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{\flominor\f31552\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}{\flominor\f31553\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);}{\flominor\f31554\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}
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{\fdbminor\f31559\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr;}{\fdbminor\f31561\fbidi \froman\fcharset161\fprq2 Times New Roman Greek;}{\fdbminor\f31562\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}
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\b\f39\fs18\ul\lang2057\langfe1033\langnp2057\insrsid9252456\charrsid358183 IN THE HIGH COURT OF FIJI}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \b\f39\fs18\ul\lang2057\langfe1033\langnp2057\insrsid4784769\charrsid358183 
\par }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \b\f39\fs18\ul\lang2057\langfe1033\langnp2057\insrsid9252456\charrsid358183 AT SUVA
\par }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \b\f39\fs18\ul\lang2057\langfe1033\langnp2057\insrsid8409938 COMPANIES}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \b\f39\fs18\ul\lang2057\langfe1033\langnp2057\insrsid9252456\charrsid358183  JURISDICTION
\par }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid9252456\charrsid358183 
\par }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \b\f39\fs18\lang2057\langfe1033\langnp2057\insrsid8409938 Winding Up Cause}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \b\f39\fs18\lang2057\langfe1033\langnp2057\insrsid9252456\charrsid358183  No. }{\rtlch\fcs1 \af0\afs18 
\ltrch\fcs0 \b\f39\fs18\lang2057\langfe1033\langnp2057\insrsid8409938 HBE 30 of 2020}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \b\f39\fs18\lang2057\langfe1033\langnp2057\insrsid9252456\charrsid358183 
\par }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid9252456\charrsid358183 
\par }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid9252456 
\par }\pard \ltrpar\qc \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid14224286 {\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid8409938\charrsid14224286 
IN THE MATTER of HAUSET DEVELOPMENT COMPANY LIMITED a limited liability company having its registered office situated at Level 1, Multispares Building, 26 Sonoma Street, Suva.
\par 
\par AND
\par 
\par IN THE MATTER of the Companies Act 2015.
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\par }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid8409938\charrsid358183 
\par }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \b\f39\fs18\lang2057\langfe1033\langnp2057\insrsid9252456\charrsid358183 BETWEEN:}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \b\f39\fs18\lang2057\langfe1033\langnp2057\insrsid14224286 
\par 
\par }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \b\f39\fs18\lang2057\langfe1033\langnp2057\insrsid8409938 FIJI DEVELOPMENT BANK}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid11426396\charrsid358183  }{\rtlch\fcs1 \af0\afs18 
\ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid8409938 a body corporate duly constituted under the Fiji Development Bank Act (Cap 214) and having its principal office at 360 Victoria Parade, Suva, Fiji.}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f39\fs18\lang2057\langfe1033\langnp2057\insrsid9252456\charrsid358183 
\par 
\par }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \b\f39\fs18\lang2057\langfe1033\langnp2057\insrsid8409938 PETITIONER}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \b\f39\fs18\lang2057\langfe1033\langnp2057\insrsid9252456\charrsid358183 
\par }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid9252456 
\par }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid8409938\charrsid358183 
\par }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \b\f39\fs18\lang2057\langfe1033\langnp2057\insrsid9252456\charrsid358183 AND:}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \b\f39\fs18\lang2057\langfe1033\langnp2057\insrsid14224286 
\par 
\par }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \b\f39\fs18\lang2057\langfe1033\langnp2057\insrsid8409938 HAUSET DEVELOPMENT COMPANY LIMITED}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \b\f39\fs18\lang2057\langfe1033\langnp2057\insrsid11426396\charrsid358183  }{\rtlch\fcs1 
\af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid8409938 a limited liability company having its registered office situated at Level 1, Multispares Building, 26 Sonoma Street, Suva, Fiji.}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f39\fs18\lang2057\langfe1033\langnp2057\insrsid9252456\charrsid358183 
\par 
\par }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \b\f39\fs18\lang2057\langfe1033\langnp2057\insrsid8409938 RESPONDENT}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \b\f39\fs18\lang2057\langfe1033\langnp2057\insrsid9252456\charrsid358183 
\par }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid9252456\charrsid358183 
\par }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid877127\charrsid358183 
\par }\pard \ltrpar\qc \li0\ri0\sl259\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid14224286 {\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \b\f39\fs18\lang2057\langfe1033\langnp2057\insrsid9252456\charrsid358183 BEFORE:}{
\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \b\f39\fs18\lang2057\langfe1033\langnp2057\insrsid14224286 
\par }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid9252456\charrsid14224286 Hon. }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid16732548\charrsid14224286 Mr. }{\rtlch\fcs1 \af0\afs18 
\ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid9252456\charrsid14224286 Justice Vishwa Datt Sharma
\par }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid9252456\charrsid358183 
\par }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \b\f39\fs18\lang2057\langfe1033\langnp2057\insrsid9252456\charrsid358183 COUNSELS:}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \b\f39\fs18\lang2057\langfe1033\langnp2057\insrsid14224286 
\par }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid8982155\charrsid14224286 Ms Raitivi A.}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid5657377\charrsid14224286  }{\rtlch\fcs1 
\af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid9252456\charrsid14224286 for}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid12670726\charrsid14224286  the}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f39\fs18\lang2057\langfe1033\langnp2057\insrsid9252456\charrsid14224286  }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid5657377\charrsid14224286 Plaintiff}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f39\fs18\lang2057\langfe1033\langnp2057\insrsid9252456\charrsid14224286 
\par }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid8982155\charrsid14224286 Mr Singh S.}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid9252456\charrsid14224286  for }{\rtlch\fcs1 
\af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid12670726\charrsid14224286 the }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid5657377\charrsid14224286 Defendant}{\rtlch\fcs1 \af0\afs18 
\ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid12670726\charrsid14224286 s}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid9252456\charrsid14224286 
\par }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid9252456\charrsid358183 
\par }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \b\f39\fs18\lang2057\langfe1033\langnp2057\insrsid9252456\charrsid358183 Date of Decision:}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \b\f39\fs18\lang2057\langfe1033\langnp2057\insrsid14224286 
\par }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid14972345\charrsid14224286 Wednesday, 16}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\super\langnp2057\insrsid14972345\charrsid14224286 th}{
\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid14972345\charrsid14224286  February,}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid8409938\charrsid14224286  2022}{\rtlch\fcs1 
\af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid9252456\charrsid14224286 
\par }{\rtlch\fcs1 \af0\afs16 \ltrch\fcs0 \b\f39\fs16\lang2057\langfe1033\langnp2057\insrsid877127\charrsid358183 
\par }{\rtlch\fcs1 \af0\afs28 \ltrch\fcs0 \b\f39\fs28\ul\lang2057\langfe1033\langnp2057\insrsid14972345 
\par }{\rtlch\fcs1 \af0\afs28 \ltrch\fcs0 \b\f39\fs28\ul\lang2057\langfe1033\langnp2057\insrsid8409938 JUDGMENT}{\rtlch\fcs1 \af0\afs28 \ltrch\fcs0 \f39\fs28\lang2057\langfe1033\langnp2057\insrsid9252456\charrsid358183 
\par }\pard \ltrpar\qc \li0\ri0\sa160\sl259\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid14224286 {\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid6975875 
[Winding Up in terms of the provisions of the Companies Act 2015]}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid8982155 \page }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f39\fs18\lang2057\langfe1033\langnp2057\insrsid9252456\charrsid358183 
\par }\pard \ltrpar\qj \li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11426396 {\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \b\f39\fs18\ul\lang2057\langfe1033\langnp2057\insrsid664758 Introduction}{\rtlch\fcs1 
\af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid7550907 
\par }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid664758\charrsid664758 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid8409938 \hich\af39\dbch\af0\loch\f39 1.\tab}}\pard\plain \ltrpar\s15\qj \fi-720\li720\ri0\sa240\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin720\itap0\pararsid11426396 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f39\fs18\lang2057\langfe1033\langnp2057\insrsid8409938 This is a Winding Up Application brought by the }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid5471259 Applicant}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f39\fs18\lang2057\langfe1033\langnp2057\insrsid8409938 , Fiji Development Bank, who is seeking for a Winding Up Order}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid5471259 
 against the Respondent Hauset Development Co. Ltd,}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid8409938  as they allege that the Respondent }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f39\fs18\lang2057\langfe1033\langnp2057\insrsid5471259 company }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid8409938 failed to pay the }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f39\fs18\lang2057\langfe1033\langnp2057\insrsid5471259 Applicant}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid8409938 
 the outstanding sum of $FJD 908,739.94 (Nine Hundred Eight Thousand Seven Hundred Thirty-Nine Dollars and Nine-Four Cents).}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid9252456 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid8409938 \hich\af39\dbch\af0\loch\f39 2.\tab}}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid8409938 
The Respondent admits the outstanding amount being $FJD 908,739.94 (Nine Hundred Eight Thousand Seven Hundred Thirty-Nine Dollars and Nine-Four Cents).
