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Supreme Court of Victoria considers the appropriateness of winding up orders in Sino International Development Pty Ltd & Anor v Mainland Projects (Oakleigh) Pty Ltd & Anor

While the winding up of a company is a last resort in the context of shareholder oppression, the discretion to order a winding up will be exercised by the Courts if the circumstances dictate that it is the most appropriate remedy, such as where it will provide finality and certainty for the shareholders without undermining the value of the company’s projects to a potential purchaser on winding up.

Australia, Victoria, Company & Commercial, Insolvency & Restructuring, Litigation, Gilbert + Tobin, Shareholder, Liquidation, Victoria Supreme Court
New legislation aimed at cracking down on “phoenix” company activity to commence on 1 July 2012

ASIC’s new administrative powers to wind up companies strengthens the remedial measures that can be taken against business operators attempting to avoid liabilities by abandoning companies and should help employees access their entitlements.

The Corporations Amendment (Phoenixing and Other Measures) Act 2012 (Cth) (Act) will commence on 1 July 2012. 

Australia, Company & Commercial, Insolvency & Restructuring, Gilbert + Tobin, Liquidation
Bill introduced aiming to crack down on "phoenix" company activity

The Corporations Amendment (Phoenixing and Other Measures) Bill 2012 (Cth) was introduced into Federal parliament on 15 February 2012.

The Bill proposes to amend theCorporations Act 2001 (Cth) and contains 2 key sets of measures:

Australia, Company & Commercial, Insolvency & Restructuring, Gilbert + Tobin, Corporations Act 2001 (Australia)