Ample Source International Limited v Bonython Metals Group Pty Limited (in liquidation), in the matter of Bonython Metals Group Pty Limited (in liquidation) (No 9) [2019] FCA 287

Ample Source International Limited v Bonython Metals Group Pty Limited (in liquidation), in the matter of Bonython Metals Group Pty Limited (in liquidation) (No 9) [2019] FCA 287

On the evidence before the Court, the liquidator is granted special leave to distribute the surplus assets of Bonython Metals Group Pty Limited (in liquidation) to the contributories in accordance with the directions and calculations set out in table 3A of the liquidator's affidavit affirmed on 12 February 2019.

Jurisdiction
Australia
Judgment Date
07 March 2019
Procedural Posture
Application for Judicial Advice in Insolvency / Interlocutory Determination on Leave to Distribute Surplus Assets
Outcome
Application granted
Legal Topics
['liquidation' 'distribution of Surplus' 'leave to Distribute Surplus' 'contributories' 'court Approval']
['corporations' 'corporate Insolvency'] ['liquidation' 'distribution of Surplus' 'leave to Distribute Surplus' 'contributories' 'court Approval']

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Procedural Posture

Application for Judicial Advice in Insolvency / Interlocutory Determination on Leave to Distribute Surplus Assets

Legal Issues

  1. 1 ['Whether the liquidator should be granted special leave to distribute the surplus assets to the contributories' 'Whether the calculation of distribution is appropriate and follows earlier judicial directions' 'Whether criticisms regarding the inclusion of interest and netting off debts affect the validity of the distribution']

Ratio Decidendi

On the evidence before the Court, the liquidator is granted special leave to distribute the surplus assets of Bonython Metals Group Pty Limited (in liquidation) to the contributories in accordance with the directions and calculations set out in table 3A of the liquidator's affidavit affirmed on 12 February 2019.

Court Disposition

Application granted

Orders

  • ['Requirement to annex a schedule in accordance with Form 551 dispensed with.' "Liquidator granted special leave to distribute surplus assets to the contributories in accordance with annexure 'A'." "Amounts marked 'Z' in annexure 'A' to be calculated per affidavit of Michael Andrew Owen affirmed 12 February 2019."]