In the matter of Saab Investment Group Pty Limited

Saab Investment Group Pty Limited was the subject of a winding up application by an aggrieved creditor. The company was alleged to be insolvent, with debts exceeding $4.3 million. The applicant, who was owed approximately $750,000, sought an ex parte winding up order. The company subsequently engaged a liquidator, and an application was made to terminate the winding up. The Federal Court was tasked with determining whether the company was no longer insolvent and if there was any evidence of the petitioner's claim being paid or the company's cooperation with the liquidator.

The central legal issues before the court were whether the company was solvent and whether the petitioner's claim had been paid or if there was any cooperation from the company with the liquidator. The company argued that it was no longer insolvent, but it provided no acceptable evidence of solvency. Additionally, there was no admissible evidence that the petitioner's claim had been paid, and there was no evidence of the company's cooperation with the liquidator. The court needed to weigh the evidence and arguments presented to decide whether the winding up should be terminated.

The court found that the company had not demonstrated solvency, and there was no admissible evidence that the petitioner's claim had been paid. Furthermore, the company had not cooperated with the liquidator. The court concluded that the winding up order should not be terminated as the conditions for doing so were not met. The company had failed to provide any evidence to support its claim of solvency or cooperation with the liquidator.

The court dismissed the application to terminate the winding up. The winding up order remained in place, and the company continued to be under the administration of the liquidator.