Twin Peaks Leisure Pty Limited (in liq), in the matter of Twin Peaks Leisure Pty Limited (in liq) v Workers Compensation Nominal Insurer [2012] FCA 1501

Twin Peaks Leisure Pty Limited (in liq), in the matter of Twin Peaks Leisure Pty Limited (in liq) v Workers Compensation Nominal Insurer [2012] FCA 1501

The winding up order was set aside because the application was brought promptly, notice had been given to the liquidator, the petitioning creditor consented and the liquidator did not oppose, there was an explanation for the company's failure to attend the winding up hearing, the evidence showed the company was solvent on both balance sheet and cash flow bases, arrangements had been made for payment of the petitioning creditor, the liquidator and creditors including the ATO, and there was nothing showing any reason for the company to be stopped from trading.

Jurisdiction
Australia
Judgment Date
13 December 2012
Procedural Posture
Application to Set Aside Winding Up Order / Interlocutory Application Dated 12 December 2012 Heard on 13 December 2012
Outcome
Application granted; winding up order set aside.
Legal Topics
['setting Aside Winding Up Order' "approval of Director's Exercise of Powers After Winding Up" 'solvency Evidence' 'consent of Petitioning Creditor' "liquidator's Costs and Expenses"]
['corporations Law' 'insolvency' 'civil Procedure'] ['setting Aside Winding Up Order' "approval of Director's Exercise of Powers After Winding Up" 'solvency Evidence' 'consent of Petitioning Creditor' "liquidator's Costs and Expenses"]

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Procedural Posture

Application to Set Aside Winding Up Order / Interlocutory Application Dated 12 December 2012 Heard on 13 December 2012

Legal Issues

  1. 1 ['Whether the winding up order made by the District Registrar on 5 December 2012 should be set aside.' 'Whether approval should be given under s 471A(1A) of the Corporations Act 2001 (Cth) for Zead Houchar to exercise his functions and powers as a director in bringing the application.']

Ratio Decidendi

The winding up order was set aside because the application was brought promptly, notice had been given to the liquidator, the petitioning creditor consented and the liquidator did not oppose, there was an explanation for the company's failure to attend the winding up hearing, the evidence showed the company was solvent on both balance sheet and cash flow bases, arrangements had been made for payment of the petitioning creditor, the liquidator and creditors including the ATO, and there was nothing showing any reason for the company to be stopped from trading.

Court Disposition

Application granted; winding up order set aside.

Orders

  • ['The applicants, upon the undertaking of their solicitor to pay the applicable filing fee, have leave to file the interlocutory application dated 12 December 2012 in Court.' 'Pursuant to s 471A(1A) of the Corporations Act 2001 (Cth), the Court approves the performance or exercise by Zead Houchar of his functions...