Pran Central Shopping Centre Ltd v Leasing Holdings Pty Ltd [2015] NSWSC 281

Supreme Court New South Wales

Medium Neutral Citation: Pran Central Shopping Centre Ltd v Leasing Holdings Pty Ltd [2015] NSWSC 281 Hearing dates: 17-18 February 2015 Date of orders: 18 February 2015 Decision date: 18 February 2015 Before: Brereton J Decision: Leave to oppose application for winding up order granted. Catchwords: CORPORATIONS – winding up – winding up in insolvency – leave to oppose winding up – where no application made for setting aside of statutory demand – whether serious question to be tried – whether genuine dispute as to existence or amount of debt – whether existence of debt disputable under Retail Leases Act 2003 – held, sufficiently arguable case available – where solvency absent the debt marginal – held, existence of debt material to solvency - offsetting claims – where claims are for unliquidated damages – held, not material to solvency – where prior failure to apply for setting aside of statutory demand – sufficiency of explanation for failure – where four days provided to prepare response – held, explanation sufficient Legislation Cited: (Cth) Corporations Act 2001, s 459G, s 459S, s 465C (Vic) Retail Leases Act 2003, s 31 Cases Cited: D.A.G. International Pty Limited v D.A.G. International Group Pty Limited [2005] NSWSC 1036 Guardian Group Australia Pty Limited v Alice Lu & Anor [2005] NSWSC 1299 Kay Investment Holdings Pty Limited v North East Developments Pty Limited (In Liquidation) (2011) 85 ACSR 610; [2011] NSWSC 1121 Category: Procedural and other rulings Parties: Pran Central Shopping Centre Pty Ltd (plaintiff) Leasing Holdings Pty Ltd (defendant) Representation: Counsel: M Henry SC (plaintiff) R Manstead (defendant)