Pine Forests of Australia (Canberra) Pty Ltd [2010] NSWSC 1296

Reported Decision : 80 ACSR 377

New South Wales Supreme Court

CITATION : Pine Forests of Australia (Canberra) Pty Ltd [2010] NSWSC 1296

HEARING DATE(S) : 01/10/10, 02/11/10

JUDGMENT DATE : 9 November 2010

JURISDICTION : Equity Division Corporations List

JUDGMENT OF : Barrett J

DECISION : Order for termination of winding up made on undertaking concerning reconstitution of board of directors.

CATCHWORDS : CORPORATIONS - winding up - winding up by the court in progress for ten years - application by all contributories for termination of winding up - contributories purport to pass resolution removing existing directors and appointing new director - whether such resolution may effectively be passed while winding up continues - alternative approach preferred under which winding up is terminated on the contributories' undertaking to reconstitute the board immediately after termination

LEGISLATION CITED : Corporations Act 2001 (Cth), Part 2F.1A, ss 201A(1), 249A, 482,

CATEGORY : Principal judgment

Chahwan Pty Ltd v Euphoric Pty Ltd [2008] NSWCA 52; (2008) 227 FLR 43 Commissioner of Taxation v Linter Textiles Australia Ltd [2005] HCA 20; (2005) 220 CLR 592 CASES CITED : Owners Strata Plan 70294 v LNL Global Enterprises Pty Ltd [2006] NSWSC 1386; (2006) 60 ACSR 646 Pine Forests of Australia (Canberra) Pty Ltd [2010] NSWSC 1127 Re HDT Special Vehicles (Aust) Pty Ltd (1991) 6 ACSR 5 Re Sound Consolidated Industries Pty Ltd (1992) 6 ACSR 647

Pine Forests of Australia (Canberra) Pty Ltd - First Plaintiff PARTIES : Peter Charles Hicks as liquidator of Pine Forests of Australia (Canberra) Pty Ltd - Second Plaintiff Pine Forests of Australia Pty Ltd - Third Plaintiff Syfind (Finances) Pty Ltd - Fourth Plaintiff