Gimima Pty Ltd v Sustainable Freshwater Technologies Ltd [2011] FCA 676

Gimima Pty Ltd v Sustainable Freshwater Technologies Ltd [2011] FCA 676

Because the evidence showed that Sustainable Freshwater Technologies Ltd was indebted under the loan agreements and could not pay its debts as and when they fell due, the Court was satisfied that the company was insolvent and that it was appropriate to make the consent orders proposed by the parties.

Jurisdiction
Australia
Judgment Date
08 June 2011
Procedural Posture
Application Under Ss 232, 233, 459 a and 461(1)(k) of the Corporations Act 2001 (cth) for Winding Up, Appointment of a Liquidator and Related Relief / Consideration of Proposed Consent Orders After Mediation
Outcome
Consent orders made winding up Sustainable Freshwater Technologies Ltd in insolvency, appointing a liquidator, dissolving interlocutory injunctions, dismissing the application otherwise and providing for costs.
Legal Topics
['winding Up in Insolvency' 'appointment of Liquidator' 'consent Orders' 'interlocutory Injunctions' 'costs From Company Assets']
['bankruptcy and Insolvency' 'corporations Law'] ['winding Up in Insolvency' 'appointment of Liquidator' 'consent Orders' 'interlocutory Injunctions' 'costs From Company Assets']

Case Brief

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Procedural Posture

Application Under Ss 232, 233, 459 a and 461(1)(k) of the Corporations Act 2001 (cth) for Winding Up, Appointment of a Liquidator and Related Relief / Consideration of Proposed Consent Orders After Mediation

Legal Issues

  1. 1 ['Whether Sustainable Freshwater Technologies Ltd should be wound up in insolvency by consent.' 'Whether a liquidator should be appointed to Sustainable Freshwater Technologies Ltd.' 'Whether interlocutory injunctions issued on 17 March 2011 and continued on 21 March 2011 should be dissolved.']

Ratio Decidendi

Because the evidence showed that Sustainable Freshwater Technologies Ltd was indebted under the loan agreements and could not pay its debts as and when they fell due, the Court was satisfied that the company was insolvent and that it was appropriate to make the consent orders proposed by the parties.

Court Disposition

Consent orders made winding up Sustainable Freshwater Technologies Ltd in insolvency, appointing a liquidator, dissolving interlocutory injunctions, dismissing the application otherwise and providing for costs.

Orders

  • ['The first defendant, Sustainable Freshwater Technologies Ltd, be wound up in insolvency pursuant to the provisions of the Corporations Act 2001 (Cth).' 'Giles Geoffrey Woodgate of Woodgate & Co be appointed as the liquidator of the first defendant.' 'The interlocutory injunctions issued by the Court on 17 March...