In The Matter of HEZ Pty Limited (Receivers and Managers Appointed) ACN 084 052 595 In The Matter of HEZ Nominees Pty Limited (Receivers and Managers Appointed) ACN 100 786 187

Judgment

1. [1]

   HIS HONOUR: In separate applications each of HEZ Pty Ltd (Receivers and Managers appointed) ACN 084 052 595 ("HEZ") and HEZ Nominees Pty Ltd (Receivers and Managers appointed) ACN 100 786 187 ("HEZ Nominees") applies for an order that it be wound up.

2. [2]

   On 19 February 2010, Amal Asset Management Pty Ltd in its capacity as a security trustee for a consortium of lenders appointed receivers and managers to each of HEZ and HEZ Nominees.

3. [3]

   HEZ Nominees is the borrower under a facility from those lenders. HEZ is its guarantor and provided security in the form of real property. The amount owed to the lenders exceeds $98M.

4. [4]

   The lenders' rights of recovery are limited to the value of the security. However, both HEZ and HEZ Nominees are indebted to other unsecured creditors for some $800,000 in respect of which there is no prospect of satisfaction. Both companies are clearly insolvent.

5. [5]

   In each case of the applications companies with the necessary formalities, that is notification to ASIC, publication and production of appropriate company searches is established by an affidavit of Dean Frank Elliott sworn 30 January 2012. Consents from liquidators are on file.

6. [6]

   In these circumstances it is appropriate that the orders sought be made.

7. [7]

   I order that HEZ Pty Limited (Receivers and Managers Appointed) ACN 084 052 595 be wound up pursuant to s 459A of the Corporations Act 2001 (Cth) and that Murray Campbell-Smith and Joseph David Hayes be appointed jointly and severally as official liquidators.

8. [8]

   I order that HEZ Nominees Pty Ltd (Receivers and Managers Appointed) ACN 100 786 187 be wound up pursuant to s 459A of the Corporations Act 2001 and that Murray Campbell-Smith and Joseph David Hayes be appointed jointly and severally as official liquidators.