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid8409938 \hich\af39\dbch\af0\loch\f39 3.\tab}The }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f39\fs18\lang2057\langfe1033\langnp2057\insrsid5471259 Applicant}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid8409938  seeks the following Orders from the Court:-
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \i\f39\fs18\lang2057\langfe1033\langnp2057\insrsid6840975 \hich\af39\dbch\af0\loch\f39 (i)\tab}}\pard \ltrpar\s15\qj \fi-540\li1800\ri0\sa120\sl276\slmult1\widctlpar
\tx1800\wrapdefault\aspalpha\aspnum\faauto\ls9\adjustright\rin0\lin1800\itap0\pararsid13514568\contextualspace {\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \i\f39\fs18\lang2057\langfe1033\langnp2057\insrsid6840975 
That Hauset Development Company Limited by Wound Up by the Court under the provisions of the }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \b\i\f39\fs18\ul\lang2057\langfe1033\langnp2057\insrsid6840975 Companies Act}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\i\f39\fs18\lang2057\langfe1033\langnp2057\insrsid6840975 .}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \i\f39\fs18\lang2057\langfe1033\langnp2057\insrsid664758 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \i\f39\fs18\lang2057\langfe1033\langnp2057\insrsid6840975 \hich\af39\dbch\af0\loch\f39 (ii)\tab}}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\i\f39\fs18\lang2057\langfe1033\langnp2057\insrsid6840975 That the Official Receiver be appointed Provisional Liquidator for the affairs of the said Company.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \i\f39\fs18\lang2057\langfe1033\langnp2057\insrsid6840975 \hich\af39\dbch\af0\loch\f39 (iii)\tab}The costs of this }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\i\f39\fs18\lang2057\langfe1033\langnp2057\insrsid5471259 Application}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \i\f39\fs18\lang2057\langfe1033\langnp2057\insrsid6840975  be taxed and paid out of the assets of the Company.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \i\f39\fs18\lang2057\langfe1033\langnp2057\insrsid6840975 \hich\af39\dbch\af0\loch\f39 (iv)\tab}}\pard \ltrpar\s15\qj \fi-540\li1800\ri0\sa120\sl276\slmult1\widctlpar
\tx1800\wrapdefault\aspalpha\aspnum\faauto\ls9\adjustright\rin0\lin1800\itap0\pararsid13514568 {\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \i\f39\fs18\lang2057\langfe1033\langnp2057\insrsid6840975 
Such other Order as this Honourable Court may deem just, fit and expedient.}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \i\f39\fs18\lang2057\langfe1033\langnp2057\insrsid6840975\charrsid6840975 
\par }\pard\plain \ltrpar\qj \li360\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin360\itap0\pararsid664758 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {
\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid664758\charrsid664758 
\par }\pard \ltrpar\qj \li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8982155 {\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid9848908 
\par }\pard \ltrpar\qj \li0\ri0\sa240\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid9848908 {\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \b\f39\fs18\ul\lang2057\langfe1033\langnp2057\insrsid9848908\charrsid9848908 
Background Facts
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid6840975 \hich\af39\dbch\af0\loch\f39 4.\tab}}\pard\plain \ltrpar\s15\qj \fi-720\li720\ri0\sa240\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin720\itap0\pararsid11426396 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f39\fs18\lang2057\langfe1033\langnp2057\insrsid6840975 The }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid5471259 secured}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid6840975 
 loan of $804,365.00 was approved to Hauset Development Company Limited on 5 may 2017, for the purchase of two (2) brand new buses from Higer Bus Company Limited in China for $755,480.00 to service charter for Momi Resort staff.}{\rtlch\fcs1 \af0\afs18 
\ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid9848908 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid6840975 \hich\af39\dbch\af0\loch\f39 5.\tab}}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid6840975 
The Respondent provided the following securities:-
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid14250513 \hich\af39\dbch\af0\loch\f39 (i)\tab}}\pard \ltrpar\s15\qj \fi-720\li1440\ri0\sa60\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls10\adjustright\rin0\lin1440\itap0\pararsid5471259 {\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid14250513 Bus No. HM323
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid14250513 \hich\af39\dbch\af0\loch\f39 (ii)\tab}Joint & Several Guarantees by Directors/Shareholders of the Company for total liability.

\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid14250513 \hich\af39\dbch\af0\loch\f39 (iii)\tab}Adequate insurance cover over the 2 Dream Liner Busses }{\rtlch\fcs1 \af0\afs18 
\ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid3036324 Registration }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid5471259 JJ990 and JJ993}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f39\fs18\lang2057\langfe1033\langnp2057\insrsid14250513  with Bank\rquote s interest noted there}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid5471259 i}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f39\fs18\lang2057\langfe1033\langnp2057\insrsid14250513 n.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid5471259 \hich\af39\dbch\af0\loch\f39 (iv)\tab}}\pard \ltrpar\s15\qj \fi-720\li1440\ri0\sa240\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls10\adjustright\rin0\lin1440\itap0\pararsid14250513 {\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid5471259 Bill of Sale over two buses}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f39\fs18\lang2057\langfe1033\langnp2057\insrsid5471259\charrsid5471259  }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid5471259 JJ990 and JJ993.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid14250513 \hich\af39\dbch\af0\loch\f39 6.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sa240\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin720\itap0\pararsid11426396 {\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid14250513 That the failure of the Respondent to meet }{\rtlch\fcs1 
\af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid5471259 the }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid14250513 payments resulted in Demand }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f39\fs18\lang2057\langfe1033\langnp2057\insrsid5471259 by the}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid14250513  }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid5471259 
Applicant}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid14250513  for the sum due and owing }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid5471259 in the total sum }{\rtlch\fcs1 
\af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid14250513 of $908,739.94.}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid6840975 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid14250513 \hich\af39\dbch\af0\loch\f39 7.\tab}}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f39\fs18\lang2057\langfe1033\langnp2057\insrsid14250513 Thus the Winding Up application before Court.
