In the matter of Cresco Opus Fund No 4 Pty Limited (Administrator Appointed) [2019] NSWSC 941

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Cresco Opus Fund No 4 Pty Limited (Administrator Appointed) [2019] NSWSC 941 Hearing dates: 23 July 2019 Decision date: 24 July 2019 Jurisdiction: Equity - Corporations List Before: Rees J Decision: 1. Order, pursuant to section 459A of the Corporations Act 2001 (Cth) that Cresco Opus Fund No 4 Pty Limited ACN 169 864 000 be wound up in insolvency.

2. Appoint Glenn Livingstone of Ferrier Hodgson, Level 25, 1 International Towers, Sydney, 100 Barangaroo Avenue, Sydney, 2000 to act as the liquidator of Cresco Opus Fund No 4 Pty Limited ACN 169 864 000.

3. Order that the defendant pay the plaintiff's costs of this application. Catchwords: CORPORATIONS — Winding up — Application by voluntary administrator to adjourn winding up proceedings — Opposed by petitioning creditor — Short adjournment sought until after second meeting of creditors — Where proposed Deed of Company Arrangement — Whether in interests of creditors — Significant transactions said to be voidable in liquidation — Weighing interests of related party and independent creditors — Adjournment application refused — Company wound up in insolvency. Legislation Cited: Building and Construction Industry Security of Payment Act 1999 (NSW), ss 14, 17 Corporations Act 2001 (Cth), ss 436A, 439A, 440A, 444D, 445D, 459A, 588FL Insolvency Practice Rules (Corporations) 2016 (Cth), rr 75-110, 75-115 Cases Cited: Deputy Commissioner of Taxation v Alternative Business Solutions (Aust) Pty Limited (administrators appointed) (2006) 24 ACLC 425; [2006] FCA 400 Deputy Commissioner of Taxation v Fyna Constructions (Hire & Sales) Pty Limited (Administrators Appointed) [2019] FCA 578 Deputy Commissioner of Taxation v KJ Consulting Pty Ltd (administrators appointed) [2005] FCA 1827 In the matter of Bobos Engineering Australian Pty Ltd [2015] NSWSC 2027 In the matter of Condor Blanco Mines Ltd [2016] NSWSC 1196 In the matter of Denham Constructions Pty Ltd [2016] NSWSC 1426 In the matter of Sales Express Pty Limited (Administrators Appointed) [2014] NSWSC 460 T-S Partners LLC v Paltar Petroleum Limited (Administrators Appointed) (No 1) [2019] FCA 635 Weriton Finance Pty Ltd v PNR Pty Ltd (in administration); Australian Residential and Commercial Finance Pty Ltd v PNR Pty Ltd (in administration) (2012) 92 ACSR 88; [2012] NSWSC 1402 Category: Principal judgment Parties: Mono Constructions Pty Limited ACN 107 404 679 (Plaintiff)