In the matter of AXF Group (Ashbury Developments) Pty Ltd (De-registered) [2019] NSWSC 302

Supreme Court New South Wales

Medium Neutral Citation: In the matter of AXF Group (Ashbury Developments) Pty Ltd (De-registered) [2019] NSWSC 302 Hearing dates: 21 February 2019 Decision date: 21 February 2019 Jurisdiction: Equity - Corporations List Before: Black J Decision: Order that ASIC reinstate AXF Group (Ashbury Developments) Pty Ltd; within seven days of reinstatement, the Plaintiff cause that company to enter into voluntary liquidation; and that company have leave to resolve it be wound up voluntarily. Catchwords: CORPORATIONS – dissolution – reinstatement – application to reinstate registration of company – where deregistered company has potential claims against others and against itself – where application brought in other proceedings for winding up of company has been stayed – where undertaking to voluntarily wind up company within seven days of reinstatement provided – whether it is just that the company be reinstated.

CORPORATIONS – winding up – proposed application for voluntary winding up of company – where application brought in other proceedings for winding up of company has been stayed – where application for voluntary winding up is necessary to comply with court orders – whether leave to voluntarily wind up company should be granted under s 490 of the Corporations Act 2001 (Cth). Legislation Cited: - Corporations Act 2001 (Cth) ss 490, 491, 601AB, 601AH(2), 601AH(3) Supreme Court (Corporations) Rules 1999 (NSW) r 2.13 Cases Cited: - Australian Competition and Consumer Commission v Australian Securities and Investments Commission [2000] NSWSC 316; (2000) 34 ACSR 232 Category: Principal judgment Parties: Mingfeng Gu (Plaintiff) Australian Securities & Investments Commission (Defendant) Representation: Counsel: E L Beechey (Plaintiff) J T Johnson (Coronation Ashbury Pty Ltd – party given leave to be heard)