In the matter of Bridgewater Investments Pty Limited and other Companies referred to in Schedules A and G to the Amended Originating Process [2013] NSWSC 426

In the matter of Bridgewater Investments Pty Limited and other Companies referred to in Schedules A and G to the Amended Originating Process [2013] NSWSC 426

The Court granted the orders because it had jurisdiction under ss 473(7), 502 and 511(1) of the Corporations Act 2001 (Cth) to fill vacancies or determine the continuing authority of remaining liquidators, and because continuity of the existing firm and staff would preserve knowledge of the files, avoid unnecessary meetings and duplication of work, and reduce costs in the liquidations.

Jurisdiction
Australia
Judgment Date
04 April 2013
Procedural Posture
Application for Orders Concerning Appointment and Continuation of Liquidators in Winding Ups Under Ss 473, 502 and 511 of the Corporations Act 2001 (cth) / Ex Tempore Judgment; Orders Granted
Outcome
Orders granted under ss 473, 502 and 511 of the Corporations Act 2001 (Cth) in accordance with short minutes of order; orders entered forthwith.
Legal Topics
['winding Up' 'liquidators' 'resignation of Liquidators' 'appointment of Replacement Liquidators' 'voluntary Winding Up' 'court Appointed Liquidators' 'joint Liquidators']
['corporations' 'insolvency'] ['winding Up' 'liquidators' 'resignation of Liquidators' 'appointment of Replacement Liquidators' 'voluntary Winding Up' 'court Appointed Liquidators' 'joint Liquidators']

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Procedural Posture

Application for Orders Concerning Appointment and Continuation of Liquidators in Winding Ups Under Ss 473, 502 and 511 of the Corporations Act 2001 (cth) / Ex Tempore Judgment; Orders Granted

Legal Issues

  1. 1 ['Whether the Court has jurisdiction to fill vacancies arising upon the resignation of a court-appointed liquidator.' "Whether the Court has jurisdiction under s 502 of the Corporations Act 2001 (Cth) to appoint a liquidator in companies in creditors' voluntary winding up and members' voluntary winding up." "Whether, where two or more persons are appointed as liquidator, the functions or powers of the liquidators may be exercised by one alone after another liquidator's resignation." 'Whether leave under s 532(2) of the Corporations Act 2001 (Cth) should be granted to the extent necessary where claims for costs and disbursements may exceed $5,000.']

Ratio Decidendi

The Court granted the orders because it had jurisdiction under ss 473(7), 502 and 511(1) of the Corporations Act 2001 (Cth) to fill vacancies or determine the continuing authority of remaining liquidators, and because continuity of the existing firm and staff would preserve knowledge of the files, avoid unnecessary meetings and duplication of work, and reduce costs in the liquidations.

Court Disposition

Orders granted under ss 473, 502 and 511 of the Corporations Act 2001 (Cth) in accordance with short minutes of order; orders entered forthwith.

Orders

  • ["Vacancies arising upon Mr Rapsey's resignation as court-appointed liquidator of two companies were to be filled by the appointment of Mr Tolcher." "Vacancies arising upon Mr Rapsey's resignation as liquidator of two companies in Schedule B in creditors' voluntary winding up were to be filled by Mr Vouris."...