An application under s 482 of the Corporations Act 2001 (Cth) to terminate a winding up in insolvency requires the applicant to prove solvency by leading the 'fullest and best' evidence, which cannot be satisfied by the bare assertions of a director-shareholder without external verification by the liquidator or an independent accountant. A director's failure to cooperate with the liquidator, inability to distinguish personal from corporate affairs, and conviction for statutory non-compliance are relevant to the commercial morality assessment and may independently preclude termination.
The full text is available to signed-in members, including the 34 later cases that cite this judgment.