Curtis v Goodin (Liquidator) [2020] FCA 335

Curtis v Goodin (Liquidator) [2020] FCA 335

The court is satisfied that the settlement agreement and car bay leases are entered into to advance the effective realisation of Lot 2, there is no suggestion of impropriety or error, and the terms are certain; therefore, approval is granted even though the leases are of long duration.

Parties
First Plaintiff: Adam Curtis; Second Plaintiff: Khaled Adnan Mohammed Suheimat; Third Plaintiff: Klaudia Elzbieta Leszyk & Serge Eugene Gregory Gebert; Fourth Plaintiff: Corey Fitzpatrick; First Defendant: Peter Goodin as Liquidator of Torcrest Developments Pty Ltd (ACN 100 585 626) (In Liq); Second Defendant: Torcrest Developments Pty Ltd (ACN 100 585 626) (In Liq)
Jurisdiction
Australia
Judgment Date
12 March 2020
Procedural Posture
Corporations Application by Liquidator Under S 477(2 B) of Corporations Act 2001 (cth) / Hearing and Orders Made for Approval of Settlement and Leases
Outcome
Application granted. Orders made under s 477(2B) approving the liquidator to enter into settlement agreement and leases.
Legal Topics
Liquidator's Powers, Approval of Agreements by Court, Winding Up of Companies
Corporations Law Insolvency Liquidator's Powers Approval of Agreements by Court Winding Up of Companies

Case Brief

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Parties

Adam Curtis

First Plaintiff

Khaled Adnan Mohammed Suheimat

Second Plaintiff

Klaudia Elzbieta Leszyk & Serge Eugene Gregory Gebert

Third Plaintiff

Corey Fitzpatrick

Fourth Plaintiff

Peter Goodin as Liquidator of Torcrest Developments Pty Ltd (ACN 100 585 626) (In Liq)

First Defendant

Torcrest Developments Pty Ltd (ACN 100 585 626) (In Liq)

Second Defendant

Procedural Posture

Corporations Application by Liquidator Under S 477(2 B) of Corporations Act 2001 (cth) / Hearing and Orders Made for Approval of Settlement and Leases

Legal Issues

  1. 1 Whether the court should approve, under s 477(2B) of the Corporations Act 2001 (Cth), the liquidator entering into a settlement agreement and long-term car bay leases

Ratio Decidendi

The court is satisfied that the settlement agreement and car bay leases are entered into to advance the effective realisation of Lot 2, there is no suggestion of impropriety or error, and the terms are certain; therefore, approval is granted even though the leases are of long duration.

Court Disposition

Application granted. Orders made under s 477(2B) approving the liquidator to enter into settlement agreement and leases.

Orders

  • The Interlocutory Application dated 11 March 2020 stands as an originating process.
  • Order under s 477(2B) of the Corporations Act 2001 (Cth) that Peter Goodin as liquidator may enter into specified car bay leases and the settlement agreement on behalf of Torcrest Developments Pty Ltd (in liq).