\par }\pard\plain \ltrpar\qj \li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8982155 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {
\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid12017201 
\par }\pard \ltrpar\qj \li0\ri0\sa240\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid12017201 {\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \b\f39\fs18\ul\lang2057\langfe1033\langnp2057\insrsid5471259 Applicant\rquote s}{
\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \b\f39\fs18\ul\lang2057\langfe1033\langnp2057\insrsid6840975  Case}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \b\f39\fs18\ul\lang2057\langfe1033\langnp2057\insrsid12017201\charrsid12017201 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid14250513 \hich\af39\dbch\af0\loch\f39 8.\tab}}\pard\plain \ltrpar\s15\qj \fi-720\li720\ri0\sa240\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin720\itap0\pararsid11426396 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f39\fs18\lang2057\langfe1033\langnp2057\insrsid14250513 The }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid5471259 Applicant}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f39\fs18\lang2057\langfe1033\langnp2057\insrsid14250513 \rquote s counsel made submission}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid5471259 s}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f39\fs18\lang2057\langfe1033\langnp2057\insrsid14250513  on the procedur}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid5471259 al aspect}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f39\fs18\lang2057\langfe1033\langnp2057\insrsid14250513  of }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid5471259 the }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid14250513 
Winding Up application.  The procedures of Winding Up applications are well established in the Companies Act 2015 and the Winding Up Rules 2015}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid5471259  respectively}{
\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid14250513 .}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid12017201 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid14250513 \hich\af39\dbch\af0\loch\f39 9.\tab}}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f39\fs18\lang2057\langfe1033\langnp2057\insrsid14250513 The }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid5471259 Applicant}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f39\fs18\lang2057\langfe1033\langnp2057\insrsid14250513  failed to realise that the procedures }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid5471259 for}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f39\fs18\lang2057\langfe1033\langnp2057\insrsid14250513  Winding Up applications and all the documents filed necessary for the defence of the Winding Up application by the }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f39\fs18\lang2057\langfe1033\langnp2057\insrsid5471259 Applicant}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid14250513  is not an issue.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid14250513 \hich\af39\dbch\af0\loch\f39 10.\tab}The substantive matter that the Respondent ought to have realised is the Respondent\rquote 
s inability to pay its debt and whether }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid5471259 Applicants}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid14250513 
 application satisfies the requirements of Section 515 of the Companies Act.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid14250513 \hich\af39\dbch\af0\loch\f39 11.\tab}They submit}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f39\fs18\lang2057\langfe1033\langnp2057\insrsid5471259 ted}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid14250513  that although the }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f39\fs18\lang2057\langfe1033\langnp2057\insrsid5471259 Applicant}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid14250513 
 has established the debt amount, the Respondent does not oppose the debt but the question of whether they are capable of paying the debt}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid5471259 
 is the substantive issue for this Court to determine.}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid14250513 
\par }\pard \ltrpar\s15\qj \fi-720\li1440\ri0\sa120\sl276\slmult1\widctlpar\tx1440\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid10102349 {\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid10042024 

\par }\pard\plain \ltrpar\qj \li0\ri0\sa240\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6840975 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {
\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \b\f39\fs18\ul\lang2057\langfe1033\langnp2057\insrsid14250513 Respondent\rquote s}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \b\f39\fs18\ul\lang2057\langfe1033\langnp2057\insrsid6840975  Case}{\rtlch\fcs1 \af0\afs18 
\ltrch\fcs0 \b\f39\fs18\ul\lang2057\langfe1033\langnp2057\insrsid6840975\charrsid12017201 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid14250513 \hich\af39\dbch\af0\loch\f39 12.\tab}}\pard\plain \ltrpar\s15\qj \fi-720\li720\ri0\sa240\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin720\itap0\pararsid6840975 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f39\fs18\lang2057\langfe1033\langnp2057\insrsid14250513 The Respondent\rquote s counsel submits that the }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid5471259 Applicant}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f39\fs18\lang2057\langfe1033\langnp2057\insrsid14250513  has not proven to the satisfaction of the Court that the Respondent is unable to pay its debt}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid5471259 
 (insolvency)}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid14250513 .}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid6840975 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid14250513 \hich\af39\dbch\af0\loch\f39 13.\tab}}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f39\fs18\lang2057\langfe1033\langnp2057\insrsid14250513 Submissions were made to that effect by the Respondent\rquote s counsel that the Respondent had taken a secured loan}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f39\fs18\lang2057\langfe1033\langnp2057\insrsid5471259  and }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid14250513 provid}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid5471259 
ed}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid14250513  a bus as security.  The }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid5471259 Applicant}{\rtlch\fcs1 \af0\afs18 
\ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid14250513  failed to realize this security and/or made any consideration of the security before filing the Winding Up application.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid7420453 \hich\af39\dbch\af0\loch\f39 14.\tab}}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid7420453 
The Respondent further submits that the availability of the security shows that the Respondent was and is in a position to pay its debts.  The }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid5471259 Applicant}{
\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid7420453  therefore failed to prove to the satisfaction of the Court that the Respondent was unable to pay its debts as per the provision under Section 515 (Supra).}{
\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid14250513 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid7420453 \hich\af39\dbch\af0\loch\f39 15.\tab}}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid7420453 
The Respondent submits to this honourable court to consider the submissions of the Respondent and of the fact that they do have the ability to pay the debt}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid5471259 
 (solvent),}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid7420453  if given time by the }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid5471259 Applicant}{\rtlch\fcs1 \af0\afs18 
\ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid7420453 .
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid7420453 \hich\af39\dbch\af0\loch\f39 16.\tab}The Respondent submits to t
he Court to consider that the Respondent company was formed by a joint venture with Sunset Express Limited and that Sunset Express has been a long-standing transportation business providing service to the general public of Fiji and if the Court winds up t
he Company, this will hinder the business of the Respondent and affect the employment of many people.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid7420453 \hich\af39\dbch\af0\loch\f39 17.\tab}The Respondent humbly seeks that the application for Winding Up be dismissed with costs.

