In the matter of Matrix Global Investment Group Sydney Pty Ltd (ACN 614 718 399) [2021] NSWSC 80

In the matter of Matrix Global Investment Group Sydney Pty Ltd (ACN 614 718 399) [2021] NSWSC 80

It is just and equitable that the Company be wound up, given the complete breakdown of relations between shareholders, the majority shareholder’s unauthorised transfer of the whole of the Company's funds to accounts under his control, non-compliance with court orders, disputed directorships, and the frustration of the Company's operations and ability to pay creditors, so that a liquidator may properly administer the company and its remaining assets.

Jurisdiction
Australia
Judgment Date
12 February 2021
Procedural Posture
Corporations—winding Up Application / Final Hearing on Winding Up Application
Outcome
Order that the company be wound up and liquidator appointed; related procedural orders made.
Legal Topics
['winding Up on Just and Equitable Ground' 'minority Shareholders' 'company Management Deadlock' 'removal of Company Funds' 'appointment of Liquidator']
['corporations Law' 'equity'] ['winding Up on Just and Equitable Ground' 'minority Shareholders' 'company Management Deadlock' 'removal of Company Funds' 'appointment of Liquidator']

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Procedural Posture

Corporations—winding Up Application / Final Hearing on Winding Up Application

Legal Issues

  1. 1 ['Whether Order for winding up should be made under s 461(1)(k) Corporations Act 2001 (Cth) on the just and equitable ground' 'Whether appointment of liquidator is appropriate' 'Whether preconditions for winding up are established']

Ratio Decidendi

It is just and equitable that the Company be wound up, given the complete breakdown of relations between shareholders, the majority shareholder’s unauthorised transfer of the whole of the Company's funds to accounts under his control, non-compliance with court orders, disputed directorships, and the frustration of the Company's operations and ability to pay creditors, so that a liquidator may properly administer the company and its remaining assets.

Court Disposition

Order that the company be wound up and liquidator appointed; related procedural orders made.

Orders

  • ['Order pursuant to s 461(1)(k) of the Corporations Act 2001 (Cth) that Matrix Global Investment Group Sydney Pty Ltd (ACN 614 718 339) be wound up.' "Order that Daniel O'Brien, registered liquidator, be appointed as liquidator of Matrix Global Investment Group Sydney Pty Ltd (ACN 614 718 339)." 'Order that...