In the matter of Mobius Distilling Pty Ltd (in liq)

The case involves Mobius Distilling Pty Ltd, a company in liquidation, and its former shareholders, who brought an application for relief under the Corporations Act. The shareholders argued that the company had been oppressed by the majority shareholders, who had unfairly prevented them from selling their shares at a higher price. The court was required to determine whether a binding agreement had been reached regarding the process for the sale of shares and whether the shareholders had suffered a quantifiable loss of opportunity to sell their shares at a higher price. The shareholders also sought an order for the majority shareholders to buy out their shares.

The court considered the evidence and submissions from both parties and examined the terms of the shareholder agreements and the circumstances surrounding the sale of the shares. It found that while an agreement had been reached in principle regarding the process for the sale of shares, the terms had not been finalised, and therefore, no binding agreement had been established. The court also found that the shareholders had not suffered a quantifiable loss of opportunity to sell their shares at a higher price as they had not presented sufficient evidence to support their claim. Finally, the court held that a buy-out order was not available as the company was already in liquidation.

The court dismissed the shareholders' application and found in favour of the liquidator of the company. The shareholders were ordered to pay the costs of the proceedings.