In the matter of ACN 104 635 369 Pty Ltd [2020] NSWSC 242

In the matter of ACN 104 635 369 Pty Ltd [2020] NSWSC 242

Having regard to the evidence of work performed by the liquidators post-2015 and the reasonableness of their charges, it was appropriate to fix their remuneration at $20,417.34 (inclusive of GST) and to fix costs of $20,000.00 (inclusive of GST), both to be paid from liquidation funds. Reinstatement was warranted in light of oversight, and remaining funds (after payments above) should be distributed to Azzopardi for partial repayment of funding provided.

Parties
First Plaintiff: Graeme Beattie in his capacity as former liquidator of ACN 104 635 369 Pty Ltd (Deregistered); Second Plaintiff: Christopher Darin in his capacity as former liquidator of ACN 104 635 369 Pty Ltd (Deregistered); First Defendant: Australian Securities and Investments Commission; Second Defendant: AJ Azzopardi Industries Pty Ltd
Jurisdiction
Australia
Judgment Date
10 March 2020
Procedural Posture
Equity Proceeding / Ex Tempore Judgment; Orders Following Contested Application
Outcome
Orders granted as sought, with adjustments; Company reinstated, liquidators appointed, remuneration and costs fixed and ordered, remaining funds to Azzopardi.
Legal Topics
Company Deregistration and Reinstatement, Liquidator Remuneration, Costs, Distribution of Liquidation Funds
Corporations Law Company Deregistration and Reinstatement Liquidator Remuneration Costs Distribution of Liquidation Funds

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Parties

Graeme Beattie in his capacity as former liquidator of ACN 104 635 369 Pty Ltd (Deregistered)

First Plaintiff

Christopher Darin in his capacity as former liquidator of ACN 104 635 369 Pty Ltd (Deregistered)

Second Plaintiff

Australian Securities and Investments Commission

First Defendant

AJ Azzopardi Industries Pty Ltd

Second Defendant

Procedural Posture

Equity Proceeding / Ex Tempore Judgment; Orders Following Contested Application

Legal Issues

  1. 1 Should ACN 104 635 369 Pty Ltd be reinstated under s 601AH(2) of the Corporations Act 2001 (Cth)?
  2. 2 Should Graeme Robert Beattie and Christopher Darin be appointed as liquidators upon reinstatement under s 601AH(3)?
  3. 3 What sum (if any) should be fixed for the liquidators’ remuneration under s 90-15(1) of Schedule 2 of the Corporations Act 2001 (Cth)?

Ratio Decidendi

Having regard to the evidence of work performed by the liquidators post-2015 and the reasonableness of their charges, it was appropriate to fix their remuneration at $20,417.34 (inclusive of GST) and to fix costs of $20,000.00 (inclusive of GST), both to be paid from liquidation funds. Reinstatement was warranted in light of oversight, and remaining funds (after payments above) should be distributed to Azzopardi for partial repayment of funding provided.

Court Disposition

Orders granted as sought, with adjustments; Company reinstated, liquidators appointed, remuneration and costs fixed and ordered, remaining funds to Azzopardi.

Orders

  • Pursuant to s 601AH(2) of the Corporations Act 2001 (Cth), the first defendant reinstate ACN 104 635 369 Pty Ltd.
  • Pursuant to s 601AH(3), upon reinstatement, Graeme Robert Beattie and Christopher Darin be appointed as joint and several liquidators of the Company.