Trans Pacific Insurance Corporation

The applicant, Trans Pacific Insurance Corporation, sought the winding up of a foreign company, with the appointment of a provisional liquidator. The applicant argued it was a "Part 5.7 body" and had standing to apply under section 462(1) of the Corporations Act. The respondent company opposed the application on the basis that the applicant was not a Part 5.7 body, and if it was, it did not have standing to apply, nor did it have standing as a contributory. The court was required to determine whether the applicant was a Part 5.7 body, whether the applicant had standing to apply for the winding up, and if the applicant had standing, whether there was a good prospect that the court would order the winding up of the respondent company.

The court held that the applicant was not a Part 5.7 body, as it was not incorporated in Australia. Therefore, the applicant could not rely on section 462(1) grounds for winding up, but only on section 583 grounds. The court found that the applicant did not have standing to apply as a contributory because it was not a contributory of the respondent company. However, the court found that the applicant did have standing to apply as the corporation itself. In determining whether there was a good prospect that the winding up would be ordered, the court considered factors such as apparent insolvency and regulatory non-compliance. The court held that there was a good prospect that the winding up would be ordered, and therefore appointed a provisional liquidator.

The court ordered that a provisional liquidator be appointed to the respondent company and directed the provisional liquidator to take possession of the respondent company's books, property, and effects. The court also ordered that the applicant provide an undertaking as to damages in the event that the winding up was not ultimately ordered.