In the matter of FMA Holdings Group Pty Ltd (In Liquidation) [2018] NSWSC 2057

Supreme Court New South Wales

Medium Neutral Citation: In the matter of FMA Holdings Group Pty Ltd (In Liquidation) [2018] NSWSC 2057 Hearing dates: 27 March 2018 Date of orders: 27 March 2018 Decision date: 27 March 2018 Jurisdiction: Equity - Corporations List Before: Brereton J Decision: (1) Give judgment that the defendant pay the plaintiffs the sum of $919,621.12.

(2) Order that the defendant pay the plaintiffs' costs on the indemnity basis. Catchwords: CORPORATIONS — Winding up —Voidable transactions – unexplained payments to accountancy firm – whether a reasonable person in the company's circumstances would have entered into the transactions – where amounts appear disproportionate for accountancy fees – where apparent absence of any benefit to the company – where the benefit to the defendant is disproportionate to the benefit to the company – where the company has not kept written financial records – where the company is presumed to have been insolvent throughout the period of its existence – where transactions occurred within two years before the relation back date – Legislation Cited: (CTH) Corporations Act 2001, ss 9, 286, 588E, 588FB, 588FC,588FE, 588FF Category: Principal judgment Parties: Ozem Azzam and Jason Bing-Fai Tang as Joint and Several Liquidators of FMA Holdings Group Pty Ltd (In Liquidation) (First Plaintiff) FMA Holdings Group Pty Ltd (In Liquidation) (Second Plaintiff) Banq Accountants and Advisors Pty Ltd (Defendant) Representation: Counsel: I.D. Faulkner (Plaintiffs)

Solicitors: Craddock Murray Neuman Lawyers (Plaintiffs) File Number(s): 2016/ 318798