McMillan v Toledo Enterprises International Pty Ltd

In the case of McMillan v Toledo Enterprises International Pty Ltd, the applicant, Kevin McMillan, sought the appointment of a receiver and manager for Toledo Enterprises International Pty Ltd, as well as certain other injunctions relating to the conduct of the company's affairs. McMillan claimed that he had been excluded from the management of the company and denied access to its financial records, while the other shareholders, particularly Hristo Iliev, had taken control. The legal issues in this case were whether the affairs of the company were being conducted unfairly, whether it was just and equitable to appoint a provisional liquidator, and what appropriate relief should be granted. The court found that there was a serious question to be tried regarding the unfair conduct of the company's affairs, and the balance of convenience favoured the grant of relief. The court also found that it was just and equitable to grant relief on this ground, as the relationship between the parties had broken down, and the company was in urgent need of funds to fulfil its contract with the Maritime Museum. The court ultimately decided to appoint a receiver and manager, as the potential profitability of the contract with the Maritime Museum warranted protection.