Australian Securities and Investments Commission v AGKM Green Pty Ltd [2017] FCA 846

Australian Securities and Investments Commission v AGKM Green Pty Ltd [2017] FCA 846

Given the demonstrated lack of confidence in management, operation of a Ponzi scheme, insolvency or failure to maintain proper accounts, repeated contraventions of statutory obligations, and serious risk to public interest and investor protection, it is just and equitable that the defendants (other than the...

Source-derived case information.

Parties
Plaintiff: Australian Securities and Investments Commission; First Defendant: AGKM Green Pty Ltd (ACN 607 117 706); Second Defendant: BA Sullivan Pty Ltd (ACN 607 135 286); Third Defendant: Christians Holdings WA Pty Ltd (ACN 607 135 302); Fourth Defendant: Ferrous Ferric Pty Ltd (ACN 607 117 948); Fifth Defendant: Macpherson Realty Options Pty Ltd (ACN 126 711 162); Sixth Defendant: Splendiferous Enterprises Pty Ltd (ACN 606 731 177); Seventh Defendant: Aiple Enterprises Pty Ltd (ACN 607 117 724); Eighth Defendant: Brayst WA Pty Ltd (ACN 609 165 479); Ninth Defendant: Chippere Pty Ltd (ACN 607 117 662); Tenth Defendant: Edwy14 WA Pty Ltd (ACN 610 296 645); Eleventh Defendant: MCKST Pty Ltd (ACN 610 296 618); Twelfth Defendant: Newkins WA Pty Ltd (ACN 609 165 598); Thirteenth Defendant: Kurst WA Pty Ltd (ACN 611 094 332); Fifteenth Defendant: MRF Kurra Pty Ltd (ACN 603 215 756); Sixteenth Defendant: Dee Vee Enterprises Pty Ltd (ACN 145 136 652); Seventeenth Defendant: Hedland Projects Pty Ltd (ACN 145 328 418); Eighteenth Defendant: Macro Projects TS PH Pty Ltd (ACN 169 433 158); Nineteenth Defendant: Prime Holdings Group Pty Ltd (ACN 131 361 450)
Jurisdiction
Australia
Judgment Date
18 July 2017
Procedural Posture
Corporations (winding Up Application) / Judgment on Application for Winding Up and Appointment of Liquidators
Outcome
Application granted. Winding up orders made in respect of all defendants except the fourteenth. Joint and several liquidators appointed. Plaintiff's costs to be costs in the winding up and reimbursed from the property of the defendants (other than the fourteenth defendant) in accordance with s 466(2) of the...
Legal Topics
Winding Up on Just and Equitable Ground, Appointment of Liquidators, Public Interest in Corporate Regulation, Insolvency, Failure to Keep Proper Financial Records
Corporations Law Insolvency Law Winding Up on Just and Equitable Ground Appointment of Liquidators Public Interest in Corporate Regulation Insolvency Failure to Keep Proper Financial Records

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Parties

Australian Securities and Investments Commission

Plaintiff

AGKM Green Pty Ltd (ACN 607 117 706)

First Defendant

BA Sullivan Pty Ltd (ACN 607 135 286)

Second Defendant

Christians Holdings WA Pty Ltd (ACN 607 135 302)

Third Defendant

Ferrous Ferric Pty Ltd (ACN 607 117 948)

Fourth Defendant

Macpherson Realty Options Pty Ltd (ACN 126 711 162)

Fifth Defendant

Splendiferous Enterprises Pty Ltd (ACN 606 731 177)

Sixth Defendant

Aiple Enterprises Pty Ltd (ACN 607 117 724)

Seventh Defendant

Brayst WA Pty Ltd (ACN 609 165 479)

Eighth Defendant

Chippere Pty Ltd (ACN 607 117 662)

Ninth Defendant

Edwy14 WA Pty Ltd (ACN 610 296 645)

Tenth Defendant

MCKST Pty Ltd (ACN 610 296 618)

Eleventh Defendant

Newkins WA Pty Ltd (ACN 609 165 598)

Twelfth Defendant

Kurst WA Pty Ltd (ACN 611 094 332)

Thirteenth Defendant

MRF Kurra Pty Ltd (ACN 603 215 756)

Fifteenth Defendant

Dee Vee Enterprises Pty Ltd (ACN 145 136 652)

Sixteenth Defendant

Hedland Projects Pty Ltd (ACN 145 328 418)

Seventeenth Defendant

Macro Projects TS PH Pty Ltd (ACN 169 433 158)

Eighteenth Defendant

Prime Holdings Group Pty Ltd (ACN 131 361 450)

Nineteenth Defendant

Procedural Posture

Corporations (winding Up Application) / Judgment on Application for Winding Up and Appointment of Liquidators

Legal Issues

  1. 1 Whether defendant companies should be wound up on the just and equitable ground under s 461(1)(k) of the Corporations Act 2001 (Cth)
  2. 2 Whether liquidators should be appointed to the defendant companies
  3. 3 Whether failure to maintain proper accounts, insolvent trading, and operation of a Ponzi scheme justify winding up

Ratio Decidendi

Given the demonstrated lack of confidence in management, operation of a Ponzi scheme, insolvency or failure to maintain proper accounts, repeated contraventions of statutory obligations, and serious risk to public interest and investor protection, it is just and equitable that the defendants (other than the fourteenth) be wound up under s 461(1)(k) of the Corporations Act 2001 (Cth), and liquidators be appointed.

Court Disposition

Application granted. Winding up orders made in respect of all defendants except the fourteenth. Joint and several liquidators appointed. Plaintiff's costs to be costs in the winding up and reimbursed from the property of the defendants (other than the fourteenth defendant) in accordance with s 466(2) of the...

Orders

  • The proceeding as against the Fourteenth Defendant be discontinued.
  • Each of the Defendants (other than the Fourteenth Defendant) be wound up pursuant to section 461(1)(k) of the Corporations Act 2001 (Cth) on the ground that it is just and equitable that each be wound up.