In the matter of Statewide Developments Pty Limited [2011] NSWSC 1537

In the matter of Statewide Developments Pty Limited [2011] NSWSC 1537

Azure was properly substituted as applicant because it established its status as creditor by the April 2008 agreement, and no plausible basis for dispute existed as to the indebtedness. Statewide failed to rebut the statutory presumption of insolvency arising from non-compliance with the statutory demand by failing to provide the fullest and best evidence of solvency. Consequently, the court ordered Statewide to be wound up.

Jurisdiction
Australia
Judgment Date
14 December 2011
Procedural Posture
Corporations Winding Up / Final Hearing and Orders
Outcome
Application allowed, substitution ordered, winding up ordered
Legal Topics
['winding Up (insolvency)' 'substitution of Applicant' 'presumption of Insolvency' 'creditor Status' 'evidence of Solvency']
['corporations Law'] ['winding Up (insolvency)' 'substitution of Applicant' 'presumption of Insolvency' 'creditor Status' 'evidence of Solvency']

Case Brief

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Procedural Posture

Corporations Winding Up / Final Hearing and Orders

Legal Issues

  1. 1 ['Whether Azure 10-16 Marquet Street Rhodes Pty Ltd should be substituted as applicant in winding up proceedings' 'Whether Azure is a creditor entitled to apply for winding up' 'Whether Statewide Developments Pty Ltd is insolvent and should be wound up']

Ratio Decidendi

Azure was properly substituted as applicant because it established its status as creditor by the April 2008 agreement, and no plausible basis for dispute existed as to the indebtedness. Statewide failed to rebut the statutory presumption of insolvency arising from non-compliance with the statutory demand by failing to provide the fullest and best evidence of solvency. Consequently, the court ordered Statewide to be wound up.

Court Disposition

Application allowed, substitution ordered, winding up ordered

Orders

  • ['Azure 10-16 Marquet Street Rhodes Pty Ltd substituted as applicant in place of original applicant.' 'Statewide Developments Pty Ltd wound up in insolvency.' 'Peter Paul Krejci appointed liquidator of Statewide Developments Pty Ltd.' 'Statewide Developments Pty Ltd to pay costs of Azure relating to the...