In the matter of Banksia Securities Limited (in liquidation) (receivers and managers appointed) (No 2) [2015] NSWSC 1449

In the matter of Banksia Securities Limited (in liquidation) (receivers and managers appointed) (No 2) [2015] NSWSC 1449

Because the parties submitted consent orders appointing the liquidators as special purpose receivers, no party or ASIC disputed that s 418 of the Corporations Act 2001 (Cth) did not apply, there was no contradictor, and there was no detailed factual basis for deciding whether the liquidators were senior managers, it was unnecessary and inappropriate to decide the scope of s 418; there was no reason not to make the consent orders.

Jurisdiction
Australia
Judgment Date
30 September 2015
Procedural Posture
Equity Corporations List; Procedural and Other Rulings Concerning Receivers, Controllers and Managers / Consent Orders Following Ex Tempore Judgment and Further Submissions
Outcome
Orders made in accordance with consent orders in the form submitted by the parties.
Legal Topics
['appointment of Liquidators as Receivers' 'special Purpose Receivers' 'corporations Act 2001 (cth) S 418' 'leave for Liquidators to Continue Acting Under Corporations Act 2001 (cth) S 532(2)' "receivers' Remuneration and Expenses"]
['corporations Law' 'equity'] ['appointment of Liquidators as Receivers' 'special Purpose Receivers' 'corporations Act 2001 (cth) S 418' 'leave for Liquidators to Continue Acting Under Corporations Act 2001 (cth) S 532(2)' "receivers' Remuneration and Expenses"]

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Procedural Posture

Equity Corporations List; Procedural and Other Rulings Concerning Receivers, Controllers and Managers / Consent Orders Following Ex Tempore Judgment and Further Submissions

Legal Issues

  1. 1 ['Whether the liquidators of Banksia Securities Limited should be appointed as joint and several special purpose receivers over specified property of Banksia Securities Limited.' 'Whether leave should be granted under s 532(2) of the Corporations Act 2001 (Cth) for the liquidators to continue to act as liquidators notwithstanding their appointment as special purpose receivers.' 'Whether it was necessary or appropriate to determine the scope of s 418 of the Corporations Act 2001 (Cth), including whether liquidators were disqualified from acting as receivers as senior managers.']

Ratio Decidendi

Because the parties submitted consent orders appointing the liquidators as special purpose receivers, no party or ASIC disputed that s 418 of the Corporations Act 2001 (Cth) did not apply, there was no contradictor, and there was no detailed factual basis for deciding whether the liquidators were senior managers, it was unnecessary and inappropriate to decide the scope of s 418; there was no reason not to make the consent orders.

Court Disposition

Orders made in accordance with consent orders in the form submitted by the parties.

Orders

  • ['Consent orders made in the form submitted by the parties.']