Australian Securities and Investments Commission v Taylor
[2023] FCAFC 189
Para 40
…In Australian Securities and Investments Commission (ASIC) v Taylor [2023] FCAFC 189 at [42], Mortimer CJ and Abraham J succinctly summarised the applicable principles as follows:…
Haycraft v Af1 Services Pty Ltd
[2023] FCA 774
Para 23
…In Haycraft v AF1 Services Pty Ltd [2023] FCA 774 at [73]ff, Stewart J observed that:…
Re SRD Property Pty Ltd
[2023] NSWSC 441
Para 52
…Re Bicher & Son Pty Ltd (2020) 147 ACSR 108; [2020] NSWSC 711 at [73]ff, Re QB Foods Pty Ltd [2021] NSWSC 1227 at [56]ff and Re SRD Property Pty Ltd [2023] NSWSC 441 at [68]ff in this respect.…
Mir v Mir
[2023] NSWSC 408
Para 107
…re from the basis on which the company was formed or operated so as to make it just and equitable that the company be wound up: Mir v Mir [2023] NSWSC 408 at [107] per Ball J.”…
Read-Zorn v Origin Distillers Group Pty Ltd
[2023] FCA 280
Para 22
…In Read-Zorn v Origin Distillers Group Pty Ltd [2023] FCA 280 at [19]-[23], Jackman J summarised the applicable principles as follows:…
Re Skytraders Pty Ltd
[2022] VSC 416
Para 50
…In Premier Aviation Holdings Pty Ltd v Mackay [2022] VSC 416, a submission was made that a buy-out order could be made under s 467(1)(c) of the Act , where the Court had declined to make an order for a winding up on the just and equitable ground. Button J there referred to Alati and observed (at [493]-[494]) that…
Melrob Investments Pty Ltd v Blong Ume Nominees Pty Ltd
[2022] SASCA 29
Para 58
…ship between the companies: Vigliaroni v CPS Investments Holdings Pty Ltd [2009] VSC 428 at [68]; Melrob Investments v Blong Ume Nominees Pty Ltd [2022] SASCA 29 at [113]ff; Re Tzavaras & Sons Pty Ltd [2022] NSWSC 359 at [248]. I have also borne in mind the observation in Global Mortgage Equity that each case has…
In the matter of Tzavaras & Sons Pty Ltd
[2022] NSWSC 359
Para 58
…s Holdings Pty Ltd [2009] VSC 428 at [68]; Melrob Investments v Blong Ume Nominees Pty Ltd [2022] SASCA 29 at [113]ff; Re Tzavaras & Sons Pty Ltd [2022] NSWSC 359 at [248]. I have also borne in mind the observation in Global Mortgage Equity that each case has to be considered on its own facts and circumstances, and…
In the matter of L&B Seafood Pty Ltd
[2022] NSWSC 100
Para 148
…ed and that there is a restriction on the transferability of the shares of the party seeking to wind up the company: Re L&B Seafood Pty Ltd [2022] NSWSC 100 at [148] per Henry J. Although irreconcilable differences may establish a basis for winding up, a court is less likely to grant such relief if the person exclu…
Re QB Foods Pty Ltd
[2021] NSWSC 1227
Para 52
…edical Distributors Pty Ltd [2018] NSWSC 1315 at [65]ff, Re Bicher & Son Pty Ltd (2020) 147 ACSR 108; [2020] NSWSC 711 at [73]ff, Re QB Foods Pty Ltd [2021] NSWSC 1227 at [56]ff and Re SRD Property Pty Ltd [2023] NSWSC 441 at [68]ff in this respect.…
Re Spitfire Q Pty Ltd
[2021] NSWSC 866
Para 20
…ny in s 461(1)(k) of the Act is not limited by particular categories, as I noted in Re CNPR Limited [2018] NSWSC 989 at [8] and Re Spitfire Q Pty Ltd [2021] NSWSC 866 at [12]. Where a company was established on a basis of relationships of mutual confidence, a winding up order may be made on the just and equitable g…
Re Crow Inn Pty Ltd (No 2)
[2020] NSWSC 1749
Para 26