\par }\pard\plain \ltrpar\qj \li0\ri0\sa240\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid3036324 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {
\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid3036324 
\par }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \b\f39\fs18\ul\lang2057\langfe1033\langnp2057\insrsid3036324\charrsid13597744 Analysis and Determination
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid3036324 \hich\af39\dbch\af0\loch\f39 18.\tab}}\pard\plain \ltrpar\s15\qj \fi-720\li720\ri0\sa240\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin720\itap0\pararsid6840975 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f39\fs18\lang2057\langfe1033\langnp2057\insrsid3036324 The substantive issue within the}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid6359791  current}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f39\fs18\lang2057\langfe1033\langnp2057\insrsid3036324  Winding Up action }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid6359791 before the Court }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f39\fs18\lang2057\langfe1033\langnp2057\insrsid3036324 is seeking that Hauset Development Company Limited }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid13597744 
be wound up by this Court under the provisions of the Companies Act 2015.}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid3036324  }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f39\fs18\lang2057\langfe1033\langnp2057\insrsid7420453 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid13597744 \hich\af39\dbch\af0\loch\f39 19.\tab}}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f39\fs18\lang2057\langfe1033\langnp2057\insrsid13597744 
The Respondent Company, Hauset Development Company Limited was formed by a joint venture with Sunset Express Limited which has been a long-standing transportation business providing service to the general public of Fiji.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid13597744 \hich\af39\dbch\af0\loch\f39 20.\tab}The }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f39\fs18\lang2057\langfe1033\langnp2057\insrsid6359791 Applicant}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid13597744 , Fiji Development
 Bank (FDB) granted a loan of $573,500 to the Respondent, Hauset Development Company Limited for the purpose of purchasing two (2) dream buses.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid1276767 \hich\af39\dbch\af0\loch\f39 21.\tab}}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid1276767 
This loan granted was a secured}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid13523486  loan and the Respondent provided the following securities:-}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f39\fs18\lang2057\langfe1033\langnp2057\insrsid13597744 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid13523486 \hich\af39\dbch\af0\loch\f39 (i)\tab}}\pard \ltrpar\s15\qj \fi-547\li1267\ri0\sa80\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls11\adjustright\rin0\lin1267\itap0\pararsid13523486 {\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid13523486 Bus No. HM323}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f39\fs18\lang2057\langfe1033\langnp2057\insrsid1276767 ;}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid13523486 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid13523486 \hich\af39\dbch\af0\loch\f39 (ii)\tab}Joint & Several Guarantees by Directors/Shareholders of }{\rtlch\fcs1 \af0\afs18 
\ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid1276767 the Company for total liability;}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid13523486 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid13523486 \hich\af39\dbch\af0\loch\f39 (iii)\tab}}\pard \ltrpar\s15\qj \fi-547\li1267\ri0\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls11\adjustright\rin0\lin1267\itap0\pararsid1276767 {\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid13523486 Adequate insurance cover over the 2 dream liner busses with }{
\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid1276767 FDB Bank\rquote s interest noted thereon; and}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid13523486 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid1276767 \hich\af39\dbch\af0\loch\f39 (iv)\tab}}\pard \ltrpar\s15\qj \fi-547\li1267\ri0\sa360\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls11\adjustright\rin0\lin1267\itap0\pararsid13523486 {\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid1276767 Third party Bill of Sale over 2 x buses JJ990 and JJ993.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid13523486 \hich\af39\dbch\af0\loch\f39 22.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sa240\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin720\itap0\pararsid6840975 {\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid13523486 The Respondent failed to meet the required }{\rtlch\fcs1 
\af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid6359791 re}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid13523486 payments which resulted in the demand by the }{\rtlch\fcs1 \af0\afs18 
\ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid6359791 Applicant}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid13523486  for the }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f39\fs18\lang2057\langfe1033\langnp2057\insrsid6359791 total }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid13523486 sum due and owing amounting to}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f39\fs18\lang2057\langfe1033\langnp2057\insrsid6359791  a sum of }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid13523486 $908,739.94.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid1276767 \hich\af39\dbch\af0\loch\f39 23.\tab}}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid1276767 
Section 515 of the Companies Act 2015 provides as follows-}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid13523486 
\par }\pard\plain \ltrpar\qc \li1440\ri0\sb100\sa100\sbauto1\saauto1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid12260280 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \ai\af0\afs27 \ltrch\fcs0 \i\f39\fs16\cf1\insrsid1276767\charrsid1276767 Definition of inability to pay debts}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\i\f39\fs16\cf1\insrsid1276767\charrsid1276767 
\par }\pard \ltrpar\ql \li1440\ri0\sb100\sa100\sbauto1\saauto1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid12260280 {\rtlch\fcs1 \ab\af0\afs27 \ltrch\fcs0 \b\i\f39\fs16\cf1\insrsid1276767\charrsid1276767 515.}{
\rtlch\fcs1 \ab\af0\afs27 \ltrch\fcs0 \b\i\f39\fs16\cf1\insrsid13514568  }{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \i\f39\fs16\cf1\insrsid1276767\charrsid1276767 
Unless the contrary can be proven to the satisfaction of the Court, a Company must be deemed to be unable to pay its debts\emdash 
\par }{\rtlch\fcs1 \ai\af0\afs27 \ltrch\fcs0 \i\f39\fs16\cf1\insrsid1276767\charrsid1276767 (a)}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \i\f39\fs16\cf1\insrsid1276767\charrsid1276767 \~if a creditor, by assignment or otherwise, to whom the Company 
is indebted in a sum exceeding $10,000 or such other Prescribed Amount then due, has served on the Company, by leaving it at the Registered Office of the Company, a demand requiring the Company to pay the sum so due ("Statutory Demand") and the Company ha
s, not paid the sum or secured or compounded for it to the reasonable satisfaction of the creditor within 3 weeks of the date of the notice; or
