Australia, Aug. 21 -- New South Wales Land and Environment Court issued text of the following judgement on July 21:

1. By Originating Process filed on 20 June 2025, the First Plaintiff, Mr Jason Porter in his capacity as Liquidator of the Second Plaintiff, GR Capital Group Pty Ltd (Company), seeks an order pursuant to section 588FF(3)(b) of the Corporations Act 2001 (Cth) (Act), extending the time within which the Plaintiffs may bring any application under s 588FF(1) by six months, to 21 December 2025.

2. The relation-back day is 18 October 2018. The Liquidator was appointed on 21 June 2024.

3. Pursuant to s 588FF(3) of the Act, any application under s 588FF(1) may only be made:

a) during the period beginning on the relation-back day and ending on the later of:

i) 3 years after the relation-back day (that is, 18 October 2021); or

ii) 12 months after the first appointment of a liquidator in relation to the winding up of the Company (that is, 21 June 2025); or

b) within such longer period as the court orders on an application under s 588FF(3)(b) which is made by the Liquidator during the period set out in paragraph (a) above.

4. As the application for an extension pursuant to s 588FF(3)(b) was filed on 20 June 2025, it has been brought within time.

5. For the reasons set out below, I have concluded that the extension should be granted.

6. Factual Background

7. The Company was incorporated in December 2013. At that time, Mr Wensheng Liu was its sole director and shareholder.

8. The principal activity of the Company was the development of an eleven-storey residential building located at 1-5 Treacy Street, Hurstville, NSW, which was known as "The One" (the Development).

9. The Company was part of a corporate group which included The One Capital Group Pty Ltd and The Won Capital Pty Ltd. Mr Liu was the director of each of those entities from the time of their incorporation.

10. In October 2014, the Company lodged a development application with Hurstville City Council for the Development. The circumstances surrounding the granting of this development application have been the subject of an investigation by the Independent Commission against Corruption (ICAC). It is unnecessary to address the scope of that investigation, or the findings made for the purposes of this application.

11. In November 2014, the Company made an electronic payment from its bank account with National Australia Bank (NAB) to WDL International Investments Pty Ltd in the sum of $400,035, with the transaction description "Treacy DA Return to Wdl Internation In". The director and shareholder of WDL is Ms Lan Liu, who is Mr Liu's wife.

12. In early 2016, the Company entered into a building contract with Gencorp Pty Ltd in relation to the Development for a fixed price of $31m. The sole director of Gencorp was Mr Ching Wah (Phillip) Uy. The proposed commencement date for the Development was 26 February 2016 and it was expected to be complete in October 2017.

*Rest of the document can be viewed at: (https://www.caselaw.nsw.gov.au/decision/19830269fb7114dc395cb4b3)

Disclaimer: Curated by HT Syndication.