Australian Securities Commission v Solomon, Emad Kamel & Ors [1998] FCA 214

Australian Securities Commission v Solomon, Emad Kamel & Ors [1998] FCA 214

The grounds for winding up under s 461(h) of the Corporations Law have been established by the Commission's report and supporting evidence. The companies are hopelessly insolvent, with merged assets and liabilities and inadequate accounting. The Commission has standing. The procedural deficiency regarding the form of application can be cured by amendment nunc pro tunc. No substantive prejudice is shown by respondents and the objections do not outweigh the grounds for winding up.

Jurisdiction
Australia
Judgment Date
20 February 1998
Procedural Posture
Corporate Winding Up Application / Final Judgment
Outcome
Winding up orders made for the second, third and fourth respondents; liquidator appointed; proceedings otherwise dismissed.
Legal Topics
['winding Up' 'liquidation' 'provisional Liquidation' 'powers of Provisional Liquidator' 'corporate Insolvency' 'investigations by Regulator']
['corporations Law' 'insolvency'] ['winding Up' 'liquidation' 'provisional Liquidation' 'powers of Provisional Liquidator' 'corporate Insolvency' 'investigations by Regulator']

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Procedural Posture

Corporate Winding Up Application / Final Judgment

Legal Issues

  1. 1 ['Whether the three companies should be wound up under s 461(h) of the Corporations Law' 'Whether leave nunc pro tunc should be granted to amend application to include winding up orders' 'Whether appointment and actions of provisional liquidator were proper']

Ratio Decidendi

The grounds for winding up under s 461(h) of the Corporations Law have been established by the Commission's report and supporting evidence. The companies are hopelessly insolvent, with merged assets and liabilities and inadequate accounting. The Commission has standing. The procedural deficiency regarding the form of application can be cured by amendment nunc pro tunc. No substantive prejudice is shown by respondents and the objections do not outweigh the grounds for winding up.

Court Disposition

Winding up orders made for the second, third and fourth respondents; liquidator appointed; proceedings otherwise dismissed.

Orders

  • ['Leave nunc pro tunc granted to amend application to include winding up prayers as of 31 January 1996.' 'Second, third and fourth respondents to be wound up.' 'Brian Raymond Silvia appointed as liquidator of the second, third, and fourth respondents.' 'Liquidator to retain possession of all property of those...