Geoff Woodham Financial Services Pty Ltd v GDK Financial Solutions Pty Ltd

[2007] FCA 1523

FEDERAL COURT OF AUSTRALIA

Geoff Woodham Financial Services Pty Ltd v GDK Financial Solutions Pty Ltd [2007] FCA 1523

GEOFF WOODHAM FINANCIAL SERVICES PTY LTD v GDK FINANCIAL SOLUTIONS PTY LTD & ORS

NSD323 OF 2005

EMMETT J

21 SEPTEMBER 2007

SYDNEY

IN THE FEDERAL COURT OF AUSTRALIA
NEW SOUTH WALES DISTRICT REGISTRY	NSD323 OF 2005

BETWEEN:

GEOFF WOODHAM FINANCIAL SERVICES PTY LTD
Applicant

AND:

GDK FINANCIAL SOLUTIONS PTY LTD
First Respondent

BOUNDUP PTY LTD
Second Respondent

LYNPLAND PTY LTD
Third Respondent

PETER LENNOX SHIELS
Fourth Respondent

JUDGE:	EMMETT J
DATE OF ORDER:	21 SEPTEMBER 2007
WHERE MADE:	SYDNEY

THE COURT ORDERS THAT:

1.The application be dismissed.

Note:    Settlement and entry of orders is dealt with in Order 36 of the Federal Court Rules.

IN THE FEDERAL COURT OF AUSTRALIA
NEW SOUTH WALES DISTRICT REGISTRY	NSD323 OF 2005

BETWEEN:

GEOFF WOODHAM FINANCIAL SERVICES PTY LTD
Applicant

AND:

GDK FINANCIAL SOLUTIONS PTY LTD
First Respondent

BOUNDUP PTY LTD
Second Respondent

LYNPLAND PTY LTD
Third Respondent

PETER LENNOX SHIELS
Fourth Respondent

JUDGE:	EMMETT J
DATE:	21 SEPTEMBER 2007
PLACE:	SYDNEY

REASONS FOR JUDGMENT

1. This matter was in Conti J’s docket.  It was an application for the winding up of GDK Financial Solutions Pty Limited.  At some stage, there were settlement negotiations which gave rise to a compromise agreement as a result of which the parties did not wish to proceed with the winding up application.  Indeed, the company has now been wound up in other proceedings. 

2. At least one of the parties understood that there was no need for any further step to be taken in relation to the proceeding, in the light of the provisions of s 459R of the Corporations Act 2001 (Cth) (the Act). Section 459R relevantly provides that an application for a company to be wound up in insolvency is to be determined within six months after it is made. Under s 459R(2), the Court may, by order, extend the period within which an application must be determined but only, relevantly, if the order is made within that period. Under s 459R(3), an application is taken to be dismissed if it is not determined as required by s 459R(1). It may well be that the proceeding has, in fact, been dismissed by the operation of that provision. However, the matter is still in the Court list, and the matter was listed today to ensure that no party wishes to have the matter maintained as a current proceeding. When the matter was called, there was no appearance for the applicant. The Registry of the Court has written to those involved with the parties, and each party has indicated it has no desire for the proceeding to remain on foot.

3. In all of the circumstances, whether it is necessary or not, I propose to order that the proceeding be dismissed. 

I certify that the preceding three (3) numbered paragraphs are a true copy of the Reasons for Judgment herein of the Honourable Justice Emmett.

Associate:

Dated:        8 October 2007

There were no appearances.
Date of Hearing:	21 September 2007
Date of Judgment:	21 September 2007