Grocon Constructors Pty Ltd v Kimberley Securities Ltd [2009] NSWSC 572

Grocon Constructors Pty Ltd v Kimberley Securities Ltd [2009] NSWSC 572

Given the established insolvency of Kimberley Securities Limited, a winding up order should be made without delay, and there is insufficient basis to defer or stay such order on account of related pending proceedings. In the interest of avoiding potential controversy, the liquidators appointed are those nominated by the supporting creditor, not by the plaintiff or the company’s administrators.

Jurisdiction
Australia
Judgment Date
18 June 2009
Procedural Posture
Corporations Winding Up Application / Judgment and Orders
Outcome
Winding up order and related consequential orders made. Winding up not stayed or deferred. Appointment of liquidators from supporting creditor's nominees.
Legal Topics
['winding Up of Insolvent Company' 'appointment of Liquidator' 'stay or Deferral of Winding Up' 'deed of Company Arrangement']
['corporations Law' 'insolvency Law' 'equity'] ['winding Up of Insolvent Company' 'appointment of Liquidator' 'stay or Deferral of Winding Up' 'deed of Company Arrangement']

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Procedural Posture

Corporations Winding Up Application / Judgment and Orders

Legal Issues

  1. 1 ['Whether winding up order for Kimberley Securities Limited should be deferred or stayed due to pending proceedings' 'Who should be appointed as liquidator of Kimberley Securities Limited']

Ratio Decidendi

Given the established insolvency of Kimberley Securities Limited, a winding up order should be made without delay, and there is insufficient basis to defer or stay such order on account of related pending proceedings. In the interest of avoiding potential controversy, the liquidators appointed are those nominated by the supporting creditor, not by the plaintiff or the company’s administrators.

Court Disposition

Winding up order and related consequential orders made. Winding up not stayed or deferred. Appointment of liquidators from supporting creditor's nominees.

Orders

  • ['Kimberley Securities Limited be wound up in insolvency pursuant to ss 447A(1), 459A and 600A(2)(d) Corporations Act 2001 (Cth).' 'Michael Hird and Nicholas Malanos appointed as liquidators.' 'Winding up deemed to have commenced on 19 December 2008 under s 513C.' 'Resolution of creditors for execution of deed of...