\par }{\rtlch\fcs1 \ai\af0\afs27 \ltrch\fcs0 \i\f39\fs16\cf1\insrsid1276767\charrsid1276767 (b)\~}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \i\f39\fs16\cf1\insrsid1276767\charrsid1276767 
if during or after a period of 3 months ending on the day on which the winding up application is made\emdash 
\par (i) execution or other process issued on a judgment, decree or order of any Court in favour of a creditor of the Company is returned unsatisfied in whole or in part;
\par (ii) a Receiver or Manager has been appointed, of Property of the Company was appointed under a power contained in an instrument relating to a Floating Charge on such Property; or
\par (iii) it is proved to the satisfaction of the Court that the Company is unable to pay its debts, and, in determining whether a Company is unable to pay its debts, the Court must take into account the contingent and prospective liabilities of the Company.}
{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \i\f39\fs16\cf1\insrsid1276767 
\par }\pard \ltrpar\ql \li1440\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid12342136 {\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \i\f39\fs16\cf1\insrsid12260280\charrsid1276767 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid12260280 \hich\af39\dbch\af0\loch\f39 24.\tab}}\pard\plain \ltrpar\s15\qj \fi-720\li720\ri0\sa240\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin720\itap0\pararsid12342136 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f39\fs18\lang2057\langfe1033\langnp2057\insrsid12260280 Section 513(a) provides the }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid12260280\charrsid12260280 Circumstances in which Comp}{\rtlch\fcs1 \af0\afs18 
\ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid12260280 any may be wound up. The application is made in particular, pursuant to Section 513(c)}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid6359791  \'93}{
\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid12260280 whether a Company may be wound up if the Company is insolvent}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid6359791 ?\'94}{
\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid1276767 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid12260280 \hich\af39\dbch\af0\loch\f39 25.\tab}}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f39\fs18\lang2057\langfe1033\langnp2057\insrsid12260280 The Applicant submitted that the Respondent Company has the inability to pay the debt and there being no dispute as to the debt, the Respondent Company should be wound up.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid12260280 \hich\af39\dbch\af0\loch\f39 26.\tab}The Respondent admits to the }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f39\fs18\lang2057\langfe1033\langnp2057\insrsid6359791 total }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid12260280 outstanding amount being $FJD 908,739.94. 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid1583090 \hich\af39\dbch\af0\loch\f39 27.\tab}}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid1583090 
No doubt, the Applicant has established the debt amount }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid6359791 on the admission of the Respondent }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f39\fs18\lang2057\langfe1033\langnp2057\insrsid1583090 and the Respondent Company does }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid6359791 not oppose the debt in question raised herein.}{\rtlch\fcs1 \af0\afs18 
\ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid1583090 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid1583090 \hich\af39\dbch\af0\loch\f39 28.\tab}However, the substantive question then arises \'93whether the Applica}{\rtlch\fcs1 
\af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid6359791 nt}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid1583090  has satisfied the requirements of Section 515 of the Companies Act}{\rtlch\fcs1 
\af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid1706103  as enumerated }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid6359791 and paraphrased }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f39\fs18\lang2057\langfe1033\langnp2057\insrsid1706103 at paragraph 23 of my Judgment hereinabove.}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid6359791 \'94}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f39\fs18\lang2057\langfe1033\langnp2057\insrsid1583090 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid1706103 \hich\af39\dbch\af0\loch\f39 29.\tab}}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid1706103 
Further, whether the Respondent Company is capable of paying off the debt }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid16584021 amounting to $908,739.94.}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f39\fs18\lang2057\langfe1033\langnp2057\insrsid1706103 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid12597278 \hich\af39\dbch\af0\loch\f39 30.\tab}}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f39\fs18\lang2057\langfe1033\langnp2057\insrsid12597278 The Respondent took a secured loan and in turn provided a bus as security. The question arises \'93
whether the Applicant should have realised this security and/or made any consideration of the security }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid6359791 first }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f39\fs18\lang2057\langfe1033\langnp2057\insrsid12597278 before filing the Winding Up Application?\'94}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid16584021 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid12597278 \hich\af39\dbch\af0\loch\f39 31.\tab}}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f39\fs18\lang2057\langfe1033\langnp2057\insrsid12597278 
The Respondent Company was formed by a joint venture with Sunset Express Limited and that Sunset Express has been a long standing transportation business providing service to the general public of Fiji.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid12597278 \hich\af39\dbch\af0\loch\f39 32.\tab}According to the Applicant\rquote 
s submissions, the security documents with the Applicant does not ha}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid5202849 ve any value as the bus under security has not been running and is parked at the Respondent
\rquote s Company. The Applicant had released the bus back to the Respondent Company, Hauset Development Company Limited in Good Faith Agreement that they will pay the debt amount. However, }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f39\fs18\lang2057\langfe1033\langnp2057\insrsid7104109 the Applicant says that this was not honoured by the Respondent Company.}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid12597278 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid7104109 \hich\af39\dbch\af0\loch\f39 33.\tab}}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid7104109 
No doubt that the loan granted to the Respondent Company was a secured loan whereby the Respondent Company provided a bus as security.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid7104109 \hich\af39\dbch\af0\loch\f39 34.\tab}
The purpose of providing security against the grant of loan from the Applicant over an asset (bus) means that the App
licant (FDB Bank) can, on the insolvency of the borrower (Hauset Development Company Limited), take possession of that asset (bus), sell it and use the proceeds to repay the outstanding loan. 
