Following the rescission of a financial advice agreement due to a provider not holding an Australian Financial Services Licence, one company has won against claimed creditors who sought over $70,000 in allegedly unpaid fees.
The Supreme Court of NSW Justice Scott Nixon has halted a company’s pursuit of winding-up proceedings against another company, and a statutory demand for over $70,000 for allegedly unpaid financial advice fees, with the judge dismissing grounds for a presumption of insolvency.
Corporate advisory firm Makisu Holdings pursued winding-up orders against software company Able Technology on the basis of a presumption of insolvency on the basis of “Able’s…