Court examined whether a winding-up petition may be founded on costs orders payable forthwith where the respondent company has a cross-claim arising from ongoing legal proceedings.
insolvency
In unfair preference claims, payments and supplies within a continuing business relationship are assessed as a whole under the running account principle, not individually.
HCA held that a creditor's statutory demand under s.459E Corporations Act cannot be set aside merely because the company disputes the debt; a genuine dispute on substantial grounds must be shown.
Director disqualification upheld where director failed to maintain adequate books and records, constituting misconduct in management of insolvent company.
Get a detailed analysis of Re Success Lane Development Limited and how it applies to your situation.
Explain Re Success Lane Development Li...