In the matter of Nostalgia Motorcycles Pty Limited (in liquidation)

Nostalgia Motorcycles Pty Limited was the subject of a winding up petition, and the petitioner sought to terminate the winding up under section 482 of the Corporations Act 2001 (Cth). The petitioner argued that the company was solvent and that the winding up should cease. The petitioner further contended that the company had made undertakings to pay the liquidator's remuneration and that the petitioner's debt would be paid. The respondent liquidator opposed the application, arguing that the company was not solvent and that the petitioner's debt was not guaranteed. The court was required to determine whether the company was solvent and whether the winding up should be terminated.

The court considered the evidence provided and found that the company was solvent. The court noted that the company had provided undertakings to pay the liquidator's remuneration and that the petitioner's debt would be paid. The court held that, in light of these undertakings, it was appropriate to terminate the winding up. The court found that the petitioner had established that the company was solvent and that the winding up should be terminated. The court held that the petitioner's debt was not guaranteed, but that this did not preclude the termination of the winding up.

The court concluded that the winding up should be terminated. The court noted that the company was solvent and that the petitioner's debt would be paid. The court held that the petitioner had established the necessary grounds for terminating the winding up under section 482 of the Corporations Act 2001 (Cth). The court made an order terminating the winding up and directing the liquidator to take such steps as were necessary to give effect to the order. The petitioner's debt was to be paid from the company's assets, and the company was to provide undertakings to pay the liquidator's remuneration.