Expile Pty Ltd v Jabb's Excavations Pty Limited [2003] NSWCA 163

Reported Decision : (2003) 45 ACSR 711 (2003) 21 ACLC 1354

New South Wales Court of Appeal

CITATION : Expile Pty Ltd v Jabb's Excavations Pty Limited [2003] NSWCA 163 HEARING DATE(S) : 29th May 2003 JUDGMENT DATE : 24 June 2003

JUDGMENT OF : Meagher JA at 1; Handley JA at 2; Santow JA at 3 DECISION : (1) Appeal allowed; (2) Orders below set aside; (3) Appellant's costs both at trial and on appeal be paid out of the assets of the respondent; (4) Listed for mention before Santow JA on 27 June 2003 at 9.30 am.

CATCHWORDS : CORPORATIONS - Application to wind up company under s459P of the Corporations Act following statutory demand where no application to set aside on basis of genuine dispute as to claimed debt or offsetting claim - Resultant presumption of insolvency - Winding up - Insolvency - Rebuttal to presumption of insolvency - Onus - Borrowing capacity to meet current liabilities - Bank loans as non-current or current liabilities - Verification of assets - Independent accountants - Sufficiency of accounting records - Appointment of an Administrator LEGISLATION CITED : Corporations Act s95A; s440A; s459C; s459F; s459G; s459H; s459P; s459R; s459S Ace Contractors & Staff Pty Ltd v Westgarth Development Pty Ltd [1999] FCA 728 CASES CITED : Sandell v Porter (1966) 115 CLR 666 Switz Pty Ltd v Glowbind Pty Ltd (2000) 48 NSWLR 661 PARTIES : EXPILE PTY LTD (ACN 093 403 135) (Appellant) JABB'S EXCAVATIONS PTY LIMITED (ACN 066 676 926) (Respondent) FILE NUMBER(S) : CA 40212/03; 40217/03 COUNSEL : S D Epstein, SC (Appellant) D H Murr, SC/ R W Tregenza (Respondent) SOLICITORS : Baron & Associates (Appellant) Cadmus Lawyers (Respondent)