In the matter of Mustang Marine Australia Services Pty Ltd (admin apptd) - Perpetual Trustee Company Ltd v Mustang Marine Australia Services Pty Ltd [2010] NSWSC 1429

New South Wales Supreme Court

CITATION : In the matter of Mustang Marine Australia Services Pty Ltd (admin apptd) - Perpetual Trustee Company Ltd v Mustang Marine Australia Services Pty Ltd [2010] NSWSC 1429

HEARING DATE(S) : 23 and 24 November 2010

JUDGMENT DATE : 10 December 2010

JURISDICTION : Equity

JUDGMENT OF : Ward J

DECISION : Deed of Company Arrangement terminated. Order for the winding up of the first defendant. Liquidator appointed to the first defendant.

CATCHWORDS : CORPORATIONS - application for termination of deed of company arrangement and winding up of first defendant under s 445D - consideration of operation of s 588Y of Corporations Act - HELD - deed of company arrangement terminated and winding up of first defendant ordered

LEGISLATION CITED : Corporations Act 2001 (Cth) Explanatory Memorandum and Second Reading Speech, 3 November 1992 to Corporate Law Reform Bill 1992

Bathurst City Council v Event Management Specialist Pty Ltd (2001) 36 ACSR 732; [2001] NSWSC 34 Bidald Consulting Pty Ltd v Miles Special Builders Pty Ltd (2005) 226 ALR 510; [2005] NSWSC 1235 Brooks v Heritage Hotel Adelaide Pty Ltd (1996) 20 ACSR 61 Commissioner of Taxation v Comcorp (1996) 70 FCR 356; (1996) 21 ACSR 590 Cresvale Far East Ltd (in Liq) v Cresvale Securities Ltd (2001) 37 ACSR 394 Deputy Commissioner of Taxation v Pddam Pty Ltd (1996) 19 ACSR 498; (1996) 14 ACLC 659 DCT v Portinex (2000) 156 FLR 453; (2000) 34 ACSR 391; [2000] NSWSC 99 Emanuele v ASIC (1995) 63 FCR 54; (1995) 141 ALR 506; (1995) 19 ACSR 1; (1995) 14 ACLC 244 Fleet Broadband Holding Pty Ltd v Paradox Digital Pty Ltd [2005] WASC 261; (2005) 228 ALR 598 In Re Diamond Press Australia Pty Ltd [2001] NSWSC 313 International Greetings UK Ltd v Stansfield [2010] NSWSC 1357 CASES CITED : Khoury v Zambena Pty Ltd [1999] NSWCA 402; (1999) 217 ALR 527 Lam Soon Australia Pty Ltd v Molit (No 55) (1996) 70 FCR 34 Lehman Brothers Holdings Inc v City of Swan; Lehman Brothers Asia Holdings Ltd (in liq) v City of Swan (2010) 240 CLR 509; (2010) 265 ALR 1; (2010) 84 ALJR 275; (2010) 77 ACSR 489; [2010] HCA 11 Lewis v Doran (2004) 208 ALR 385; (2004) 184 FLR 454; (2004) 50 ACSR 175; (2004) 22 ACLC 1009; [2004] NSWSC 608 Linen House Pty Ltd v Rugs Galore Australia Pty Ltd [1999] VSC 126 Maylord Equity Management Pty Ltd v ReelTime Media Ltd [2008] NSWSC 1045 New World Alliance Pty Limited, Sycotex Pty Limited v Baseler (No 2) (1994) 51 FCR 425 Public Trustee (Qld) v Octaviar Ltd (No 8) (2009) 73 ACSR 139; [2009] QSC 202 Re English Scottish and Australian Chartered Bank [1893] 3 Ch 385 Strazdins, in the matter of DNPW Pty Ltd (subject to DOCA) ACN 107 484 711 v Birch Carroll & Coyle Limited [2009] FCA 731 Tolcher v National Australia Bank [2003] NSWSC 207 Young (as representative for the Australian partnership known as Accenture) v Sherman (2002) 170 FLR 86; (2002) 20 ACLC 1559; [2002] NSWCA 281