In the matter of Falcon Corp Pty Limited [2020] NSWSC 288

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Falcon Corp Pty Limited [2020] NSWSC 288 Hearing dates: 23 March 2020 Date of orders: 23 March 2020 Decision date: 23 March 2020 Jurisdiction: Equity - Corporations List Before: Rees J Decision: 23 March 2020 Catchwords: CORPORATIONS – Winding up – Termination – solvency clearly demonstrated – commercial morality – relevant factors – inadequate explanation of breaches – no suggestion that changes will be made – failure of director to cooperate with liquidator – suggestion of medical issues – history of non-payment to creditors – not appropriate to terminate winding up – opportunity to present different arrangements for management of company including another director Legislation Cited: Corporations Act 2001 (Cth), ss 475(10) , 482(1) Cases Cited: 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 Modena Imports Pty Ltd (in liq) [2010] NSWSC 739 In the matter of Parkway One Pty Limited (in liquidation) [2019] NSWSC 1495 In the matter of Recycling Glass Pty Limited (ACN 001 332 654) [2014] NSWSC 439 Metledge v Bambakit Pty Ltd [2005] NSWSC 160 Pine Forests of Australia (Canberra) Pty Ltd [2010] NSWSC 1127 Stolar Joinery (Aust) Pty Ltd v Charterarm Investments Pty Ltd (in liq) [2011] VSC 577 Category: Principal judgment Parties: Michael Saba (Plaintiff) Peter Hillig (Respondent/Interested Party) Representation: Counsel: Mr J Zak (Plaintiff) Mr M Daniels (Respondent/Interested Party)