In the Matter of Trussted Frames and Trusses Pty Limited [2015] NSWSC 2025

In the Matter of Trussted Frames and Trusses Pty Limited [2015] NSWSC 2025

The evidence established that surplus was available for distribution, notice required by r 7.9 had been published more than fourteen days before the hearing, and in a straightforward case the Court could dispense with the Form 551 schedule requirement and approve equal distribution of the surplus among the six shareholders; special leave and ancillary orders were therefore granted.

Jurisdiction
Australia
Judgment Date
23 March 2015
Procedural Posture
Corporations Winding Up / Interlocutory Process Seeking Special Leave to Make a Final Distribution of Surplus
Outcome
Special leave to distribute surplus in winding up to shareholders granted.
Legal Topics
['winding Up' 'liquidators' 'distribution of Surplus by Liquidator' 'final Distribution Following Interim Distribution' 'dispensation of Requirement to Annex a Schedule in Form 551']
['corporations Law'] ['winding Up' 'liquidators' 'distribution of Surplus by Liquidator' 'final Distribution Following Interim Distribution' 'dispensation of Requirement to Annex a Schedule in Form 551']

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Procedural Posture

Corporations Winding Up / Interlocutory Process Seeking Special Leave to Make a Final Distribution of Surplus

Legal Issues

  1. 1 ['Whether the liquidator should be granted special leave to make a final distribution of surplus in the winding up.' 'Whether the requirement to annex a schedule in accordance with Form 551 should be dispensed with.']

Ratio Decidendi

The evidence established that surplus was available for distribution, notice required by r 7.9 had been published more than fourteen days before the hearing, and in a straightforward case the Court could dispense with the Form 551 schedule requirement and approve equal distribution of the surplus among the six shareholders; special leave and ancillary orders were therefore granted.

Court Disposition

Special leave to distribute surplus in winding up to shareholders granted.

Orders

  • ['Pursuant to (Cth) Corporations Regulations 2001, reg 5.6.71(1), the order authorising distribution of surplus to a person entitled to it need not have annexed to it a schedule in accordance with Form 551.' 'Pursuant to (Cth) Corporations Act 2001, s 488(2), the liquidator have special leave to distribute the...