…of Appeal’s decision in Snell as a counterweight to the authorities describing winding up as a remedy of last resort. In Re Crow Inn Pty Ltd (No 2) [2020] NSWSC 1749, Rees J referred to Leeming JA’s observation in Snell that the circumstances in which a shareholder must realise assets in order to meet a buy-out orde…
Mudgee Dolomite & Lime Pty Ltd v Murdoch
[2020] NSWSC 1510
…o an irretrievable breakdown in a “personal relationship involving mutual confidence”. Similarly, in Mudgee Dolomite & Lime Pty Ltd v Murdoch [2020] NSWSC 1510, the company which was established on the basis of a relationship of mutual confidence suffered irreconcilable differences emerging between the members. In t…
Russell v Lee Holdings Pty Ltd [No 3]
[2020] WASC 346
Para 26
…That decision has since been considered in Russell v Lee Holdings Pty Ltd (No 3) [2020] WASC 346, where the parties had exchanged buy-out offers and asserted their capacities to meet any orders made to that effect. Although that was not a case involving an actively trading business, Martin J there treated the Cour…
Snell v Glatis (No 2)
[2020] NSWCA 166
Para 25
…I also bear in mind the Court of Appeal’s observations in Snell v Glatis (No 2) [2020] NSWCA 166 (“ Snell ”) as to the comparative merits of a buy-out order and a winding up, in the context of an asset-holding company. Leeming JA (with whom Bell P and Meagher JA agreed) there held that an order made by the trial ju…
Re Glenvine Pty Ltd (in liq)
[2020] NSWSC 866
Para 30
…FCR 17; (2014) 103 ACSR 401; [2014] NSWSC 1484; Re Double Bay Property Management Pty Ltd (in liq) [2020] NSWSC 203; Re Glenvine Pty Ltd (in liq) [2020] NSWSC 866. I will make that order, where I will make a winding up order.…
In the matter of Bicher and Son Pty Ltd
[2020] NSWSC 711
Para 52
…Nature Sydney Pty Ltd [2018] NSWSC 914, Re ICB Medical Distributors Pty Ltd [2018] NSWSC 1315 at [65]ff, Re Bicher & Son Pty Ltd (2020) 147 ACSR 108; [2020] NSWSC 711 at [73]ff, Re QB Foods Pty Ltd [2021] NSWSC 1227 at [56]ff and Re SRD Property Pty Ltd [2023] NSWSC 441 at [68]ff in this respect.…
Re Double Bay Property Management Pty Ltd (in liq)
[2020] NSWSC 203
Para 30
…nsfield DIY Wealth Pty Ltd (in liq) (2014) 291 FCR 17; (2014) 103 ACSR 401; [2014] NSWSC 1484; Re Double Bay Property Management Pty Ltd (in liq) [2020] NSWSC 203; Re Glenvine Pty Ltd (in liq) [2020] NSWSC 866. I will make that order, where I will make a winding up order.…
In the matter of Scientific Management Associates Pty Ltd
[2019] NSWSC 1643
Para 64
…2003] NSWSC 910 at [34]-[38]; Shanahan v Jatese Pty Ltd [2019] NSWCA 113 at [47]. In Re Scientific Management Associates Pty Ltd (2019) 141 ACSR 115; [2019] NSWSC 1643, Rees J observed (at [39]) that the basic requirement in an oppression suit is that “the valuation must be fair on the facts of the particular case”,…
Shanahan v Jatese Pty Ltd
[2019] NSWCA 113
Para 64
…value of the shares: United Rural Enterprises Pty Ltd v Lopmand Pty Ltd (2003) 47 ACSR 514; [2003] NSWSC 910 at [34]-[38]; Shanahan v Jatese Pty Ltd [2019] NSWCA 113 at [47]. In Re Scientific Management Associates Pty Ltd (2019) 141 ACSR 115; [2019] NSWSC 1643, Rees J observed (at [39]) that the basic requirement…
Re ICB Medical Distributors Pty Ltd
[2018] NSWSC 1315
Para 52
…es and I have drawn upon my summary of the relevant principles in Re Pure Nature Sydney Pty Ltd [2018] NSWSC 914, Re ICB Medical Distributors Pty Ltd [2018] NSWSC 1315 at [65]ff, Re Bicher & Son Pty Ltd (2020) 147 ACSR 108; [2020] NSWSC 711 at [73]ff, Re QB Foods Pty Ltd [2021] NSWSC 1227 at [56]ff and Re SRD Proper…
