In the matter of Jick Holdings [2009] NSWSC 574

In the matter of Jick Holdings [2009] NSWSC 574

Mr Pleash required and is granted retrospective leave to act as liquidator due to statutory creditor status for remuneration; deed fund is beneficially owned by the company and must be distributed to all creditors under ss 555 and 556; application for termination of deed of company arrangement is justified; priority must be given to costs incurred by WDA Solutions Pty Ltd in winding-up application per s 556(1)(ba).

Jurisdiction
Australia
Judgment Date
19 June 2009
Procedural Posture
Corporations Matter (winding Up, Deed of Company Arrangement, Voluntary Administration) / Final Orders and Directions
Outcome
Orders made granting retrospective leave to act as liquidator, terminating deed of company arrangement, giving directions regarding deed fund and creditor costs, and dismissing amended originating process otherwise.
Legal Topics
['voluntary Administration' 'deed of Company Arrangement' 'liquidator Appointment' 'liquidation' 'creditor Priority' 'beneficial Ownership of Deed Fund']
['corporations Law' 'equity'] ['voluntary Administration' 'deed of Company Arrangement' 'liquidator Appointment' 'liquidation' 'creditor Priority' 'beneficial Ownership of Deed Fund']

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Procedural Posture

Corporations Matter (winding Up, Deed of Company Arrangement, Voluntary Administration) / Final Orders and Directions

Legal Issues

  1. 1 ["Whether the creditors' resolution to appoint deed administrator as liquidator was valid" 'Whether deed administrator is disqualified from acting as liquidator under s 532(2) of the Corporations Act 2001 (Cth)' 'Whether leave of the court is required' 'How the deed fund is to be treated upon winding-up' 'Priority of costs incurred by creditor in winding-up application']

Ratio Decidendi

Mr Pleash required and is granted retrospective leave to act as liquidator due to statutory creditor status for remuneration; deed fund is beneficially owned by the company and must be distributed to all creditors under ss 555 and 556; application for termination of deed of company arrangement is justified; priority must be given to costs incurred by WDA Solutions Pty Ltd in winding-up application per s 556(1)(ba).

Court Disposition

Orders made granting retrospective leave to act as liquidator, terminating deed of company arrangement, giving directions regarding deed fund and creditor costs, and dismissing amended originating process otherwise.

Orders

  • ['Grant leave pursuant to s 532(2) nunc pro tunc to the first plaintiff to be appointed and to act as liquidator of the second plaintiff.' 'Direct pursuant to s 479(3) that the first plaintiff is justified in seeking the orders in the amended originating process.' 'Order pursuant to s 445D(1)(g) that the deed of...