In the matter of Vietnam Industrial Investments Pty Ltd

Vietnam Industrial Investments Pty Ltd applied for an adjournment of a winding up application brought against it. The company holds shares in entities incorporated in Singapore, which in turn hold shares in other companies incorporated in Vietnam. The court was required to decide whether to adjourn the winding up application, considering the company's hope of accessing restructuring relief in Singapore. The court also needed to determine whether the Australian company should be wound up under section 459A of the Corporations Act 2001 (Cth) due to its failure to comply with a statutory demand.

The court held that the application to adjourn the winding up should be refused as the company had not demonstrated that it would be able to access restructuring relief in Singapore. The court found that the company's reliance on the possibility of restructuring in Singapore was speculative and insufficient to justify an adjournment. The court further held that the company had failed to comply with the statutory demand and therefore should be wound up under section 459A of the Corporations Act 2001 (Cth). The court found that the company had not provided any evidence to suggest that it would be able to pay the debt, and that the company's financial position was such that it was unable to pay its debts as they fell due.

The court ordered the winding up of Vietnam Industrial Investments Pty Ltd. The court also noted that the company's failure to comply with the statutory demand was not an isolated incident, but part of a pattern of behaviour that demonstrated the company's inability to manage its financial obligations. The court found that the company's directors had acted recklessly and had not taken appropriate steps to ensure that the company complied with its legal obligations.