Westpac Banking Corporation v Forum Finance Pty Limited [2021] FCA 807

Westpac Banking Corporation v Forum Finance Pty Limited [2021] FCA 807

Given the consent by Forum Finance and the evidence of fraudulent conduct, lack of proper management, and public interest considerations, the court is satisfied it is just and equitable for Forum Finance Pty Limited to be wound up and appoints Messrs Jason Preston and Jason Ireland of McGrathNicol as liquidators.

Parties
Applicant: Westpac Banking Corporation; First Respondent: Forum Finance Pty Limited; Second Respondent: Mr Basile Papadimitriou; Third Respondent: Vincenzo Frank Tesoriero
Jurisdiction
Australia
Judgment Date
09 July 2021
Procedural Posture
Application for Appointment of Liquidator and Related Relief / Final Judgment on Winding Up and Appointment of Liquidator
Outcome
First respondent Forum Finance Pty Limited is wound up and Messrs Jason Preston and Jason Ireland of McGrathNicol are appointed as liquidators; associated freezing, search, and access orders made.
Legal Topics
Winding Up, Appointment of Liquidator, Fraud, Company Management, Freezing Orders, Search Orders
Corporations Winding Up Appointment of Liquidator Fraud Company Management Freezing Orders Search Orders

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Parties

Westpac Banking Corporation

Applicant

Forum Finance Pty Limited

First Respondent

Mr Basile Papadimitriou

Second Respondent

Vincenzo Frank Tesoriero

Third Respondent

Procedural Posture

Application for Appointment of Liquidator and Related Relief / Final Judgment on Winding Up and Appointment of Liquidator

Legal Issues

  1. 1 Whether it is just and equitable to wind up Forum Finance Pty Limited
  2. 2 Who should be appointed as liquidator of Forum Finance Pty Limited

Ratio Decidendi

Given the consent by Forum Finance and the evidence of fraudulent conduct, lack of proper management, and public interest considerations, the court is satisfied it is just and equitable for Forum Finance Pty Limited to be wound up and appoints Messrs Jason Preston and Jason Ireland of McGrathNicol as liquidators.

Court Disposition

First respondent Forum Finance Pty Limited is wound up and Messrs Jason Preston and Jason Ireland of McGrathNicol are appointed as liquidators; associated freezing, search, and access orders made.

Orders

  • Forum Finance Pty Limited be wound up under s 461(1)(k) of the Corporations Act 2001 (Cth)
  • Jason Preston and Jason Ireland of McGrathNicol appointed as liquidators under s 472(1) of the Act