In the Matter Of Santos Petroleum Operations Pty Ltd (in Liquidation)

Santos Petroleum Operations Pty Ltd (in Liquidation) was the subject of a winding-up application. The liquidators applied to the Court to defer the deregistration of the company by ASIC. The final meeting of the company had been held, and the liquidators had filed the relevant report with ASIC. The company was due to be deregistered at the end of a three-month period following the lodging of the final return. However, it had come to light that the company held interests in certain petroleum leases and pipeline easements, which had been overlooked during the liquidation process.

The primary legal issue for the Court was whether it had the power to order the deregistration of the company on a date different to that specified by statute. The Court had to determine whether it could exercise its discretion under s 509 of the Corporations Act 2001 (Cth) to order the deregistration on a date specified by the Court, and whether it could do so after the three-month period had elapsed.

The Court found that the statutory three-month period could be displaced by an order of the Court. The Court could exercise its discretion under s 509 of the Act to make an order that ASIC deregister the company on a specified day. The Court held that it was not bound by the statutory period and could make the order at any time before the end of the three-month period. The Court found that the application was made in good faith, and that the overlooked assets were material to the interests of the company’s creditors and members. The Court considered that it was in the interests of justice to make an order deferring the deregistration.

The Court ordered that the deregistration of SPO be deferred until 31 January 2017. The Court held that the application was made in good faith, and that the overlooked assets were material to the interests of the company’s creditors and members. The Court found that it was in the interests of justice to make an order deferring the deregistration. The Court ordered that ASIC deregister SPO on 31 January 2017. The liquidators were ordered to lodge an office copy of the order with ASIC within 14 days of the making of the order.