In the matter of Glass Recycling Pty Ltd (ACN 001 332 654) [2014] NSWSC 439

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Glass Recycling Pty Ltd (ACN 001 332 654) [2014] NSWSC 439 Hearing dates: 26, 27 March 2014 Decision date: 27 March 2014 Jurisdiction: Equity Division - Corporations List Before: Brereton J Decision: Upon the undertaking of Michael John Welsh to the Court to contribute to the company upon termination of the winding up the sum of $20,000 by way of equity capital, pursuant to Corporations Act, s 482, the winding up of Glass Recycling Limited (in liquidation) be terminated with effect from 28 March 2014. Catchwords: CORPORATIONS - external administration - winding up - termination of winding up - factors informing court's discretion - held, court must be satisfied that state of affairs that required company to be wound up no longer exists, and that it is reasonable in the interest of potential future creditors and the public to return its control to the directors - while strictures applicable to rebuttal of presumption of insolvency do not apply, more than "bare solvency" is required. Legislation Cited: (Cth) Corporations Act 2001, s 482 Cases Cited: Anderson v Palmer [2002] NSWSC 192 Apostolou v VA Corporation of Australia Pty Ltd [2010] FCA 64; (2010) 77 ACSR 84 Dubolo Pty Ltd (t/as Fender Signs) v Codrington Investment Corporation Pty Ltd (1998) 26 ACSR 723 Expile Pty Ltd v Jabbs Excavations Pty Ltd [2003] NSWCA 163; (2003) 45 ACSR 711 In the Matter of 311 Hume Highway Liverpool Fund Pty Limited (in liquidation) [2013] NSWSC 465 In the matter of Kitchen Dimensions Pty Ltd (in liquidation) [2012] VSC 280 In the Matter of TMPL Pty Limited (in liquidation) [2012] NSWSC 1059 Krextile Holdings Pty Ltd v Widdows [1974] VR 689 Mercy and Sons Pty Ltd v Wanari Pty Ltd [2000] NSWSC 756; (2000) 35 ACSR 70 Metledge v Bambakit Pty Ltd (in liq) [2005] NSWSC 160 Pine Forests of Australia (Canberra) Pty Ltd [2010] NSWSC 1127 Re Data Homes Pty Ltd [1972] 2 NSWLR 22 Re Kitchen Dimensions Pty Ltd (in liq) [2012] VSC 280 Re Skay Fashions Pty Ltd (in liq) (1986) 10 ACLR 743 Re SNL Group Pty Ltd (in liq) [2010] NSWSC 797 Re Warbler Pty Ltd (1982) 6 ACLR 526 Re Yeling Group Pty Ltd [2012] NSWSC 74 Vero Workers Compensation (NSW) Limited v Ferretti Pty Ltd [2006] NSWSC 292; (2006) 57 ACSR 103 Von Riesefer v Main Freight International Pty Ltd [2009] VSCA 129; (2009) 73 ASCR 427 Category: Principal judgment Parties: Michael Welsh (plaintiff) Glass Recycling Pty Ltd (in liq) (defendant) Representation: Counsel: M Rosenblatt (solicitor) (plaintiff) Solicitors: M Rosenblatt (solicitor) (plaintiff) File Number(s): 14/ 55587