Isacson v Riad Tayeh & David Solomons as liquidators of Isacson Pty Ltd (In Liquidation) [2015] NSWSC 1394

Supreme Court New South Wales

Medium Neutral Citation: Isacson v Riad Tayeh & David Solomons as liquidators of Isacson Pty Ltd (In Liquidation) [2015] NSWSC 1394 Hearing dates: 21 September 2015 Date of orders: 24 September 2015 Decision date: 24 September 2015 Jurisdiction: Equity - Corporations List Before: Robb J Decision: (1) Order pursuant to s 482(1) of the Corporations Act 2001 (Cth) that the winding up of Isacson Pty Ltd (in liquidation) be terminated.

(2) Order pursuant to s 482(4) of the Corporations Act 2001 (Cth) that the costs of the notice of motion form part of the costs, charges and expenses of the winding up. Catchwords: CORPORATIONS – winding up – termination of winding up – s 482 of the Corporations Act 2001 (Cth) – application not opposed – in the context of a deed of settlement involving all parties – debts of company have been paid, waived or renegotiated by way of the deed of settlement such that immediate payment is not required – expert evidence of a solvency report concludes company is solvent – no issue of commercial mortality – company has complied with statutory duties – creditors' interests not an impediment – court orders the termination of winding up

PROCEDURE – applicant not a party to proceedings – no unsatisfactory procedural consequences – s 14 of the Civil Procedure Act 2005 (NSW) – informality of applicant excused Legislation Cited: Civil Procedure Act 2005 (NSW) Corporations Act 2001 (Cth) Cases Cited: In the matter of Glass Recycling Pty Ltd (ACN 001 332 654) [2014] NSWSC 439 Category: Consequential orders (other than Costs) Parties: Saravillea Pty Ltd (applicant) Stefan Isacson (plaintiff) Riad Tayeh & David Solomons as liquidators of Isacson Pty Ltd (In Liquidation) (defendant) Representation: Counsel: P Silver (applicant)