Park, in the matter of Queensland Nickel Pty Ltd (in liq) (Statutory Interest) [2024] FCA 1300

Park, in the matter of Queensland Nickel Pty Ltd (in liq) (Statutory Interest) [2024] FCA 1300

Interest under s 563B of the Corporations Act 2001 (Cth) is not payable in respect of payments made to the creditors listed in Schedule 2A to the SPL Settlement Deed because there was no conscious determination or formal admission by the liquidator of those debts or claims; the evidence did not establish that such an adjudication occurred, and the factual and procedural steps fell short of statutory admission required under the Act.

Parties
First Plaintiffs: John Park and Kelly-Anne Trenfield in their capacity as joint and several liquidators of Queensland Nickel Pty Ltd (in liquidation) ACN 009 842 068; Second Plaintiff: Queensland Nickel Pty Ltd (in liquidation) (ACN 009 842 068); First Interested Person: Queensland Nickel Sales Pty Ltd; Second Interested Person: QNI Resources Pty Ltd; Third Interested Person: QNI Metals Pty Ltd
Jurisdiction
Australia
Judgment Date
08 November 2024
Procedural Posture
Corporations/corporate Insolvency—application for Judicial Advice/direction / Final Judgment on Application
Outcome
Application refused
Legal Topics
Proof of Debt, Statutory Interest, Liquidation, Construction of S 563 B Corporations Act, Admittance of Claims
Insolvency Law Corporations Law Proof of Debt Statutory Interest Liquidation Construction of S 563 B Corporations Act Admittance of Claims

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Parties

John Park and Kelly-Anne Trenfield in their capacity as joint and several liquidators of Queensland Nickel Pty Ltd (in liquidation) ACN 009 842 068

First Plaintiffs

Queensland Nickel Pty Ltd (in liquidation) (ACN 009 842 068)

Second Plaintiff

Queensland Nickel Sales Pty Ltd

First Interested Person

QNI Resources Pty Ltd

Second Interested Person

QNI Metals Pty Ltd

Third Interested Person

Procedural Posture

Corporations/corporate Insolvency—application for Judicial Advice/direction / Final Judgment on Application

Legal Issues

  1. 1 Is statutory interest payable under s 563B of the Corporations Act 2001 (Cth) in respect of payments made to creditors listed in Schedule 2A to the SPL Settlement Agreement?
  2. 2 What is the meaning of 'admitted debt or claim' for the purpose of s 563B of the Corporations Act 2001 (Cth)?
  3. 3 Does conduct amounting to pleading liabilities or fixing a creditor's debt constitute an 'admission' of debt under the section?

Ratio Decidendi

Interest under s 563B of the Corporations Act 2001 (Cth) is not payable in respect of payments made to the creditors listed in Schedule 2A to the SPL Settlement Deed because there was no conscious determination or formal admission by the liquidator of those debts or claims; the evidence did not establish that such an adjudication occurred, and the factual and procedural steps fell short of statutory admission required under the Act.

Court Disposition

Application refused

Orders

  • The plaintiffs would be justified in not paying from the Trust Assets interest pursuant to s 563B of the Corporations Act 2001 (Cth) in respect of payments made to the persons listed in Schedule 2A to the SPL Settlement Agreement as set out in the annexure to this order.