Australian Securities and Investments Commission v M101 Nominees Pty Ltd [2021] FCA 62

Australian Securities and Investments Commission v M101 Nominees Pty Ltd [2021] FCA 62

It was just and equitable to wind up M101 Nominees Pty Ltd because the evidence, including ASIC's affidavits, Mr Tracy's Expert Report and the Provisional Liquidators' Report, established ample grounds for a justifiable lack of confidence in the conduct and management of the company's affairs, a risk to the public...

Source-derived case information.

Jurisdiction
Australia
Judgment Date
29 January 2021
Procedural Posture
Application by ASIC to Wind Up M101 Nominees Pty Ltd on the Just and Equitable Ground Under S 461(1)(k) of the Corporations Act 2001 (cth) / Determined on the Papers; Reasons for Orders Made on 29 January 2021
Outcome
M101 Nominees Pty Ltd was ordered to be wound up on the just and equitable ground, with joint and several liquidators appointed and ASIC's costs to be costs in the winding up.
Legal Topics
['winding Up on Just and Equitable Ground' 'appointment of Liquidators' 'insolvency' 'investor Protection' 'public Interest' 'corporate Management and Conduct']
['corporations' 'insolvency' 'regulator and Consumer Protection'] ['winding Up on Just and Equitable Ground' 'appointment of Liquidators' 'insolvency' 'investor Protection' 'public Interest' 'corporate Management and Conduct']

Source-derived case record

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Procedural Posture

Application by ASIC to Wind Up M101 Nominees Pty Ltd on the Just and Equitable Ground Under S 461(1)(k) of the Corporations Act 2001 (cth) / Determined on the Papers; Reasons for Orders Made on 29 January 2021

Legal Issues

  1. 1 ['Whether the Court should wind up M101 Nominees Pty Ltd pursuant to s 461(1)(k) of the Corporations Act 2001 (Cth) on the ground that it is just and equitable to do so' "Whether there was a justifiable lack of confidence in the conduct and management of M101 Nominees Pty Ltd's affairs giving rise to a risk to the public interest" 'Whether M101 Nominees Pty Ltd was insolvent']

Ratio Decidendi

It was just and equitable to wind up M101 Nominees Pty Ltd because the evidence, including ASIC's affidavits, Mr Tracy's Expert Report and the Provisional Liquidators' Report, established ample grounds for a justifiable lack of confidence in the conduct and management of the company's affairs, a risk to the public interest warranting protection, and that M101 Nominees had at all times been and remained insolvent. The defendants consented to the winding up and the provisional liquidators did not oppose it.

Court Disposition

M101 Nominees Pty Ltd was ordered to be wound up on the just and equitable ground, with joint and several liquidators appointed and ASIC's costs to be costs in the winding up.

Orders

  • ['The First Defendant be wound up pursuant to s 461(1)(k) of the Corporations Act 2001 (Cth) (Act) on the ground that it is just and equitable.' 'Said Jahani and Philip Campbell-Wilson of Grant Thornton, registered liquidators, be appointed as joint and several liquidators of the First Defendant.' "The Plaintiff's...