CORPORATIONS — winding up — winding up in insolvency — application by contributories for order terminating winding up — need for plaintiffs to prove company's solvency — where company wound up on basis of unsatisfied statutory demand — company's controllers say that debt not in truth owing — court must work on the basis that it is owing even if disputed — proposal to pay money into court pending determination of that dispute — loan to company for six months proposed — lender not identified — no indication of availability of funds — no indication of how the company would repay — company's assets are unproductive land held for development — expert's report as to solvency — expert merely takes at face value statements made to him by the controllers and gives no assurance of reliability or accuracy of financial data — need for "fullest and best evidence" of solvency not satisfied.
Case Details
Citation[2011] NSWSC 1610
CourtNSWSC
JurisdictionNew South Wales
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