NSW Caselaw
New South Wales Supreme Court
CITATION : Leveraged Equities Limited v Hilldale Australia Pty Limited [2008] NSWSC 190
HEARING DATE(S) : 8, 12 & 21 February 2008
JUDGMENT DATE : 7 March 2008
JUDGMENT OF : Hammerschlag J
DECISION : Defendant placed under winding up order. Liquidator appointed
CATCHWORDS : CORPORATIONS – Winding up in insolvency – Failure to pay statutory demand – Presumption of insolvency – During hearing associated party and company enter into loan agreement and moneys advanced to place company in a position to meet debt subject of statutory demand but not intended to be paid over to creditor because company disputes liability – No application pursuant to s 459S of the Corporations Act 2001 (Cth) to rely on any matter other than proving solvency – Whether loan funds to be taken into account in assessment of company's solvency – Failure to provide "fullest and best" evidence of solvency – Failure to rebut presumption of insolvency
LEGISLATION CITED : Corporations Act 2001 (Cth)
Hilldale v Leveraged Equities [2007] NSWSC 867 Powell v Fryer (2001) 37 ACSR 589 Melbase Corporation Pty Ltd v Segenhoe Ltd (1995) 17 ACSR 187 Noxequin Pty Ltd v Deputy Commissioner of Taxation [2007] NSWSC 87 Leslie v Howship Holdings Pty Ltd (1997) 15 ACLC 459 Expile Pty Ltd v Jabb's Excavations Pty Ltd (2003) 45 ACSR 711 Sandell v Porter (1966) 115 CLR 666 Ace Contractors & Staff Pty Ltd v Westgarth Development Pty Ltd [1999] FCA 728 Commonwealth Bank of Australia v Begonia (1993) 11 ACLC 1075 CASES CITED : QBE Workers' Compensation Pty Ltd v P Russell Enterprises Pty Ltd [2005] NSWSC 1128 Re RHD Power Services (1990) 3 ACSR 261 Taylor v Australia and New Zealand Banking Group (1988) 13 ACLR 780 Lewis v Doran (2004) 50 ACSR 175 Lewis (as Liquidator of Doran Constructions Pty Ltd) v Doran (2005) 54 ACSR 410 ASIC v Edwards (2005) 54 ACSR 583 Owners Strata Plan 70294 v LNL Global Enterprises Pty Ltd (2006) 60 ACSR 646 Vero Workers Compensation (NSW) Ltd v Ferretti Pty Ltd (in liq) (2006) 57 ACSR 103 Collins v G Collins & Sons (1984) 9 ACLR 58 Ts Recoveries Pty Ltd v Sea-Slip Marinas (Aust) Pty Ltd [2007] NSWSC 1410
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