In the matter of Parkway One Pty Limited (in liquidation) [2019] NSWSC 1495

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Parkway One Pty Limited (in liquidation) [2019] NSWSC 1495 Hearing dates: 28 October 2019 Decision date: 01 November 2019 Jurisdiction: Equity - Corporations List Before: Rees J Decision: 1. Dismiss the Interlocutory Process filed on 27 August 2019. 2. Order the applicant to pay the costs of the Interlocutory Process. Catchwords: CORPORATIONS — Winding up — Termination — Company wound up in insolvency — Whether solvency demonstrated — Substantial real property assets — Unverified cash flow projections — Liquidator unable to reach concluded view on books and records provided — Payments of rent unsupported by primary documents — Failure to pay trade creditors when due — Solvency not adequately supported — Application dismissed.

CORPORATIONS — Winding up — Termination — Commercial morality — Relevant factors — Inadequate explanation of breaches or changes to be made — Failure of director to cooperate with liquidator of another company — History of non-payment of trade creditors — Failure to keep proper books and records — Significant and unexplained cash transactions — Not appropriate to terminate winding up — Application dismissed. Legislation Cited: Corporations Act 2001 (Cth), ss 9, 198G, 286, 482, 530A, Insolvency Practice Schedule (Corporations), s 90-15 Supreme Court (Corporations) Rules 1999 (NSW), r 2.8 Trade Practices Act 1974 (Cth) Cases Cited: Benedict v Olde; in the matter of ATS (Asia Pacific) Pty Ltd [2011] FCA 1008 Deputy Commissioner of Taxation v Sydney Concrete Steel Fixing Pty Limited (1999) 17 ACLC 972; [1999] NSWSC 494 Expile Pty Ltd v Jabb's Excavations Pty Ltd (2003) 45 ACSR 711; [2003] NSWCA 163 Gematech Pty Ltd v Bardi Investments Pty Ltd [2008] NSWSC 196 In re Telescriptor Syndicate Limited [1903] 2 Ch 174 In the matter of 311 Hume Highway Liverpool Fund Pty Ltd (in liq) (2013) 93 ACSR 683; [2013] NSWSC 465 In the matter of Charterarm Investments Pty Ltd [2011] VSC 577 In the matter of CNL Transport Pty Ltd (in liq); Hunt v Smith [2017] NSWSC 291 In the matter of Enviro Energy Australia Pty Ltd (in liq) [2010] NSWSC 1222 In the matter of Kitchen Dimensions Pty Ltd (in liq) [2012] VSC 280 In the matter of LL Nominees Pty Ltd (in liq) [2009] FCA 1144 In the matter of Modena Imports Pty Ltd (in liq) [2010] NSWSC 739 In the matter of MWM Sydney Pty Ltd (in liquidation) [2016] NSWSC 688 In the matter of R.A.N.S. Pty Ltd (in liq) [2012] VSC 480 In the matter of Recycling Glass Pty Limited (ACN 001 332 654) [2014] NSWSC 439 In the Matter of SNL Group Pty Ltd (in liq); Su v SNL Group Pty Ltd (in liq) [2010] NSWSC 797 Metledge v Bambakit Pty Ltd [2005] NSWSC 160 Owners Strata Plan 70294 v LNL Global enterprises Pty Ltd (2006) 60 ACSR 646; [2006] NSWSC 1386 QBE Workers' Compensation Pty Ltd v P Russell Enterprises Pty Ltd [2005] NSWSC 1128 Re Data Homes Pty Limited (in liq) [1972] 2 NSWLR 22 Re Data Homes Pty Ltd [1971] 1 NSWLR 338 Re Mascot Home Furnishers Pty Ltd (in liq) [1970] VR 593 Re Pine Forests of Australia (Canberra) Pty Ltd [2010] NSWSC 1127 Re Skay Fashions Pty Ltd (in liq) (1986) 10 ACLR 743 Re Warbler Pty Limited (1982) 6 ACLR 526; (1982) 1 ACLC 323 Category: Principal judgment Parties: Fiona Page (Applicant) Andrew John Scott as liquidator of Parkway One Pty Limited (ACN 161 446 402 (in liquidation) (Respondent) Representation: Counsel: Mr G McDonald (Applicant) Mr HW Somerville (Respondent)