In the matter of Angstrom Assets Pty Ltd (in liq) [2014] NSWSC 1779

In the matter of Angstrom Assets Pty Ltd (in liq) [2014] NSWSC 1779

Special leave to distribute surplus assets was granted as no creditors were identified and there was only one contributory. Prospective and retrospective approval of liquidators' remuneration was determined as reasonable based on detailed evidence of work performed.

Jurisdiction
Australia
Judgment Date
11 December 2014
Procedural Posture
Interlocutory Application / Determination of Liquidators' Application for Leave to Distribute Surplus and Approval of Remuneration
Outcome
Orders made granting leave to distribute surplus, dispensing with schedule, and approving remuneration.
Legal Topics
['winding Up' 'voluntary Winding Up' "liquidators' Remuneration" 'distribution of Surplus Assets']
['corporations'] ['winding Up' 'voluntary Winding Up' "liquidators' Remuneration" 'distribution of Surplus Assets']

Case Brief

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Procedural Posture

Interlocutory Application / Determination of Liquidators' Application for Leave to Distribute Surplus and Approval of Remuneration

Legal Issues

  1. 1 ['Whether special leave should be granted to liquidators to distribute surplus assets of company' 'Whether requirement for schedule of contributories to be annexed to order authorising distribution should be dispensed with' "Whether retrospective and prospective approval should be granted for liquidators' remuneration in relevant periods"]

Ratio Decidendi

Special leave to distribute surplus assets was granted as no creditors were identified and there was only one contributory. Prospective and retrospective approval of liquidators' remuneration was determined as reasonable based on detailed evidence of work performed.

Court Disposition

Orders made granting leave to distribute surplus, dispensing with schedule, and approving remuneration.

Orders

  • ['Special leave granted for liquidators to distribute surplus assets to sole contributory, MFS Alternative Assets Ltd (in liq).' 'Order that schedule of contributories need not be annexed to distribution order.' "Liquidators' remuneration determined for period 12 March 2012 to 31 August 2014 to be $17,940.45...