In the matter of One.Tel Ltd (in liquidation) [2014] NSWSC 1892

In the matter of One.Tel Ltd (in liquidation) [2014] NSWSC 1892

The Court held that s 480 of the Corporations Act 2001 (Cth) can apply to a special purpose liquidator because such a person is a liquidator with a specified scope of responsibility. On the evidence, Mr Parbery's special purpose functions had been discharged by settlement of the relevant proceedings, he held no further property of One.Tel in that capacity, no objection had been received, the committee of inspection consented, and neither the general purpose liquidator nor ASIC opposed release. The Court considered the evidence sufficient to dispense with r 7.5(5), and that notification of the committee of inspection was sufficient for the policy of r 7.5(6) given the nature of the...

Jurisdiction
Australia
Judgment Date
29 September 2014
Procedural Posture
Originating Process Seeking Release of a Special Purpose Liquidator Under S 480(c) of the Corporations Act 2001 (cth) and Dispensation From Requirements Under Rr 7.5(5) and 7.5(6) of the Supreme Court (corporation) Rules 1999 (nsw) / Ex Tempore Judgment on Application
Outcome
Orders made for the release of the special purpose liquidator and to dispense with filing and service requirements under the Corporations Rules.
Legal Topics
['release of Liquidator' 'special Purpose Liquidator' 'winding Up' 'dispensation From Filing and Service Requirements' 'committee of Inspection']
['corporations' 'insolvency and Winding Up'] ['release of Liquidator' 'special Purpose Liquidator' 'winding Up' 'dispensation From Filing and Service Requirements' 'committee of Inspection']

Case Brief

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Procedural Posture

Originating Process Seeking Release of a Special Purpose Liquidator Under S 480(c) of the Corporations Act 2001 (cth) and Dispensation From Requirements Under Rr 7.5(5) and 7.5(6) of the Supreme Court (corporation) Rules 1999 (nsw) / Ex Tempore Judgment on Application

Legal Issues

  1. 1 ['Whether a special purpose liquidator may be released under s 480 of the Corporations Act 2001 (Cth).' "Whether the evidence established that the special purpose liquidator's functions had been discharged and that release should be ordered." 'Whether the Court should dispense with the requirements in rr 7.5(5) and 7.5(6) of the Supreme Court (Corporation) Rules 1999 (NSW).']

Ratio Decidendi

The Court held that s 480 of the Corporations Act 2001 (Cth) can apply to a special purpose liquidator because such a person is a liquidator with a specified scope of responsibility. On the evidence, Mr Parbery's special purpose functions had been discharged by settlement of the relevant proceedings, he held no further property of One.Tel in that capacity, no objection had been received, the committee of inspection consented, and neither the general purpose liquidator nor ASIC opposed release. The Court considered the evidence sufficient to dispense with r 7.5(5), and that notification of the committee of inspection was sufficient for the policy of r 7.5(6) given the nature of the...

Court Disposition

Orders made for the release of the special purpose liquidator and to dispense with filing and service requirements under the Corporations Rules.

Orders

  • ['Order made for the release of Mr Stephen James Parbery as special purpose liquidator of One.Tel Ltd (in liquidation).' 'Order made dispensing with the requirement that the liquidator file a statement of financial position of the company and a summary of receipts and payments in winding up the company under r...