The Supreme Court of Victoria has set aside a winding-up order on the basis that a company has proved solvency, and ordered the company to pay the plaintiff for “wasted costs”.
A trustee has lost its bid to wind up a company after the court found that it had proved solvency with an excess of nearly $2,000,000 in assets.
In his decision, the Supreme Court of Victoria Justice Michael Sumner Osborne has set aside a winding-up order against a company and ruled that the company must pay the plaintiff’s costs, finding that it is highly unlikely that the company would be insolvent.
The company, HNWM Developments Pty Ltd, was wound up in mid-2026 after it failed to respond to a…