Re CNPR Limited
[2018] NSWSC 989
Para 20
…"just and equitable" ground for winding up a company in s 461(1)(k) of the Act is not limited by particular categories, as I noted in Re CNPR Limited [2018] NSWSC 989 at [8] and Re Spitfire Q Pty Ltd [2021] NSWSC 866 at [12]. Where a company was established on a basis of relationships of mutual confidence, a windin…
Re Pure Nature Sydney Pty Ltd
[2018] NSWSC 914
Para 24
…dy . There is no absolute rule that the Court will not wind up a solvent company, although winding up is a last resort: Re Pure Nature Sydney Pty Ltd [2018] NSWSC 914 at [76]. In Asia Pacific Joint Mining Pty Ltd v Allways Resources Holdings Pty Ltd (2018) 125 ACSR 227; [2018] QCA 048, McMurdo JA noted (at [46]) th…
Asia Pacific Joint Mining Pty Ltd v Allways Resources Holdings Pty Ltd
[2018] QCA 48
Para 24
…e Pure Nature Sydney Pty Ltd [2018] NSWSC 914 at [76]. In Asia Pacific Joint Mining Pty Ltd v Allways Resources Holdings Pty Ltd (2018) 125 ACSR 227; [2018] QCA 048, McMurdo JA noted (at [46]) that:…
SZTAL v Minister for Immigration and Border Protection
[2017] HCA 34
…statutory construction is the text of the provision, having regard to its context and purpose: SZTAL v Minister for Immigration & Border Protection [2017] HCA 34; (2017) 262 CLR 362 (SZTAL) at [14], citing Project Blue Sky Inc v Australian Broadcasting Authority [1998] HCA 28; (1998) 194 CLR 355 at [69]–[71]; Al…
Munstermann v Rayward
[2017] NSWSC 133
Para 57
…In Munstermann v Rayward [2017] NSWSC 133 at [22], Stevenson J summarised the applicable principles as follows:…
Australian Institute of Fitness Pty Ltd v Australian Institute of Fitness (Vic/Tas) Pty Ltd (No 3)
[2015] NSWSC 1639
Para 58
…t in attending to the affairs of the company”: Australian Institute of Fitness Pty Ltd v Australian Institute of Fitness (Vic/Tas) Pty Ltd (No 3) [2015] NSWSC 1639 at [84]. Notwithstanding the decision in Kizquari Pty Ltd v Prestoo Pty Ltd (1993) 10 ACSR 606, the better view is likely to be that s 232 of the Act app…
Falkingham v Peninsula Kingswood Country Golf Club Ltd
[2015] VSCA 16
Para 88
…sign the written lease. This can be relevant to the discretion exercised by the Court (Falkingham v Peninsula Kingswood Country Golf Club Ltd [2015] VSCA 16 at [88]). There appear to have been no board meetings or any attempt to bring the matter to a head until the commencement of proceedings.”…
Re Stansfield DIY Wealth Pty Ltd (in liq)
[2014] NSWSC 1484
…Shanahan v Jatese Pty Ltd [2019] NSWCA 113 - Snell v Glatis (No 2) [2020] NSWCA 166 - Stansfield DIY Wealth Pty Ltd (in liq) (2014) 291 FLR 17; 103 ACSR 401; [2014] NSWSC 1484 - Thiess v Collector of Customs (2014) 250 CLR 664; [2014] HCA 12 - Tomanovic v Argyle HQ Pty Ltd [2010] NSWSC 152 - Tomanovic v Global Mort…
Thiess v Collector of Customs
[2014] HCA 12
Para 39
…In Thiess v Collector of Customs (2014) 250 CLR 664; [2014] HCA 12 at [22]-[23], the High Court observed, with reference to Consolidated Media at [39], that:…
Re Global Mortgage Equity Corporation Pty Ltd
[2013] NSWSC 1586
Para 65
…I also recognise that, as I observed in Re Global Mortgage Equity Corporation Pty Ltd (2013) 97 ACSR 30; [2013] NSWSC 1586 at [91]-[92], the Court is not bound to choose between the respective valuations prepared by accounting experts, adopting one or the other without modification, although any adjustments to an ex…
