In the matter of We Will Pty Ltd [2015] NSWSC 2068

The condition requiring winding up, namely insolvency, no longer exists as debts are paid and company is solvent; absence at winding up order is satisfactorily explained; no opposition from creditor or liquidator; it is commercially and morally safe to return management to directors. Termination order is appropriate.

Jurisdiction: Australia
Judgment Date: 18 June 2015
Procedural Posture: Corporate Insolvency Proceeding / Application to Terminate Winding Up
Outcome: Winding up of defendant company terminated.
Legal Topics: ['winding Up' 'termination of Winding Up Order' 'insolvency' 'procedure Under Corporations Act S 482 and UCPR R 36.16']

['corporations Law' 'equity'] ['winding Up' 'termination of Winding Up Order' 'insolvency' 'procedure Under Corporations Act S 482 and UCPR R 36.16']

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Procedural Posture

Corporate Insolvency Proceeding / Application to Terminate Winding Up

Legal Issues

1 ['Whether the winding up order should be terminated' 'Whether satisfactory explanation exists for absence of representation at the winding up hearing' 'Whether the application should proceed under UCPR r 36.16 or Corporations Act s 482' 'Whether the condition founding winding up order still exists' 'Whether it is commercially and morally safe to entrust management of company to directors']

Ratio Decidendi

Court Disposition

Winding up of defendant company terminated.

Orders

['Pursuant to Corporations Act, s 482(1), the winding up of the defendant corporation We Will Pty Limited be terminated on this day.']