In the matter of Yelin Group Pty Ltd - Li v Jin [2012] NSWSC 74

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Yelin Group Pty Ltd - Li v Jin [2012] NSWSC 74 Hearing dates: 30 & 31 January 2012 Decision date: 15 February 2012 Jurisdiction: Equity Division - Corporations List Before: Ward J Decision: Stay of winding up ordered pending outcome of other proceedings in Common Law Division to determine respondent's claim to be a creditor of the company. Leave granted pursuant to s 471B of the Corporations Act, insofar as that be necessary, for the prosecution of the respondent's cross-claim against the company in those proceedings Catchwords: CORPORATIONS - winding up - application for termination of winding up pursuant to s 482 Corporations Act 2001 (Cth) - where solvency of company disputed and contingent on outcome of pending proceedings in Common Law division as to whether respondent to present application is creditor (or debtor) of the company - considering public interest against insolvent or potentially insolvent companies re-entering commercial world - where commercial reality is that company in a position to meet its day-to-day debts but would potentially be insolvent if debt claimed by respondent is established - where undertaking proffered to preserve position pending outcome of other proceedings - winding up order stayed pending judgment in Common Law proceedings Legislation Cited: Corporations Act 2001 (Cth) Uniform Civil Procedure Rules 2005 (NSW) Cases Cited: Anderson v Palmer [2002] NSWSC 192 ACE Contractors & Staff Pty Ltd v Westgarth Development Pty Ltd [1999] FCA 728 Bidald Consulting Pty Ltd v Miles Special Builders Pty Ltd (2005) 226 ALR 510; [2005] NSWSC 1235 Brolrik v Sambah [2001] NSWSC 1171 Brooks v Heritage Hotel Adelaide Pty Ltd (1996) 20 ACSR 61 Deputy Commissioner of Taxation v Lencal Excavations Pty Ltd [2004] NSWSC 783 Deputy Commissioner of Taxation v Sydney Concrete Steel Fixing Pty Ltd (1999) 17 ACLC 972 Dubolo Pty Ltd (t/as Fender Signs) v Codrington Investment Corporation Pty Ltd (1998) 26 ACSR 723 In the Matter of Golden Plantation Pty Ltd [2011] NSWSC 1610 In the Matter of SNL Group Pty Ltd (In Liq); Su v SNL Group Pty Ltd (In Liq) [2010] NSWSC 797 Lam Soon Australia Pty Ltd v Molit (No 55) (1996) 70 FCR 34 Lewis v Doran (2004) 208 ALR 385; (2004) 184 FLR 454; (2004) 50 ACSR 175; (2004) 22 ACLC 1009; [2004] NSWSC 608 Metledge v Bambakit Pty Ltd; Manuel Koutsourais, Applicant [2005] NSWSC 160 Modena Imports Pty Ltd (In Liq), In the Matter Of; Leveraged Capital Pty Ltd (Admin App) (In Liq) v Modena Imports Pty Ltd (In Liq) [2010] NSWSC 739 New World Alliance Pty Limited, Sycotex Pty Limited v Baseler (No 2) (1994) 51 FCR 425 Re Warbler Pty Ltd (1982) 6 ACLR 526 Redglove Holdings Pty Ltd v GNE & Associates Pty Ltd [2001] NSWSC 867 South East Water Ltd v Kitoria Pty Ltd (1996) 21 ACSR 465 Stolar Joinery (Aust) Pty Ltd v Charterarm Investments Pty Ltd (in liq) [2011] VSC 577 Tokich Holdings P/L v Sheraton Constructions (NSW) P/L (In Liq) CGU Workers Compensation (NSW) Ltd v Tokich Holdings P/L; Application of Sheraton Constructions (NSW) P/L (In Liq) [2004] NSWSC 527 TQM Design and Construct Pty Ltd v Golden Plantation Pty Ltd [2011] NSWSC 500 Category: Interlocutory applications Parties: The Owners of Strata Plan No 70733 (Plaintiff) Yelin Group Pty Ltd (In Liq) (Defendant/Applicant) Xiongying (Jerry) Li (Applicant) Australia Shoppingtown Development Pty Ltd (Applicant) Wenguo Jin (Respondent) Representation: Counsel S Golledge (Applicants) J Baird (Respondent) Solicitors Bartier Perry (Applicants) Polczyniski Lawyers (Respondent) No appearance for Plaintiff File Number(s): 11/172665