Category: Insolvency Law

Standing as a creditor in accordance with s 459P(1)(b) Corporations Act 2001 (Cth)

Challenge to creditor standing on application to wind up appellant company on grounds of insolvency. Standing examined with reference to bona fides of the appellant’s asserted counter claim and circumstances surrounding the failure of appellant to take steps to advance asserted counter-claim or demonstrate solvency. Court held respondent had standing as a creditor in accordance with s 459P(1)(b) Corporations Act 2001 (Cth).