Re Amazon Pest Control Pty Ltd
[2012] NSWSC 1568
Para 21
…Mr Parish, who appears for the Plaintiffs, draws attention to my observations in Re Amazon Pest Control Pty Ltd [2012] NSWSC 1568 (“ Amazon Pest Control ”) at [17] that:…
Federal Commissioner of Taxation v Consolidated Media Holdings Ltd
[2012] HCA 55
Para 38
…In Federal Commissioner of Taxation v Consolidated Media Holdings Ltd (2012) 250 CLR 503; [2012] HCA 55 (“ Consolidated Media ”) at [39], the High Court quoted the first sentence of the passage cited above from Alcan and again emphasised the primacy of the text in statutory interpretation, observing that:…
Re Catombal Investments Pty Ltd
[2012] NSWSC 775
Para 20
…der under s 461(1)(k) of the Act also include circumstances where the substratum of the company has failed: Re Catombal Investments Pty Ltd [2012] NSWSC 775 at [19]ff.…
Byrne v AJ Byrne Pty Ltd
[2012] NSWSC 667
Para 81
…st be "just and equitable not just for the applicant, but for all": Re G Jeffrey (Mens Store) Pty Ltd (1984) 9 ACLR 193; Byrne v AJ Byrne Pty Ltd [2012] NSWSC 667 at [81].”…
Tomanovic v Global Mortgage Equity Corporation Pty Ltd (No 2)
[2011] NSWCA 256
Para 56
…] NSWSC 152 (“ Argyle HQ ”) at [39], and the Court of Appeal noted the parties did not challenge that summary of the applicable principles in Tomanovic v Global Mortgage Equity Corporation Pty Ltd (2011) 288 ALR 310; 84 ACSR 121; [2011] NSWCA 104 (“ Global Mortgage Equity”) at [140]. His Honour observed in Argyle HQ at [39] that:…
Tomanovic v Global Mortgage Equity Corporation Pty Ltd
[2011] NSWCA 104
…manovic v Argyle HQ Pty Ltd [2010] NSWSC 152 at [49]- [51], on appeal as Tomanovic v Global Mortgage Equity Corporation Pty Ltd [2011] NSWCA 104; (2011) ACSR 121. The Court may make a winding up order under s 461(1)(k) of the [ Act ] in circumstances that do not amount to oppression, although a person who is thems…
Tomanovic v Argyle HQ Pty Ltd
[2010] NSWSC 152
Para 56
…985) 180 CLR 459; [1985] HCA 68. The principles applicable to a claim for oppression were summarised by Austin J in Tomanovic v Argyle HQ Pty Ltd [2010] NSWSC 152 (“ Argyle HQ ”) at [39], and the Court of Appeal noted the parties did not challenge that summary of the applicable principles in Tomanovic v Global Mort…
Alcan (NT) Alumina Pty Ltd v Commissioner of Territory Revenue
[2009] HCA 41
Para 37
…In Alcan (NT) Alumina Pty Ltd v Commissioner of Territory Revenue (2009) 239 CLR 27; [2009] HCA 41 (“ Alcan ”) at [47], the High Court observed in a majority judgment that:…
Vigliaroni v CPS Investment Holdings Pty Ltd
[2009] VSC 428
Para 58
…within the trust are within the scope of a relationship of quasi-partnership between the companies: Vigliaroni v CPS Investments Holdings Pty Ltd [2009] VSC 428 at [68]; Melrob Investments v Blong Ume Nominees Pty Ltd [2022] SASCA 29 at [113]ff; Re Tzavaras & Sons Pty Ltd [2022] NSWSC 359 at [248]. I have also bo…
Campbell v Backoffice Investments Pty Ltd
[2009] HCA 36
…fair that reasonable directors who consider the matter would not have thought the decision fair”: eg, Campbell v Backoffice Investments Pty Ltd (2008) 66 ACSR 359, per Basten JA at [181]; [2008] NSWCA 95. (c) while it is recognised that conduct may be oppressive if inconsistent with the “legitimate expectations” of s…
