Nikitins, In the matter of The Managed Investment Schemes [2010] FCA 207

Nikitins, In the matter of The Managed Investment Schemes [2010] FCA 207

The Court had power under s 473 of the Corporations Act 2001 (Cth) to fill the vacancy in the office of liquidator of the Scheme Companies and W Span Pty Ltd upon Mr Georgakis' resignation, and power under s 601EE(2) to make orders concerning the resignation and replacement of the liquidator of the Schemes. Appointment of Mr Nikitins was appropriate because it preserved EY staff's work and knowledge in the liquidations and avoided loss or duplication, while the form of orders ensured a seamless transition and protected investors so far as possible.

Jurisdiction
Australia
Judgment Date
10 March 2010
Procedural Posture
Application for Orders Appointing a Replacement Liquidator of Unregistered Managed Investment Schemes and Companies / Orders Made Upon Intended Resignation of Existing Liquidator
Outcome
Application granted; Mr Adams Pauls Nikitins appointed liquidator upon Mr John Georgakis' resignation, with costs borne by the first plaintiff.
Legal Topics
['appointment of Liquidator' 'resignation of Liquidator' 'court Winding Up' 'unregistered Managed Investment Schemes' 'vacancy in Office of Liquidator']
['corporations Law' 'insolvency' 'managed Investment Schemes'] ['appointment of Liquidator' 'resignation of Liquidator' 'court Winding Up' 'unregistered Managed Investment Schemes' 'vacancy in Office of Liquidator']

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Procedural Posture

Application for Orders Appointing a Replacement Liquidator of Unregistered Managed Investment Schemes and Companies / Orders Made Upon Intended Resignation of Existing Liquidator

Legal Issues

  1. 1 ["Whether the Court had power to appoint Mr Adams Pauls Nikitins as liquidator of the Scheme Companies and W Span Pty Ltd upon Mr John Georgakis' resignation." 'How the Court should ensure a seamless transition between liquidators for the Scheme Companies and W Span Pty Ltd.' "Whether the Court had power under s 601EE(2) of the Corporations Act 2001 (Cth) to deal with Mr Georgakis' resignation and appoint Mr Nikitins as liquidator of the Schemes."]

Ratio Decidendi

The Court had power under s 473 of the Corporations Act 2001 (Cth) to fill the vacancy in the office of liquidator of the Scheme Companies and W Span Pty Ltd upon Mr Georgakis' resignation, and power under s 601EE(2) to make orders concerning the resignation and replacement of the liquidator of the Schemes. Appointment of Mr Nikitins was appropriate because it preserved EY staff's work and knowledge in the liquidations and avoided loss or duplication, while the form of orders ensured a seamless transition and protected investors so far as possible.

Court Disposition

Application granted; Mr Adams Pauls Nikitins appointed liquidator upon Mr John Georgakis' resignation, with costs borne by the first plaintiff.

Orders

  • ['Pursuant to s 601EE(2) of the Corporations Act 2001 (Cth), upon the resignation of Mr John Georgakis as liquidator of each of the schemes listed in schedule A to this order, Mr Adams Pauls Nikitins be appointed liquidator of each of the schemes listed in schedule A to this order.' 'Pursuant to s 473(7) of the...