- Australian Competition and Consumer Commission v Australian Securities and Investments Commission

Solicitors: Fishburn Watson O'Brien (Applicants) File Number(s): 2015/234390

Judgment - ex tempore

1. By Originating Process filed on 6 August 2015, the Applicant, Ms Amanda Ledermann, applies under s 601AH(2) of the Corporations Act 2001 (Cth) for an order that the Australian Securities and Investments Commission ("ASIC") reinstate the registration of MC Insulation Pty Ltd (In liquidation) ("Company"). By a further order made today, Mr Anthony Warner, who was formerly one of the two persons appointed as liquidator of the company prior to its deregistration, has been joined, with his consent, as a Second Applicant in the application. Mr Warner has indicated that he consents to being appointed as liquidator, if the Company is reinstated.
2. The application is supported by an affidavit of Ms Ledermann dated 3 August 2015. Ms Ledermann indicates that she was a shareholder in the Company prior to its liquidation, and the Company conducted an insulation business from its incorporation in December 2007 until it was placed in liquidation in December 2011. She refers to Mr Warner having been appointed, with Mr Kugel, as liquidators of the Company. She notes that the Company was deregistered by ASIC on 1 May 2013 under s 509 of the Corporations Act, which provides for deregistration of a company after a final meeting, when the company's affairs are fully wound up. Ms Ledermann also refers to her husband's role with the company, and the fact that he had been made bankrupt by reason of a personal guarantee to one of the creditors of the Company. Ms Ledermann notes that the Company experienced severe financial difficulties when the then Federal Government disbanded the Home Insulation Scheme in February 2010, and she notes that the current Federal Government has instituted a Home Insulation Programme Industry Payment Scheme to provide financial recompense to businesses which were adversely affected as a result of the Home Insulation Scheme. Ms Ledermann annexes a printout from the Department of Industry and Science website relating to the scheme, although that printout is not sufficiently detailed to provide a clear understanding of the terms of such compensation, or the basis on which it will be calculated. By an application made on 20 June 2015, Mr Ledermann had lodged an application for compensation under that scheme, and Ms Ledermann refers to advice received from the Department of Industry and Science that the application will be held open until 30 September to allow the Company to be reinstated.