In the matter of FAI Reinsurances Pty Ltd; In the matter of World Marine & General Insurances Pty Ltd; In the matter of FAI Film Distribution Pty Ltd; In the matter of FAI Film Productions Pty Ltd; In the matter of Fai Films Pty Ltd [2015] NSWSC 2062

In the matter of FAI Reinsurances Pty Ltd; In the matter of World Marine & General Insurances Pty Ltd; In the matter of FAI Film Distribution Pty Ltd; In the matter of FAI Film Productions Pty Ltd; In the matter of Fai Films Pty Ltd [2015] NSWSC 2062

The Court granted the applications because the relevant considerations had been dealt with in earlier judgments, the specific issues in the present application did not prevent relief, the intent of the publication requirement had been satisfied despite practical impossibility of website publication, and the remuneration claimed was modest relative to substantial realisations for creditors.

Jurisdiction
Australia
Judgment Date
01 June 2015
Procedural Posture
Corporations Winding Up Application by Liquidators / Application for Special Leave to Distribute Surplus Assets, Judicial Advice and Deregistration of the Subject Companies
Outcome
Special leave to distribute surplus and judicial advice given; orders made in each of the five matters.
Legal Topics
['winding Up' "liquidators' Special Leave to Distribute Surplus Assets" 'judicial Advice' 'distribution in Specie' 'publication Requirements' "liquidators' Remuneration" 'deregistration']
['corporations' 'insolvency'] ['winding Up' "liquidators' Special Leave to Distribute Surplus Assets" 'judicial Advice' 'distribution in Specie' 'publication Requirements' "liquidators' Remuneration" 'deregistration']

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Procedural Posture

Corporations Winding Up Application by Liquidators / Application for Special Leave to Distribute Surplus Assets, Judicial Advice and Deregistration of the Subject Companies

Legal Issues

  1. 1 ['Whether special leave should be given to distribute surplus assets in the liquidation of the Phase Nine companies.' 'Whether judicial advice should be given concerning a distribution in specie for the insolvent company, FAI Films Pty Ltd.' 'Whether the publication requirement in Supreme Court (Corporations) Rules 1999 (NSW), r 7.9(3)(b), was sufficiently addressed despite inability to publish on the insolvency website.' "Whether the liquidators' remuneration was appropriate."]

Ratio Decidendi

The Court granted the applications because the relevant considerations had been dealt with in earlier judgments, the specific issues in the present application did not prevent relief, the intent of the publication requirement had been satisfied despite practical impossibility of website publication, and the remuneration claimed was modest relative to substantial realisations for creditors.

Court Disposition

Special leave to distribute surplus and judicial advice given; orders made in each of the five matters.

Orders

  • ['In matter number 2003/83562, FAI Film Distribution Pty Ltd, orders were made in accordance with the document entitled "Order" signed and sealed by Brereton J, dated 1 June 2015 and placed with the papers.' 'In matter number 2004/182170, FAI Film Productions Pty Ltd, orders were made in accordance with the document...