NSW Caselaw
New South Wales Supreme Court
CITATION : Visa Australia Pty Ltd v Austsong Trading Pty Ltd [2007] NSWSC 776
HEARING DATE(S) : 18/06/07
JUDGMENT DATE : 18 June 2007
JURISDICTION : Equity Division Corporations List
JUDGMENT OF : White J
EX TEMPORE JUDGMENT DATE : 18 June 2007
DECISION : See paragraphs 8-10 of judgment.
CATCHWORDS : CORPORATIONS – Winding-up – Application for stay or termination – Whether court should order stay or termination – Where on prior application company's liabilities exceeded its assets – Fresh application where there is a material change in circumstances – Where condition for termination of the winding-up offered by applicants is that applicants release debts in consideration for issue of shares in company – Current assets will be sufficient to satisfy current liabilities once loans capitalised – Undertakings to court that debts will be released upon issue of shares – Leave given to applicants under s 471A(1A) to perform or exercise powers as officers of company to effect capitalisation of debts so that order terminating winding-up could be made. - (Cth) Corporations Act 2001, ss 471A(1A), 482
LEGISLATION CITED : Corporations Act 2001 (Cth)
CASES CITED : Visa Australia Pty Limited v Austsong Trading Pty Limited [2007] NSWSC 494
Visa Australia Pty Ltd PARTIES : v Austsong Trading Pty Ltd
FILE NUMBER(S) : SC 1644/07
COUNSEL : Plaintiff: N/A Defendant: G Lancaster
SOLICITORS : Plaintiff: Legal Recovery Solutions Defendant: N/A
IN THE SUPREME COURT OF NEW SOUTH WALES EQUITY DIVISION CORPORATIONS LIST
We try to embed the page this law was scraped from. If the site blocks framing, you still get the link and a local excerpt.
Last checked with source on —
Checking whether the official page can be embedded…
Plain-English simplify of this law: a short summary, key points, and both sides of the argument. Generated on first view via Replicate, then cached. Vote on what helps your study.
No study brief is cached for this law yet. Sign up to generate a plain-English brief.
Sign up to generate