Leslie John Schirato -v- SCW Pty Ltd (In Liquidation) [2012] NSWSC 541

Leslie John Schirato -v- SCW Pty Ltd (In Liquidation) [2012] NSWSC 541

Court is satisfied that there are surplus funds appropriately distributable, all stakeholders consent, and more than adequate funds remain. Liquidator is granted leave to distribute $14,600,000, subject to statutory notices and receipt of permission from Commissioner of Taxation, and retrospective approval is granted to liquidator's solicitor engagement pursuant to the Act.

Jurisdiction
Australia
Judgment Date
24 April 2012
Procedural Posture
Interlocutory Application / Final Determination of Application
Outcome
Application granted
Legal Topics
['liquidation' 'distribution of Surplus Funds' "retrospective Approval of Solicitor's Retainer" 'court Approval Under Corporations Act']
['corporations' 'equity'] ['liquidation' 'distribution of Surplus Funds' "retrospective Approval of Solicitor's Retainer" 'court Approval Under Corporations Act']

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Procedural Posture

Interlocutory Application / Final Determination of Application

Legal Issues

  1. 1 ['Whether liquidator should be granted special leave to distribute surplus funds under Corporations Act 2001 (Cth) s 488(2)' 'Whether Court should retrospectively approve agreement between liquidator and solicitors as required by Corporations Act 2001 (Cth) s 477(2B)']

Ratio Decidendi

Court is satisfied that there are surplus funds appropriately distributable, all stakeholders consent, and more than adequate funds remain. Liquidator is granted leave to distribute $14,600,000, subject to statutory notices and receipt of permission from Commissioner of Taxation, and retrospective approval is granted to liquidator's solicitor engagement pursuant to the Act.

Court Disposition

Application granted

Orders

  • ['Liquidator has special leave to distribute $14,600,000 of the surplus funds in winding up SCW Pty Ltd (In Liquidation), in accordance with a schedule.' 'Distribution not to occur until the later of 14 days from the date of order and receipt of notice from Commissioner of Taxation under Taxation Administration Act...