In the matter of ACN 000 237 678 Pty Ltd (formerly Custom Coaches (Sales) Pty Ltd) (in liquidation) [2017] NSWSC 842

In the matter of ACN 000 237 678 Pty Ltd (formerly Custom Coaches (Sales) Pty Ltd) (in liquidation) [2017] NSWSC 842

It is appropriate to approve the assignment of the remaining asset (term deposit) to the Department of Employment as priority creditor, and to allow the liquidators to convene meetings for deregistration, as the proposal is commercial, all affected parties are on notice or adequately protected, and administration costs will be saved for the benefit of creditors.

Jurisdiction
Australia
Judgment Date
22 June 2017
Procedural Posture
Application for Directions in Voluntary Winding Up (corporations) / Judgment on Application for Directions, Orders Made With Stay
Outcome
Orders granted with 14-day stay to allow notice to claimants; orders will take effect in absence of any further order.
Legal Topics
['winding Up' 'liquidation' 'priority Creditors' 'assignment of Asset' 'directions to Liquidators' 'deregistration']
['corporations'] ['winding Up' 'liquidation' 'priority Creditors' 'assignment of Asset' 'directions to Liquidators' 'deregistration']

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Procedural Posture

Application for Directions in Voluntary Winding Up (corporations) / Judgment on Application for Directions, Orders Made With Stay

Legal Issues

  1. 1 ['Whether the Court should approve the assignment of the remaining company asset (term deposit) to the Department of Employment as a priority creditor in the course of the liquidation, and the steps for deregistration']

Ratio Decidendi

It is appropriate to approve the assignment of the remaining asset (term deposit) to the Department of Employment as priority creditor, and to allow the liquidators to convene meetings for deregistration, as the proposal is commercial, all affected parties are on notice or adequately protected, and administration costs will be saved for the benefit of creditors.

Court Disposition

Orders granted with 14-day stay to allow notice to claimants; orders will take effect in absence of any further order.

Orders

  • ['Plaintiffs are justified in entering into the Deed of Assignment and Payment Direction dated 24 March 2017 with NAB and the Commonwealth Department of Employment.' 'Upon entering into the Deed, plaintiffs are justified in convening meetings for deregistration under s 509(1)-(4) Corporations Act 2001 (Cth).'...