In the matter of CNPR Limited [2018] NSWSC 989

In the matter of CNPR Limited [2018] NSWSC 989

It is just and equitable to wind up CNPR Limited as the substratum of the company has failed, it no longer serves its original purpose, all material steps of the restructuring have been completed, and only residual obligations to Senior Lenders remain.

Parties
Plaintiff: CNPR Limited
Jurisdiction
Australia
Judgment Date
27 June 2018
Procedural Posture
Application for Winding Up Order / Final Judgment
Outcome
Plaintiff ordered to be wound up on the just and equitable ground under s 461(1)(k) of the Corporations Act 2001 (Cth)
Legal Topics
Winding Up, Just and Equitable Ground, Failure of Substratum
Corporations Law Equity Winding Up Just and Equitable Ground Failure of Substratum

Case Brief

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Parties

CNPR Limited

Plaintiff

Procedural Posture

Application for Winding Up Order / Final Judgment

Legal Issues

  1. 1 Whether CNPR Limited should be wound up on just and equitable grounds under s 461(1)(k) of the Corporations Act 2001 (Cth)
  2. 2 Whether the substratum of the company has failed
  3. 3 Whether a winding up should be left to a meeting of shareholders

Ratio Decidendi

It is just and equitable to wind up CNPR Limited as the substratum of the company has failed, it no longer serves its original purpose, all material steps of the restructuring have been completed, and only residual obligations to Senior Lenders remain.

Court Disposition

Plaintiff ordered to be wound up on the just and equitable ground under s 461(1)(k) of the Corporations Act 2001 (Cth)

Orders

  • Plaintiff CNPR Limited is ordered to be wound up