Owners Strata Plan 70294 v LNL Global Enterprises Pty Ltd [2006] NSWSC 1386

Reported Decision : 60 ACSR 646

New South Wales Supreme Court

CITATION : Owners Strata Plan 70294 v LNL Global Enterprises Pty Ltd [2006] NSWSC 1386 This decision has been amended. Please see the end of the judgment for a list of the amendments.

HEARING DATE(S) : 11/12/06

JUDGMENT DATE : 13 December 2006

JURISDICTION : Equity Division Corporations List

JUDGMENT OF : Barrett J

DECISION : Order terminating winding up refused.; Application adjourned.

CATCHWORDS : CORPORATIONS - winding up - application for order terminating winding up - no evidence from qualified accountant of company's financial position - principals apparently accept that company insolvent - related party creditor offers court undertaking of indefinite duration not to require payment by company until all other creditors paid - whether sound basis for terminating winding up

LEGISLATION CITED : Corporations Act 2001 (Cth), ss.459C(2)(a), 471A(1A), 482

Brolrik Pty Ltd v Sambah Holdings Pty Ltd (2001) 40 ACSR 361 Chief Commissioner of Stamp Duties v Buckle (1998) 192 CLR 226 Collins v G. Collins & Sons Pty Ltd (1984) 9 ACLR 58 Deputy Commissioner of Taxation v Star Building Formwork Pty Ltd [2005] FCA 1939 Expile Pty Ltd v Jabb's Excavations Pty Ltd (2003) 47 ACSR 711 GIO Workers Compensation (NSW) Ltd v Advance International (Australia) Pty Ltd [2002] NSWSC 261 CASES CITED : Jain v Deojill Pty Ltd [2005] FCA 1938 QBE Workers Compensation Pty Ltd v P Russell Enterprises Pty Ltd [2005] NSWSC 1128 Re Data Homes Pty Ltd [1972] 2 NSWLR 22 Re De Groot and Sydney Dive Centre Pty Ltd [2006] FCA 159 Re Directorcorp Pty Ltd (2006) 58 ACSR 398 Re Nature Springs Pty Ltd (1994) 13 ACSR 50 Singleton v Andreones Pty Ltd [2005] NSWSC 730 Sutherland v Rahme Enterprises Pty Ltd (2003) 46 ACSR 458