On 22 May 2018 the NSW Supreme Court ordered that a provisional liquidator be appointed to Diversipak Pty Ltd on the application of a minority shareholder and a director. Rabih Alkadamani appeared for the applicants, who in the substantive proceedings allege that the affairs of the company have been conducted in a manner that is oppressive or unfairly prejudicial to the minority shareholder. In appointing a provisional liquidator, Gleeson JA observed, amongst a other things, that the defendants had not addressed evidence of anomalies in the loan accounts connected with the majority shareholder interests. In addition, the available financial records of the company revealed a weak financial position. Proceedings were commenced on 12 April 2018 on which date Black J granted a limited ex parte injunction, the terms of which were substantially extended on 20 April 2018. Rabih Alkadamani appeared for the interests of the minority shareholders on each occasion.
Read the full judgement below:
Pan & Shi v Diversipak Pty Ltd & Ors