In the matter of The Wills Group Pty Ltd (in liq) [2016] NSWSC 1907

In the matter of The Wills Group Pty Ltd (in liq) [2016] NSWSC 1907

The Court was satisfied that the Company would be able to meet its debts as and when they fell due, that funds would be available to discharge creditor claims and the liquidator's costs and disbursements, that the creditor which brought about the winding up and the liquidator did not oppose termination, and that there was no evidence of noncompliance with statutory duties, conduct contrary to commercial morality, or public interest reasons against termination. The state of affairs requiring the winding up no longer existed, so the winding up should be terminated under s 482(1) of the Corporations Act 2001 (Cth), with a short stay to permit payment of the relevant debts.

Jurisdiction
Australia
Judgment Date
24 October 2016
Procedural Posture
Application Under S 482(1) of the Corporations Act 2001 (cth) for Termination of the Winding Up of a Company / Originating Process; Ex Tempore Judgment
Outcome
The winding up of The Wills Group Pty Ltd (in liq) was ordered to be terminated, with the termination orders stayed to 4pm, 26 October 2016.
Legal Topics
['winding Up' 'termination of Winding Up' 'solvency' 'liquidator Remuneration' "creditor's Statutory Demand"]
['corporations Law'] ['winding Up' 'termination of Winding Up' 'solvency' 'liquidator Remuneration' "creditor's Statutory Demand"]

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Procedural Posture

Application Under S 482(1) of the Corporations Act 2001 (cth) for Termination of the Winding Up of a Company / Originating Process; Ex Tempore Judgment

Legal Issues

  1. 1 ['Whether the winding up of The Wills Group Pty Ltd (in liq) should be terminated under s 482(1) of the Corporations Act 2001 (Cth).' "Whether the Company's solvency was established, including whether it would be able to meet its debts as and when they fall due." "Whether provision had been made for creditors and the liquidator's remuneration, costs and disbursements." "Whether the liquidator's remuneration should be determined in the application for termination of the winding up."]

Ratio Decidendi

The Court was satisfied that the Company would be able to meet its debts as and when they fell due, that funds would be available to discharge creditor claims and the liquidator's costs and disbursements, that the creditor which brought about the winding up and the liquidator did not oppose termination, and that there was no evidence of noncompliance with statutory duties, conduct contrary to commercial morality, or public interest reasons against termination. The state of affairs requiring the winding up no longer existed, so the winding up should be terminated under s 482(1) of the Corporations Act 2001 (Cth), with a short stay to permit payment of the relevant debts.

Court Disposition

The winding up of The Wills Group Pty Ltd (in liq) was ordered to be terminated, with the termination orders stayed to 4pm, 26 October 2016.

Orders

  • ['The Court orders pursuant to s 482(1) of the Corporations Act 2001 (Cth) that the winding up of The Wills Group Pty Ltd (in liq) be terminated.' 'The solicitors for the Plaintiff are to pay the monies held in trust in the sum of $169,946.94 to the liquidator of the Company by noon 25 October 2016.' 'The liquidator...