An applicant for a stay of a winding up order pending appeal must demonstrate that the appeal raises serious issues for determination; the fact that the appeal would be rendered nugatory without a stay is not sufficient on its own. An argument not raised before the primary judge is unlikely to constitute a serious issue for appeal. A director's undertaking to provide financial support to a company does not establish solvency where the director has a long history of failing to pay the company's debts.
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