McDonald v Park, in the matter of MCG Resources Pty Ltd (in liq) [2013] FCA 1052

McDonald v Park, in the matter of MCG Resources Pty Ltd (in liq) [2013] FCA 1052

The company is solvent, the purpose for which it was wound up is no longer relevant due to settlement between disputing parties, no objection has been made, and there is no reason in public policy to prevent termination of liquidation, so the termination should be granted under s 482 of the Corporations Act.

Parties
First Applicant: William James McDonald; Second Applicant: B McDonald (No 2) Pty Ltd (ACN 129 526 692); First Respondent: John Richard Park and Kelly-Anne Tranfield as Liquidators of MCG Resources Pty Ltd (in liquidation) (ACN 129 717 531); Second Respondent: MCG Resources Pty Ltd (in liquidation) (ACN 129 717 531)
Jurisdiction
Australia
Judgment Date
15 October 2013
Procedural Posture
Corporations Application / Application for Termination of Liquidation Under S 482 of the Corporations Act
Outcome
Application granted; liquidation terminated.
Legal Topics
Termination of Winding Up, Liquidation, Standing Under S 482 Corporations Act, Solvency, Procedure for Winding Up Termination
Corporations Law Termination of Winding Up Liquidation Standing Under S 482 Corporations Act Solvency Procedure for Winding Up Termination

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Parties

William James McDonald

First Applicant

B McDonald (No 2) Pty Ltd (ACN 129 526 692)

Second Applicant

John Richard Park and Kelly-Anne Tranfield as Liquidators of MCG Resources Pty Ltd (in liquidation) (ACN 129 717 531)

First Respondent

MCG Resources Pty Ltd (in liquidation) (ACN 129 717 531)

Second Respondent

Procedural Posture

Corporations Application / Application for Termination of Liquidation Under S 482 of the Corporations Act

Legal Issues

  1. 1 Whether orders should be made terminating the winding up of MCG Resources Pty Ltd (in liquidation) under s 482 of the Corporations Act 2001 (Cth)

Ratio Decidendi

The company is solvent, the purpose for which it was wound up is no longer relevant due to settlement between disputing parties, no objection has been made, and there is no reason in public policy to prevent termination of liquidation, so the termination should be granted under s 482 of the Corporations Act.

Court Disposition

Application granted; liquidation terminated.

Orders

  • The winding up of MCG Resources Pty Ltd (in liquidation) (ACN 129 717 531) be terminated pursuant to s 482 of the Corporations Act 2001 (Cth) on 15 October 2013.
  • The liquidators' costs fixed in the sum of $163,342.84 be deducted from the money held by the liquidators on behalf of MCG Resources Pty Ltd (in liquidation) (ACN 129 717 531).