In the matter of Pulse Interactive Pty Limited (in liquidation) [2019] NSWSC 22

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Pulse Interactive Pty Limited (in liquidation) [2019] NSWSC 22 Hearing dates: 29 January 2019 Date of orders: 30 January 2019 Decision date: 30 January 2019 Jurisdiction: Equity - Corporations List Before: Rees J Decision: Judgment for the first, second, third and fifth plaintiffs against the defendant: see paragraph [36] Catchwords: CORPORATIONS — Winding up — Voidable transactions — Unreasonable director-related transactions — Payments to sole director and shareholder — Loans to director written off — Corporations Act 2001 s 588FDA(1)(c) — Whether transactions "reasonable" — Transactions avoided. Legislation Cited: Corporations Act 2001 (Cth) ss 588FDA, 588FE, 1305 Cases Cited: Australian Securities and Investments Commission v Rich [2009] NSWSC 1229 Crowe-Maxwell v Frost [2016] NSWCA 46 Livingspring Pty Ltd v Kliger Partners (2008) 20 VR 377 Re Shot One Pty Ltd (in liquidation) [2017] VSC 71 Smith (in his capacity as liquidator of Action Paintball Games Pty Ltd) v Starke (No 2) [2015] FCA 1119; 109 ACSR 145 Weaver v Harburn [2014] WASCA 227 Whitton v Regis Towers Real Estate Pty Ltd (2007) 161 FCR 20 Category: Principal judgment Parties: Pulse Interactive Pty Limited (In Liquidation) (First Plaintiff) Amel Corporation Pty Ltd (In Liquidation) (Second Plaintiff) Amel Holding Pty Ltd (In Liquidation) (Third Plaintiff) Brand Energy Pty Ltd (In Liquidation) (Fourth Plaintiff) Adam Shepard (in his capacity as liquidator of Pulse Interactive, Amel Corporation, Amel Holdings and Brand Energy (Fifth Plaintiff) Richard Friedrichs (Defendant) Representation: Counsel: T.E O'Brien (Plaintiffs) No appearance by the Defendant