In the matter of Short Pty Ltd (in liq) ACN 008 264 695 [2005] FCA 1010

In the matter of Short Pty Ltd (in liq) ACN 008 264 695 [2005] FCA 1010

The winding up was terminated because the company was shown to be solvent, $300,000 was adequate to pay known creditors and relevant costs, the principal creditor, liquidator and ASIC did not oppose the order, the order was in the interests of creditors, and there was no demonstrated lack of commercial morality or public interest risk justifying refusal.

Jurisdiction
Australia
Judgment Date
22 July 2005
Procedural Posture
Application Under S 482(1) of the Corporations Act 2001 (cth) to Terminate the Winding Up of a Company in Liquidation / Application Heard and Orders Made on 22 July 2005
Outcome
Application granted; winding up terminated as of 22 July 2005.
Legal Topics
['termination of Winding Up' 'company Solvency' 'payment of Creditors' 'liquidation']
['corporations Law' 'insolvency'] ['termination of Winding Up' 'company Solvency' 'payment of Creditors' 'liquidation']

Case Brief

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Procedural Posture

Application Under S 482(1) of the Corporations Act 2001 (cth) to Terminate the Winding Up of a Company in Liquidation / Application Heard and Orders Made on 22 July 2005

Legal Issues

  1. 1 ['Whether the winding up of G.I. & L.M. Short Pty Ltd (in liquidation) should be terminated under s 482(1) of the Corporations Act 2001 (Cth).' "Whether termination of the winding up was in the interests of the company's creditors and consistent with the public interest."]

Ratio Decidendi

The winding up was terminated because the company was shown to be solvent, $300,000 was adequate to pay known creditors and relevant costs, the principal creditor, liquidator and ASIC did not oppose the order, the order was in the interests of creditors, and there was no demonstrated lack of commercial morality or public interest risk justifying refusal.

Court Disposition

Application granted; winding up terminated as of 22 July 2005.

Orders

  • ["Upon the plaintiffs by their counsel undertaking that they will instruct the liquidator Mark Christopher Hall to pay in full from the sum of $300,000 which they have deposited in the liquidator's trust account the amounts owing to creditors of G.I. & L.M. Short Pty Ltd (in liquidation) referred to in the affidavit...