\par }\pard \ltrpar\s15\qj \li720\ri0\sa240\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid12342136 {\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid7618099 
If in case there was any balance remaining outstanding}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid6359791  after the realisation of the security at hand,}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f39\fs18\lang2057\langfe1033\langnp2057\insrsid7618099  then the Applicant can file Civil Proceedings in a Court of Law to recover the balance sum in order to settle the entire loan.}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f39\fs18\lang2057\langfe1033\langnp2057\insrsid4733409  }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid7104109 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid4733409 \hich\af39\dbch\af0\loch\f39 35.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sa240\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin720\itap0\pararsid12342136 {\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid4733409 The appropriate step for the Applicant to take herein was}{
\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid9055515  since the}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid6359791  Applicant was a }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f39\fs18\lang2057\langfe1033\langnp2057\insrsid9055515 Security Holder}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid4733409 
, firstly to cease the bus under security, and realise this security (bus) before proceeding to file an application for Winding Up the Respondent Company Hauset Development Company Limited.}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f39\fs18\lang2057\langfe1033\langnp2057\insrsid7104109 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid9323138 \hich\af39\dbch\af0\loch\f39 36.\tab}}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid9323138 
I find that the availability of the Security with the Applicant Bank shows that the Respondent was and is in a position to pay its debts}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid6359791  (solvent)}{\rtlch\fcs1 
\af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid13335386 . }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid9323138 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid13335386 \hich\af39\dbch\af0\loch\f39 37.\tab}}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f39\fs18\lang2057\langfe1033\langnp2057\insrsid13335386 The Applicant has failed to prove to the satisfaction of this Court that the }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid13514568 Respondent}{\rtlch\fcs1 
\af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid13335386  Company Hauset Development Company Limited was unable to pay its debt pursuant to the provisions of Section 515 of the Companies Act 2015.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid13335386 \hich\af39\dbch\af0\loch\f39 38.\tab}Accordingly, for the aforesaid rationale, I have no alternative but to dismiss the Applicant
\rquote s Winding Up Application.
\par }\pard\plain \ltrpar\qj \li360\ri0\sa240\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin360\itap0\pararsid12342136 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 
{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid6317372 
\par }\pard \ltrpar\qj \li0\ri0\sa160\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid12342136 {\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \b\f39\fs18\ul\lang2057\langfe1033\langnp2057\insrsid13335386\charrsid12342136 
Costs}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \b\i\f39\fs18\ul\lang2057\langfe1033\langnp2057\insrsid13335386\charrsid12342136 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid13335386 \hich\af39\dbch\af0\loch\f39 39.\tab}}\pard\plain \ltrpar\s15\qj \fi-720\li720\ri0\sa240\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin720\itap0\pararsid12342136 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f39\fs18\lang2057\langfe1033\langnp2057\insrsid13335386 The Application proceeded to full Hearing with parties filing Response Affidavits, Oral and Written Submissions.
\par }\pard \ltrpar\s15\qj \li720\ri0\sa240\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid12342136 {\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid13335386 
It is only appropriate that I grant a sum of $500 as summarily assessed costs at the discretion of this Court}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid6359791  against the Applicant Fiji Development Bank}{
\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid13335386 .
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid13335386 \hich\af39\dbch\af0\loch\f39 40.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sa240\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin720\itap0\pararsid12342136 {\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid13335386 Following are the Orders of the Court.
