In the matter of A.C.E.S. Sogutlu Holdings Pty Ltd and Ceyser Pty Ltd [2014] NSWSC 780

Supreme Court New South Wales

Medium Neutral Citation: In the matter of A.C.E.S. Sogutlu Holdings Pty Ltd and Ceyser Pty Ltd [2014] NSWSC 780 Hearing dates: 2 June 2014 Decision date: 02 June 2014 Jurisdiction: Equity Division - Corporations List Before: Hammerschlag J Decision: Winding up orders made and stayed on condition Catchwords: CORPORATIONS - winding up - stay application, no issue of principle Category: Principal judgment Parties: Commonwealth Bank of Australia - Plaintiff A.C.E.S. Sogutlu Holdings Pty Limited - First Defendant Ceyser Pty Limited - Second Defendant Representation: Solicitors: Gadens Lawyers - Plaintiff File Number(s): 2014/100716

EX TEMPORE JUDGMENT 1HIS HONOUR: These proceedings started this morning as a contested application by the plaintiff, the Commonwealth Bank of Australia ("the bank") for the winding up of two companies, A.C.E.S. Sogutlu Holdings Pty Ltd ACN 122 192 509 and Ceyser Pty Ltd ACN 082 916 078 ("the companies"). 2Together with that application the defendants, represented by a director, Mr Charara, moved for an adjournment of the application on the footing that the judgment of this Court for $138,838.18 plus interest entered in favour of the bank by Young AJA on 15 August 2013 is under appeal and the appeal is scheduled to be heard on 4 August 2014. 3An application by the companies for a stay of the judgment was refused by McColl JA on 26 March 2014. 4The parties have reached a consensus which, in my opinion, appropriately balances their respective interests and which makes it unnecessary for me to rule on either application, suffice it to say that the bank's evidence complies with all applicable requirements to justify the making of winding up orders. 5The consensual position is that the defendants consent to being placed under winding up orders which are to be stayed until the determination of their appeal scheduled to be heard on 4 August 2014, provided that within 48 hours the defendants pay into Court the sum of $138,850.32. 6If the amount is not paid as aforesaid, the stay will immediately dissolve. 7The orders of the Court are: (1) A.C.E.S Sogutlu Holdings Pty Limited ACN 122 192 509 is placed under a winding up order and, subject to a consent being provided within 48 hours by Riad Tayeh of De Vries Tayeh, Level 5, 32 Martin Place, Sydney 2000, Riad Tayeh of De Vries Tayeh, is appointed liquidator. (2) Ceyser Pty Limited ACN 082 916 078 is placed under a winding up order and subject to a consent being provided within 48 hours, by Riad Tayeh of De Vries Tayeh, Level 5, 32 Martin Place, Sydney 2000, Riad Tayeh of De Vries Tayeh, is appointed liquidator. (3) In each instance the winding up is stayed up to and including 4.00pm on 4 June 2014 provided there shall be paid into Court, on behalf of the defendants the sum of $138,850.32 pending further order of the Court. Should the amount not be so paid into court, the stay will forthwith dissolve. (4) The parties have liberty to apply on 12 hours notice to be given in business hours. (5) In the event that the stay is dissolved, the plaintiff's costs will be costs in the winding-up.