Kim v Cha [2011] FCA 554

Kim v Cha [2011] FCA 554

Given indicators of insolvency in the available accounts and the support by all directors and shareholders for winding up, it is just and equitable to wind up both companies and appoint a liquidator.

Jurisdiction
Australia
Judgment Date
20 May 2011
Procedural Posture
Corporations Winding Up Application / Judgment and Final Orders on Interlocutory Process
Outcome
The fourth and fifth defendants (Ariake Pty Limited and Ariake Japanese Pty Limited) are wound up in insolvency. Liquidator appointed. Proceedings otherwise dismissed.
Legal Topics
['winding Up in Insolvency' 'leave to Apply for Winding Up' 'directors and Shareholders Disputes']
['corporations Law'] ['winding Up in Insolvency' 'leave to Apply for Winding Up' 'directors and Shareholders Disputes']

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Procedural Posture

Corporations Winding Up Application / Judgment and Final Orders on Interlocutory Process

Legal Issues

  1. 1 ['Whether leave should be granted to the first defendant to apply to wind up the fourth and fifth defendants under s 459P of the Corporations Act 2001 (Cth)' 'Whether Ariake Pty Limited and Ariake Japanese Pty Limited are insolvent and should be wound up']

Ratio Decidendi

Given indicators of insolvency in the available accounts and the support by all directors and shareholders for winding up, it is just and equitable to wind up both companies and appoint a liquidator.

Court Disposition

The fourth and fifth defendants (Ariake Pty Limited and Ariake Japanese Pty Limited) are wound up in insolvency. Liquidator appointed. Proceedings otherwise dismissed.

Orders

  • ['The mediation order is vacated.' 'Leave is granted to the first defendant to file an amended interlocutory process and to apply under s 459P for winding up.' 'Formal defects with respect to the application, including failure to publish notices, are waived.' 'Ariake Pty Limited and Ariake Japanese Pty Limited are...