In the matter of Avenue Investment Capital Pty Ltd (In Liquidation) [2015] NSWSC 1919

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Avenue Investment Capital Pty Ltd (In Liquidation) [2015] NSWSC 1919 Hearing dates: 3 December 2015 Date of orders: 17 December 2015 Decision date: 17 December 2015 Jurisdiction: Equity - Corporations List Before: Robb J Decision: Refer to [70] – [71] Catchwords: CORPORATIONS – external administration – application for termination of winding up of two companies – no opposition from liquidators whose costs and expenses have been paid – no indication of opposition from Australian Securities and Investments Commission – settlement of claims made by Australian Taxation Office – proofs of debt lodged by other creditors withdrawn – pro forma balance sheets show companies have no assets and no liabilities – no evidence that companies' debts legally extinguished – no evidence of proposed use of companies – no evidence of future funding of companies' operations – some evidence of commercial immorality in prior activities of companies – order terminating winding up not made on present evidence – opportunity given to tender additional evidence Legislation Cited: Corporations Act 2001 (Cth) Cases Cited: Anderson v Palmer [2002] NSWSC 192 Re Glass Recycling Pty Ltd [2014] NSWSC 439 Re Kitchen Dimensions Pty Ltd (in liq) [2012] VSC 280 Category: Principal judgment Parties: Sarkis Nassif (first plaintiff) Holdmark Holdings Pty Ltd (second plaintiff) Avenue Investment Capital Pty Ltd (In Liquidation) (first defendant) 82-84 Belmore Street Pty Limited (In Liquidation) (second defendant) Representation: Counsel: M Ryckmans (solicitor)