By Shamsiya Hussainpoor
The winding-up case involving the Lysterfield Islamic Society of Melbourne Eastern Region Inc. has recently come to a close, with the court making a significant decision that highlights the challenges not-for-profit organisations face when handling financial insolvency and legal obligations.
This case sheds light on the interplay between corporate governance, financial solvency, and the complex process of winding up a company under the Corporations Act.
The ruling was issued in the Supreme Court of Victoria on 28 February 2025.
The defendant (Islamic Society of…
