In the matter of C2C Investments Pty Limited (No 9) [2013] NSWSC 269

In the matter of C2C Investments Pty Limited (No 9) [2013] NSWSC 269

C2C failed to comply with the statutory demand issued by the earlier applicant, the demand had not been set aside, CBA was properly substituted as creditor and had standing, and C2C did not adduce affirmative evidence of solvency. The statutory presumption of insolvency was therefore unrebutted and the formal procedural requirements for winding up were satisfied.

Jurisdiction
Australia
Judgment Date
28 February 2013
Procedural Posture
Application to Wind Up a Company in Insolvency Under S 459 P of the Corporations Act 2001 (cth) / Final Hearing of Amended Originating Process; Ex Tempore Judgment
Outcome
The Defendant was wound up.
Legal Topics
['winding Up in Insolvency' 'statutory Demand' 'statutory Presumption of Insolvency' 'substituted Creditor Under S 465 B']
['corporations' 'insolvency'] ['winding Up in Insolvency' 'statutory Demand' 'statutory Presumption of Insolvency' 'substituted Creditor Under S 465 B']

Case Brief

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Procedural Posture

Application to Wind Up a Company in Insolvency Under S 459 P of the Corporations Act 2001 (cth) / Final Hearing of Amended Originating Process; Ex Tempore Judgment

Legal Issues

  1. 1 ['Whether the statutory presumption of insolvency applied where the substituted creditor relied on non-compliance with a statutory demand issued by the earlier applicant.' 'Whether C2C Investments Pty Limited had rebutted the presumption of insolvency by evidence of solvency.' 'Whether the procedural requirements for a winding up order had been satisfied.']

Ratio Decidendi

C2C failed to comply with the statutory demand issued by the earlier applicant, the demand had not been set aside, CBA was properly substituted as creditor and had standing, and C2C did not adduce affirmative evidence of solvency. The statutory presumption of insolvency was therefore unrebutted and the formal procedural requirements for winding up were satisfied.

Court Disposition

The Defendant was wound up.

Orders

  • ['The Defendant be wound up.' 'Katherine Elizabeth Barnet and Hugh Armenis be appointed as liquidators of the Defendant.' "The Defendant pay the Plaintiff's costs as agreed or as assessed." 'Exhibits and subpoenaed material may be returned forthwith; any exhibits returned must be retained intact by the party or...