Barry, in the matter of an application by Barry [2024] FCA 13

Barry, in the matter of an application by Barry [2024] FCA 13

Statutory conditions for leave were met; notice given to relevant parties; applicants acted bona fide and not to defeat creditors. Discretion appropriately exercised for leave to manage corporations, declaration of validity of acts, and extension of superannuation fund duration. No risk to third parties or creditors.

Jurisdiction
Australia
Judgment Date
11 January 2024
Procedural Posture
Application for Leave to Manage Corporations and Ancillary Orders Under Bankruptcy and Superannuation Law / Final Determination at First Instance
Outcome
Application granted – leave and ancillary orders made as sought
Legal Topics
['leave to Manage Corporation While Bankrupt' 'declaration as Not a Disqualified Person' 'validity of Acts of Disqualified Persons' 'extension of Self Managed Superannuation Fund Time Limits']
['bankruptcy' 'corporations Law' 'superannuation Law'] ['leave to Manage Corporation While Bankrupt' 'declaration as Not a Disqualified Person' 'validity of Acts of Disqualified Persons' 'extension of Self Managed Superannuation Fund Time Limits']

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Procedural Posture

Application for Leave to Manage Corporations and Ancillary Orders Under Bankruptcy and Superannuation Law / Final Determination at First Instance

Legal Issues

  1. 1 ['Whether leave should be granted for bankrupts to manage specified corporations under s 206G of the Corporations Act 2001 (Cth) and s 126J(1) of the Superannuation Industry (Supervision) Act 1993 (Cth)' 'Whether acts done by bankrupts as company officers should be declared valid under s 1322(4)(a) of the Corporations Act and s 312(5)(a) of the SIS Act' 'Whether the time limit for self-managed super fund cessation should be extended under s 312(5)(c) of the SIS Act']

Ratio Decidendi

Statutory conditions for leave were met; notice given to relevant parties; applicants acted bona fide and not to defeat creditors. Discretion appropriately exercised for leave to manage corporations, declaration of validity of acts, and extension of superannuation fund duration. No risk to third parties or creditors.

Court Disposition

Application granted – leave and ancillary orders made as sought

Orders

  • ['Boubacar Sidy Barry and Angela Maree Holmes-Barry granted leave, subject to conditions, to manage Boubacar and Angela Pty Ltd and Barry And Holmes-Barry Family Pty Ltd for limited purposes.' 'Leave granted for limited purposes including sale of property and winding up super fund.' 'Declaration that applicants are...