Hanson Construction Materials Pty Ltd v FEC Civil Pty Ltd [2009] NSWSC 231

Hanson Construction Materials Pty Ltd v FEC Civil Pty Ltd [2009] NSWSC 231

Defendant failed to rebut the presumption of insolvency because their evidence consisted of unverified, unaudited financial statements and unsupported assertions. The presumption of insolvency stood, so a winding up order was made.

Jurisdiction
Australia
Judgment Date
01 April 2009
Procedural Posture
Corporations Winding Up Application / Judgment
Outcome
Order for winding up in insolvency. Appointment of liquidator.
Legal Topics
['winding Up' 'insolvency' 'statutory Demand' 'presumption of Insolvency']
['corporations Law'] ['winding Up' 'insolvency' 'statutory Demand' 'presumption of Insolvency']

Case Brief

Summary, issues, holding and outcome

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Procedural Posture

Corporations Winding Up Application / Judgment

Legal Issues

  1. 1 ['Whether the defendant (FEC Civil Pty Ltd) is insolvent for the purposes of the Corporations Act 2001 (Cth)' 'Whether the presumption of insolvency arising from non-compliance with a statutory demand has been rebutted' 'Whether the court should exercise its discretion against winding up']

Ratio Decidendi

Defendant failed to rebut the presumption of insolvency because their evidence consisted of unverified, unaudited financial statements and unsupported assertions. The presumption of insolvency stood, so a winding up order was made.

Court Disposition

Order for winding up in insolvency. Appointment of liquidator.

Orders

  • ['FEC Civil Pty Ltd be wound up in insolvency.' 'Frank Lo Pilato be appointed official liquidator of FEC Civil Pty Ltd.' 'Defendant to pay the plaintiff’s costs of the proceedings.']