Saba Bros Tiling (ACT) Pty Ltd v Australian Securities and Investments Commission

In the Supreme Court of the Australian Capital Territory, Saba Bros Tiling (ACT) Pty Ltd (Saba) sought to reinstate the registration of two deregistered companies, 113 134 964 Pty Ltd (formerly Chase Building Group Pty Ltd) and Manhattan Development Pty Ltd. Saba had not been notified of the winding up of the companies and was seeking reinstatement to recover funds owed to it for work undertaken on the Manhattan Apartments development. The Australian Securities and Investments Commission (ASIC) did not oppose the reinstatement subject to certain conditions. The key legal issues were whether it was just to reinstate the companies and whether there were discretionary reasons against doing so. The court found that while there were no assets to satisfy any claims, there was a public interest in ensuring the integrity of the deregistration process and in examining the circumstances surrounding the deregistration. The court also noted the potential for breaches of directors' duties and the need to examine the conduct of the former director, Andrew Jolley. The court decided to reinstate the companies and appointed a new liquidator to avoid any conflict of interest. The orders included the reinstatement of the companies, the appointment of a new liquidator, and provisions for costs and notification to ASIC.