In the matter of Simeon Enterprises Pty Ltd (in liquidation)

Simeon Enterprises Pty Ltd was in the process of being wound up when the liquidator applied to terminate the winding up proceedings under section 482(1) of the Corporations Act 2001. The liquidator sought the termination on the basis that certain creditors of the company would be paid in full. The Australian Securities and Investments Commission did not respond to the application at the time it was made. The company's liquidator sought an order that the winding up be stayed, pending the determination of the application.

The central issue before the court was whether the application to terminate the winding up should be granted, despite the absence of a response from ASIC. The liquidator argued that the winding up should be stayed and terminated as certain creditors would be paid in full. The liquidator submitted that the absence of a response from ASIC should not prevent the court from granting the application. ASIC did not oppose the application but did not respond to the application at the time it was made.

The court held that the absence of a response from ASIC did not prevent the court from considering the application to terminate the winding up. The court noted that ASIC's silence was not equivalent to a consent to the application. The court further held that the liquidator had made out a prima facie case for terminating the winding up. The court accepted the liquidator's submission that the winding up should be stayed and terminated as certain creditors would be paid in full. Accordingly, the court made an order that the winding up be stayed and terminated.

The court ordered that the winding up of Simeon Enterprises Pty Ltd be stayed and terminated, effective immediately. The court further ordered that the liquidator pay certain creditors in full, as per the liquidator's proposal. The court's order effectively brought an end to the winding up proceedings, pending the outcome of the liquidator's application to terminate the winding up.