In the matter of Simeon Enterprises Pty Ltd (in liquidation) [2012] NSWSC 538

In the matter of Simeon Enterprises Pty Ltd (in liquidation) [2012] NSWSC 538

The company was solvent, undertakings had been made for payment of creditors and legal costs, and the director did not have timely notice of the proceedings; therefore, the stay of winding up was appropriate pending ASIC's response.

Jurisdiction
Australia
Judgment Date
16 April 2012
Procedural Posture
Application to Terminate Winding Up Proceedings / Application for Stay of Winding Up Order
Outcome
Winding up stayed pending ASIC response
Legal Topics
['application to Terminate Winding Up' 'stay of Winding Up Order' 'solvency of Company']
['corporations Law'] ['application to Terminate Winding Up' 'stay of Winding Up Order' 'solvency of Company']

Case Brief

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Procedural Posture

Application to Terminate Winding Up Proceedings / Application for Stay of Winding Up Order

Legal Issues

  1. 1 ['Whether the winding up order of Simeon Enterprises Pty Ltd should be stayed pursuant to s 482(1) of the Corporations Act 2001 (Cth)']

Ratio Decidendi

The company was solvent, undertakings had been made for payment of creditors and legal costs, and the director did not have timely notice of the proceedings; therefore, the stay of winding up was appropriate pending ASIC's response.

Court Disposition

Winding up stayed pending ASIC response

Orders

  • ['Pursuant to s 482(1) of the Corporations Act 2001 (Cth), the winding up of Simeon Enterprises Pty Ltd (In Liquidation) is stayed.' "The matter is stood over before the Corporations List Judge on 30 April 2012 with liberty to apply on 48 hours' notice." 'Orders to be entered forthwith.']