Judicial distaste for adjournment applications brought on the eve of winding up hearings hasn’t discouraged everyone from rolling the dice, and as long as creditors don’t end up paying we say good on these enterprising mavericks for having a crack.
That said, they should at least come to court with some means to persuade the bench.
On Monday lawyers for Magnetic Insolvency’s Peter Goodin sought to have the hearing of the application to wind up Lidco (NSW) Pty Ltd (Lidco) adjourned for three weeks.
That time frame was necessary lawyer Tony Ventura told NSW Supreme Court judge Ashley Black to enable creditors to digest Goodin’s report and assess his recommendation that they vote in favour of a deed of company arrangement (DoCA) proposal from Lidco director Paul Saad offering a 20 per cent return.
At the first meeting Saad, who has previously deposed to the company’s solvency, told those present that the company had suffered during the COVID lockdowns, that it hadn’t traded for some time and was forced to appoint Goodin as voluntary administrator because of winding up proceedings commenced by Prometal Engineering Pty Limited (Prometal), which some four years ago obtained judgment against Lidco for in excess of $60,000.
Prometal’s proceedings were commenced in March by its liquidator, Louisa Sijabat, who spent a significant period of time assessing the claim before pulling the trigger.
Ventura argued that Prometal knew that Lidco had an offsetting claim and that its subsequent failure to pursue its judgment debt for such an extended period supported an adjournment.
The judge quickly dismissed that submission, reminding Ventura that the only defence in a winding up application is solvency, and appointing an administrator is not the way to assert it.
Goodin’s report meanwhile was due to be circulated to creditors on July 9 with the second meeting to be held by the 17th.
His preliminary view was that there were no voidable transaction recoveries.
But when the judge asked if Goodin was putting on any evidence as to his investigations of potential insolvent trading claims Ventura was unable to provide an answer.
Nor did Goodwin annexe to his affidavit in support any copy of the proposed deed or any material proving Saad has the capacity to make the proposed deed fund contributions.
What’s the point of applying for an adjournment then denying a judge the slightest skerrick of evidence upon which he or she can hang a decision in your favour?
The application was dismissed and Goodin was ordered to pay Prometal’s costs.
Also failing to to have an imminent winding up adjourned were Matt Gollant and Andrew Beck, who were appointed administrators of 6100 Pty Ltd (6100) on May 13, 2026, several weeks after creditor Ferngrove Pharmaceuticals Australia Pty Ltd (Ferngrove) commenced winding up proceedings in the NSW Supreme Court.
Counsel for Ferngrove Nicola Bailey told the court her clients wanted the company wound up and its preferred nominees – Antony Resnick and Henry Kwok of dVT McLeods – appointed as liquidators.
While Gollant had, according Justice Black provided adequate evidence of his investigations into sole 6100 director Julian Moss, Bailey handed the CJG Advisory principal a hand grenade during cross examination.
Gollant had deposed that while he had identified potential claims against Lahore-born Moss appeared to have limited assets with which to satisfy any judgment in respect of insolvent trading or voidable transactions, meaning Moss’s capacity to fund contributions to any DoCA had to be viewed as the stuff of heroic assumption.
But Bailey helpfully informed Gollant while he was in the witness box that her side had discovered an entity related to 6100 called Lambourne Estate Pty Limited.
Up until its deregistration last month Moss was sole director and a significant shareholder in Lambourne Estate. Relevantly for discussions about his financial capacity, Bailey told Gollant that it had recently sold a property for $7.5 million.
Jumping into the ASIC databases, iNO found that if not relevantly then certainly coincidentally, the application for voluntary deregistration of Lambourne Estate was lodged on April 24, 2026, the day after Ferngrove filed its application to have 6100 wound up.
Justice Black dismissed the adjournment application.
Having regard to the well known requirements if the court requiring VA to put evidence before the court of benefits to creditors, the result was inevitable.