of a summons brought by Switz Pty Ltd to wind up Glowbind Pty Ltd, filed on 2 August 1999.
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