ASIC v Sydney Investment House Pty Ltd & Ors [2006] NSWSC 1431

ASIC v Sydney Investment House Pty Ltd & Ors [2006] NSWSC 1431

Reports of the provisional liquidators disclosed that each of the named corporate defendants was insolvent. ASIC established a prima facie and actual case of insolvency. As a result, the Court granted leave for ASIC to apply and ordered that the companies be wound up in insolvency.

Parties
Applicant: Australian Securities & Investments Commission; First Defendant: Sydney Investment House Pty Ltd (ACN 104 131 991); Second Defendant: Second Defendant (Capital); Fifth Defendant: Fifth Defendant (Sydney Investment House Pty Ltd); Sixth Defendant: Sixth Defendant (Sydney Investment House (Newcastle) Pty Ltd); Seventh Defendant: Seventh Defendant; Eighth Defendant: Eighth Defendant (Melbourne Investment House Pty Ltd); Ninth Defendant: Ninth Defendant (Melbourne Investment House (Hawthorn) Pty Ltd); Fourth Defendant: Fourth Defendant; Liquidator: Liquidator: P Dowdy
Jurisdiction
Australia
Judgment Date
04 December 2006
Procedural Posture
Corporations Winding Up Petition / Final Judgment (orders)
Outcome
Application granted. Orders made for winding-up in insolvency.
Legal Topics
Insolvency, Winding Up, Appointment of Liquidator
Corporations Law Insolvency Winding Up Appointment of Liquidator

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Parties

Australian Securities & Investments Commission

Applicant

Sydney Investment House Pty Ltd (ACN 104 131 991)

First Defendant

Second Defendant (Capital)

Second Defendant

Fifth Defendant (Sydney Investment House Pty Ltd)

Fifth Defendant

Sixth Defendant (Sydney Investment House (Newcastle) Pty Ltd)

Sixth Defendant

Seventh Defendant

Seventh Defendant

Eighth Defendant (Melbourne Investment House Pty Ltd)

Eighth Defendant

Ninth Defendant (Melbourne Investment House (Hawthorn) Pty Ltd)

Ninth Defendant

Fourth Defendant

Fourth Defendant

Liquidator: P Dowdy

Liquidator

Procedural Posture

Corporations Winding Up Petition / Final Judgment (orders)

Legal Issues

  1. 1 Whether the corporate defendants should be wound up in insolvency under the Corporations Act 2001 (Cth) (ss 459A, 459P)

Ratio Decidendi

Reports of the provisional liquidators disclosed that each of the named corporate defendants was insolvent. ASIC established a prima facie and actual case of insolvency. As a result, the Court granted leave for ASIC to apply and ordered that the companies be wound up in insolvency.

Court Disposition

Application granted. Orders made for winding-up in insolvency.

Orders

  • Leave granted to ASIC to apply for winding-up in insolvency of the first, second, fifth, sixth, seventh, eighth and ninth defendants (pursuant to subs 459P(2) of the Corporations Act).
  • Dispensation with r 5.6 of the Supreme Court (Corporations) Rules 1999 (NSW) regarding publication of notice.