Campbell v Backoffice Investments Pty Ltd
[2009] HCA 25
Para 182
…appropriate as a matter of discretion if there is no continuing oppression: Campbell v Backoffice Investments Pty Ltd (2009) 238 CLR 304, at [182]; [2009] HCA 25. (b) unfairness is assessed by reference to whether “objectively in the eyes of a commercial bystander, there has been unfairness, namely conduct that…
Nassar v Innovative Precasters Group Pty Ltd
[2009] NSWSC 513
Para 20
…Fexuto Pty Ltd v Bosnjak Holdings Pty Ltd (2001) 37 ACSR 672; [2001] NSWCA 97 (“ Fexuto ”) at [89]; Nassar v Innovative Precasters Group Pty Ltd (2009) 71 ACSR 343; [2009] NSWSC 342 (“ Nassar ”) at [97]–[98]. The circumstances in which the Court may make a winding up order under s 461(1)(k) of the Act also include c…
Nassar v Innovative Precasters Group Pty Ltd
[2009] NSWSC 342
Para 20
…snjak Holdings Pty Ltd (2001) 37 ACSR 672; [2001] NSWCA 97 (“ Fexuto ”) at [89]; Nassar v Innovative Precasters Group Pty Ltd (2009) 71 ACSR 343; [2009] NSWSC 342 (“ Nassar ”) at [97]–[98]. The circumstances in which the Court may make a winding up order under s 461(1)(k) of the Act also include circumstances where…
Accurate Financial Consultants Pty Ltd v Koko Black Pty Ltd
[2008] VSCA 86
…has broken down so that continuation of that association would be futile: [ Fexuto ]; Accurate Financial Consultants Pty Ltd v Koko Black Pty Ltd [2008] VSCA 86; (2008) 66 ACSR 325 at [119]; [ Nassar ] at [90], [96], [117]. Such an order may more readily be made where a company is in the nature of a quasi-partner…
Campbell v BackOffice Investments Pty Ltd
[2008] NSWCA 95
…n unfairness, namely conduct that is so unfair that reasonable directors who consider the matter would not have thought the decision fair”: eg, Campbell v Backoffice Investments Pty Ltd (2008) 66 ACSR 359, per Basten JA at [181]; [2008] NSWCA 95. (c) while it is recognised that conduct may be oppressive if inconsistent with the “legitimate expect…
Mopeke Pty Ltd v Airport Fine Foods Pty Ltd
[2007] NSWSC 153
Para 47
…each of them be employed by the business; there is no facility between them to practically transfer shares (see Mopeke v Airport Fine Foods Pty Ltd [2007] NSWSC 153 at [47]).”…
MMAL Rentals Pty Ltd v Bruning
[2004] NSWCA 451
…ce to whether the Company is "a majority controlled business requiring material cooperation and a level of trust": MMAL Rentals Pty Ltd v Bruning [2004] NSWCA 451; (2004) 63 NSWLR 167 at [71]; [ Nassar ] at [77]-[79]. There are various indications of the fact that the Company was in the nature of a "quasi-partnersh…
Triulcio v Chase Property Investments Pty Ltd
[2004] NSWSC 311
Para 49
…J ultimately did not determine that question and that decision does not advance matters. In Triulcio v Chase Property Investments Pty Ltd [2004] NSWSC 311 at [37], Gzell J observed that the defendants there relied on s 467(1)(c) of the Act to submit that the court could order the purchase of the plaintiff’s shares…
United Rural Enterprises Pty Ltd v Lopmand Pty Ltd
[2003] NSWSC 910
Para 64
…rinciples and does not require the price to be the market value of the shares: United Rural Enterprises Pty Ltd v Lopmand Pty Ltd (2003) 47 ACSR 514; [2003] NSWSC 910 at [34]-[38]; Shanahan v Jatese Pty Ltd [2019] NSWCA 113 at [47]. In Re Scientific Management Associates Pty Ltd (2019) 141 ACSR 115; [2019] NSWSC 16…