Vision (Brisbane) Pty Limited (ACN 106 860 664) (Liquidators Appointed) in the matter of Vision (Brisbane) Pty Limited (ACN 106 860 664) (Liquidators Appointed) (No 2) [2010] FCA 937

Vision (Brisbane) Pty Limited (ACN 106 860 664) (Liquidators Appointed) in the matter of Vision (Brisbane) Pty Limited (ACN 106 860 664) (Liquidators Appointed) (No 2) [2010] FCA 937

Approval was appropriate because the proposed agreements involved obligations that might be performed more than three months after entry, the Liquidators had undertaken a reasonable sales campaign, the current offer was the best price presently likely to be realised, Vision (Brisbane) had no funds for urgent works needed to maintain the site's integrity, and selling the property was in the creditors' interests.

Jurisdiction
Australia
Judgment Date
23 July 2010
Procedural Posture
Application Under S 477(2 B) of the Corporations Act 2001 (cth) for Approval of Liquidators Entering Agreements for Sale / Final Orders and Reasons for Judgment
Outcome
Application granted; the Liquidators were approved to enter into the proposed agreement and related orders were made.
Legal Topics
["liquidators' Powers" 'court Approval of Agreements' 'sale of Company Property' 'deferred Payment Obligations']
['corporations Law' 'insolvency' 'property'] ["liquidators' Powers" 'court Approval of Agreements' 'sale of Company Property' 'deferred Payment Obligations']

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Procedural Posture

Application Under S 477(2 B) of the Corporations Act 2001 (cth) for Approval of Liquidators Entering Agreements for Sale / Final Orders and Reasons for Judgment

Legal Issues

  1. 1 ["Whether the Court should approve the Liquidators entering into proposed agreements for the sale of Vision (Brisbane)'s property and non-real property assets where obligations may be performed more than three months after the agreements are entered into." "Whether, having regard to the company's lack of funds, urgent maintenance risks at the property, and the sales campaign undertaken, entry into the proposed agreements was appropriate."]

Ratio Decidendi

Approval was appropriate because the proposed agreements involved obligations that might be performed more than three months after entry, the Liquidators had undertaken a reasonable sales campaign, the current offer was the best price presently likely to be realised, Vision (Brisbane) had no funds for urgent works needed to maintain the site's integrity, and selling the property was in the creditors' interests.

Court Disposition

Application granted; the Liquidators were approved to enter into the proposed agreement and related orders were made.

Orders

  • ['Pursuant to s 447(2B) of the Corporations Act 2001 (Cth), the making by the First Plaintiffs, as liquidators of and on behalf of the second plaintiff, of an agreement in or substantially to the effect of Exhibit CRC21 to the affidavit of Christopher Robert Campbell sworn on 22 July 2010 was approved.' 'The costs...