Where ASIC seeks winding up on the just and equitable ground based on prolonged misconduct, last-minute changes in directorship and provision of funding will not defeat the application where the former controlling mind remains involved through related entities, regular contact with new directors, and funding of litigation, and where the new directors are long-term associates of the former controller rather than genuinely independent management. A solicitor who acts simultaneously as director, shareholder, part-funder of litigation, and key witness in winding up proceedings displays a lack of insight relevant to assessing confidence in company management.
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