\par }\pard\plain \ltrpar\qj \li360\ri0\sa240\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin360\itap0\pararsid13335386 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 
{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid13335386 
\par }\pard \ltrpar\qj \li0\ri0\sa240\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13335386 {\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \b\f39\fs18\ul\lang2057\langfe1033\langnp2057\insrsid13335386\charrsid13335386 
ORDERS
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid13335386 \hich\af39\dbch\af0\loch\f39 i.\tab}}\pard\plain \ltrpar\s15\qj \fi-360\li1080\ri0\sa240\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls12\adjustright\rin0\lin1080\itap0\pararsid13335386\contextualspace \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs18 
\ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid13335386 The Applicant\rquote s Winding Up Application }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid2689669 is hereby accordingly dismissed.}{\rtlch\fcs1 
\af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid13335386 
\par }\pard \ltrpar\s15\qj \li1080\ri0\sa240\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin1080\itap0\pararsid2689669\contextualspace {\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid2689669 

\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid2689669 \hich\af39\dbch\af0\loch\f39 ii.\tab}}\pard \ltrpar\s15\qj \fi-360\li1080\ri0\sa240\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls12\adjustright\rin0\lin1080\itap0\pararsid13335386\contextualspace {\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid2689669 
There will be an Order for costs summarily assessed at $500 to be paid by the Applicant to the Respondent}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid6359791  Hauset Development Co. Limited}{\rtlch\fcs1 \af0\afs18 
\ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid2689669 .}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid2689669\charrsid13335386 
\par }\pard\plain \ltrpar\ql \li0\ri0\sa160\sl259\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid13308931 
\par }\pard \ltrpar\qj \li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11426396 {\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid12332320 
\par }\pard \ltrpar\ql \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6317372 {\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid9252456\charrsid358183 DATED \tab at }{\rtlch\fcs1 
\af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid12342136   }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \b\f39\fs18\lang2057\langfe1033\langnp2057\insrsid9252456\charrsid358183 SUVA}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f39\fs18\lang2057\langfe1033\langnp2057\insrsid9252456\charrsid358183  }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid12342136    t}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f39\fs18\lang2057\langfe1033\langnp2057\insrsid9252456\charrsid358183 his }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid12342136   }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\b\f39\fs18\lang2057\langfe1033\langnp2057\insrsid6317372\charrsid6317372 16}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \b\f39\fs18\lang2057\langfe1033\super\langnp2057\insrsid6317372\charrsid6317372 th}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f39\fs18\lang2057\langfe1033\langnp2057\insrsid6317372  }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid12342136   d}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid6317372 ay }{
\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid12342136  }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid6317372 of }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f39\fs18\lang2057\langfe1033\langnp2057\insrsid12342136  }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \b\f39\fs18\lang2057\langfe1033\langnp2057\insrsid6317372\charrsid6317372 February,}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\b\f39\fs18\lang2057\langfe1033\langnp2057\insrsid12145768\charrsid6317372  2022.}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \b\f39\fs18\lang2057\langfe1033\langnp2057\insrsid9252456\charrsid6317372 
\par }\pard \ltrpar\ql \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid9252456 {\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \b\f39\fs18\lang2057\langfe1033\langnp2057\insrsid12145768\charrsid358183 
\par 
\par 
\par }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid12145768\charrsid358183 
\par }\pard \ltrpar\qj \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid12342136 {\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid9252456\charrsid358183 
\par 
\par }\pard \ltrpar\qc \li0\ri0\sl259\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid14224286 {\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid9252456\charrsid358183 
\par }\pard \ltrpar\qc \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid14224286 {\rtlch\fcs1 \af1\afs18 \ltrch\fcs0 \b\f39\fs18\lang2057\langfe1033\langnp2057\insrsid9252456\charrsid358183 VISHWA DATT SHARMA
\par }{\rtlch\fcs1 \af1\afs18 \ltrch\fcs0 \b\f39\fs18\ul\lang2057\langfe1033\langnp2057\insrsid9252456\charrsid358183 JUDGE
\par }\pard \ltrpar\qc \li0\ri0\sl259\slmult1\widctlpar\tx540\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid14224286 {\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \b\f39\fs18\ul\lang2057\langfe1033\langnp2057\insrsid9252456\charrsid358183 

\par }\pard \ltrpar\qc \li0\ri0\sl259\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid14224286 {\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid9252456\charrsid14224286 
\par }{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid12332320\charrsid14224286 c}{\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid9252456\charrsid14224286 c}{\rtlch\fcs1 \af0\afs16 
\ltrch\fcs0 \i\f39\fs16\lang2057\langfe1033\langnp2057\insrsid12332320\charrsid14224286 :}{\rtlch\fcs1 \af0\afs16 \ltrch\fcs0 \i\f39\fs16\lang2057\langfe1033\langnp2057\insrsid9252456\charrsid14224286  }{\rtlch\fcs1 \af0\afs16 \ltrch\fcs0 
\i\f39\fs16\lang2057\langfe1033\langnp2057\insrsid2689669\charrsid14224286 Fiji Development Bank}{\rtlch\fcs1 \af0\afs16 \ltrch\fcs0 \i\f39\fs16\lang2057\langfe1033\langnp2057\insrsid13308931\charrsid14224286 , Suva.}{\rtlch\fcs1 \af0\afs16 \ltrch\fcs0 
\i\f39\fs16\lang2057\langfe1033\langnp2057\insrsid9252456\charrsid14224286 
\par }{\rtlch\fcs1 \ai\af0\afs16 \ltrch\fcs0 \i\f39\fs16\lang2057\langfe1033\langnp2057\insrsid13308931\charrsid14224286 Shelvin Singh Lawyers, Suva.}{\rtlch\fcs1 \ai\af0\afs16 \ltrch\fcs0 
\i\f39\fs16\lang2057\langfe1033\langnp2057\insrsid9252456\charrsid14224286 
\par }\pard \ltrpar\ql \li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid9252456 {\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f39\fs18\lang2057\langfe1033\langnp2057\insrsid9252456\charrsid358183 
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