In the matter of Anke Smart City (HK) Ltd (in liq) [2019] NSWSC 312

In the matter of Anke Smart City (HK) Ltd (in liq) [2019] NSWSC 312

Special leave was granted because the evidence established that all statutory and rule requirements had been satisfied, no creditors of ASCH had been identified, there was a surplus after payment of the liquidator's remuneration and disbursements, and Anke Robotics Company Limited was the sole shareholder entitled to receive that surplus. Payment to the shareholder's solicitor's trust account was appropriate because the shareholder did not have an Australian bank account and had legitimate concerns about receipt of a substantial cheque by mail to China.

Jurisdiction
Australia
Judgment Date
01 March 2019
Procedural Posture
Application in the Equity Corporations List Concerning Conduct of Liquidation and Special Leave to Distribute Surplus / Amended Interlocutory Process; Ex Tempore Judgment
Outcome
Application granted; special leave granted to distribute the surplus in the liquidation in the specified manner and associated orders made.
Legal Topics
['winding Up of Registered Foreign Company' 'distribution of Surplus in Liquidation' 'special Leave Under S 488(2) of the Corporations Act 2001 (cth)' 'identification of Creditors' "payment to Shareholder Through Solicitor's Trust Account"]
['corporations Law' 'insolvency and Liquidation'] ['winding Up of Registered Foreign Company' 'distribution of Surplus in Liquidation' 'special Leave Under S 488(2) of the Corporations Act 2001 (cth)' 'identification of Creditors' "payment to Shareholder Through Solicitor's Trust Account"]

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Procedural Posture

Application in the Equity Corporations List Concerning Conduct of Liquidation and Special Leave to Distribute Surplus / Amended Interlocutory Process; Ex Tempore Judgment

Legal Issues

  1. 1 ['Whether special leave should be granted under s 488(2) of the Corporations Act 2001 (Cth) to distribute the surplus in the liquidation of ASCH.' 'Whether the requirements of s 601CL of the Corporations Act 2001 (Cth), s 488 of the Corporations Act 2001 (Cth), and r 7.9 of the Supreme Court (Corporations) Rules 1999 (NSW) had been satisfied.' "Whether Anke Robotics Company Limited was the sole shareholder of ASCH and entitled to receive the surplus after payment of the liquidator's remuneration and disbursements." "Whether it was appropriate to distribute the surplus by transfer to the shareholder's solicitor's trust account."]

Ratio Decidendi

Special leave was granted because the evidence established that all statutory and rule requirements had been satisfied, no creditors of ASCH had been identified, there was a surplus after payment of the liquidator's remuneration and disbursements, and Anke Robotics Company Limited was the sole shareholder entitled to receive that surplus. Payment to the shareholder's solicitor's trust account was appropriate because the shareholder did not have an Australian bank account and had legitimate concerns about receipt of a substantial cheque by mail to China.

Court Disposition

Application granted; special leave granted to distribute the surplus in the liquidation in the specified manner and associated orders made.

Orders

  • ['Orders made in accordance with the amended short minutes of order initialled by Black J and placed in the file.' "Order dispensing with the requirement to annex Form 551 to the Court's orders permitting distribution of the surplus amount." 'Order that the exhibits be returned.']