Cussen, in the matter of Arcuri [2016] FCA 1444

Cussen, in the matter of Arcuri [2016] FCA 1444

The Court was satisfied that the administrators claimed to be entitled to and were entitled to the moneys, because the facts supported the inference that the deposited loan funds in the Company's account facilitated the withdrawal of $120,000 and that the funds were an asset of the Company. The Court exercised its discretion under s 254(3) so the administrators could account for the moneys in accordance with their statutory obligations.

Jurisdiction
Australia
Judgment Date
01 December 2016
Procedural Posture
Application for a Declaration Under S 254(3) of the Bankruptcy Act 1966 (cth) / Judgment on Application; Declaration Made
Outcome
Declaration made.
Legal Topics
['payment of Unclaimed Moneys to the Commonwealth' 'entitlement to Moneys Paid to the Official Receiver' 'voluntary Administration' "administrators' Statutory Powers and Obligations"]
['bankruptcy' 'corporations' 'insolvency'] ['payment of Unclaimed Moneys to the Commonwealth' 'entitlement to Moneys Paid to the Official Receiver' 'voluntary Administration' "administrators' Statutory Powers and Obligations"]

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Procedural Posture

Application for a Declaration Under S 254(3) of the Bankruptcy Act 1966 (cth) / Judgment on Application; Declaration Made

Legal Issues

  1. 1 ['Whether Messrs Cussen and Senatore, as administrators, were persons who claimed to be entitled to moneys for the purposes of s 254(3) of the Bankruptcy Act 1966 (Cth).' 'Whether the Court was satisfied that the applicants were entitled to the moneys paid to the Official Receiver.' 'Whether the discretion under s 254(3) should be exercised to make the declaration sought.']

Ratio Decidendi

The Court was satisfied that the administrators claimed to be entitled to and were entitled to the moneys, because the facts supported the inference that the deposited loan funds in the Company's account facilitated the withdrawal of $120,000 and that the funds were an asset of the Company. The Court exercised its discretion under s 254(3) so the administrators could account for the moneys in accordance with their statutory obligations.

Court Disposition

Declaration made.

Orders

  • ['Pursuant to s 254(3) of the Bankruptcy Act 1966 (Cth) (the "Bankruptcy Act") the Second Applicant is entitled to moneys paid to the Official Receiver in pursuance of s 254(2A) of the Bankruptcy Act in respect of the estate of Salvatore Arcuri, NSW6430/12/3.']