Visnic v Sywak & Ors

The case of Visnic v Sywak & Ors involved a dispute concerning the beneficial ownership of shares in two companies. The plaintiff, Visnic, claimed that he was the beneficial owner of half the shares in each of the defendants' companies. The defendants, Sywak and two others, disputed this claim and sought a winding-up order on the grounds that the companies were deadlocked and it was just and equitable to do so. The case was heard in the Supreme Court of New South Wales.

The central legal issue in this case was whether the plaintiff had acquired the shares in the companies beneficially or whether he held them on trust for himself and the defendants. The court had to consider the competing versions of the facts presented by both parties. Additionally, the court needed to determine whether the companies were indeed in a state of deadlock and whether it was just and equitable to wind them up.

The court considered the evidence and found that the plaintiff had indeed acquired the shares in the companies beneficially. The court rejected the defendants' claims that the shares were held on trust for them. Regarding the winding-up order, the court found that there was no evidence of deadlock that would justify such an order. The court concluded that there was no question of principle involved in this matter, and the plaintiff was entitled to the beneficial ownership of the shares.

The court ordered that the plaintiff was the beneficial owner of half the shares in each of the companies. The court also dismissed the application for a winding-up order, finding that the companies were not in a state of deadlock and that winding up was not just and equitable.