Turco & Co Pty Ltd v Pendella Holdings Pty Ltd; In the matter of Pendella Holdings Pty Ltd [2010] FCA 213

Turco & Co Pty Ltd v Pendella Holdings Pty Ltd; In the matter of Pendella Holdings Pty Ltd [2010] FCA 213

The defendant did not adduce sufficient credible or probative evidence to prove solvency and rebut the presumption of insolvency. The debt subject to statutory demand is material, and the company is not able to pay its debts as and when they fall due. The company should be wound up in insolvency.

Jurisdiction
Australia
Judgment Date
31 March 2010
Procedural Posture
Corporations Insolvency Application / Hearing and Final Orders
Outcome
Winding up order granted
Legal Topics
['statutory Demand' 'presumption of Insolvency' 'winding Up Application' 'proof of Solvency' 'appointment of Liquidator']
['corporations Law' 'insolvency'] ['statutory Demand' 'presumption of Insolvency' 'winding Up Application' 'proof of Solvency' 'appointment of Liquidator']

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Procedural Posture

Corporations Insolvency Application / Hearing and Final Orders

Legal Issues

  1. 1 ['Whether Pendella Holdings Pty Ltd should be wound up in insolvency' 'Whether the company rebutted the statutory presumption of insolvency under s 459C of the Corporations Act 2001 (Cth)']

Ratio Decidendi

The defendant did not adduce sufficient credible or probative evidence to prove solvency and rebut the presumption of insolvency. The debt subject to statutory demand is material, and the company is not able to pay its debts as and when they fall due. The company should be wound up in insolvency.

Court Disposition

Winding up order granted

Orders

  • ['The defendant be wound up in insolvency under the provisions of the Corporations Act 2001 (Cth).' 'Kimberley Stuart Wallman be appointed as liquidator.' "The plaintiff's costs of the application (including any reserved costs) be taxed and reimbursed in accordance with subsection 466(2) of the Corporations Act 2001...