In the matter of Coogee Sports Club Ltd [2016] NSWSC 817

In the matter of Coogee Sports Club Ltd [2016] NSWSC 817

Given the Club's inability to access funds due to a frozen bank account, urgent and substantial outstanding debts, the threat of electricity disconnection, potential for the Club to be left with too few directors to function, and delays associated with regulatory approval, the circumstances are extraordinary and warrant the ex parte appointment of a receiver to safeguard the Club's affairs and ensure debts are paid.

Parties
Plaintiff: Coogee Sports Club Ltd
Jurisdiction
Australia
Judgment Date
16 June 2016
Procedural Posture
Application for Appointment of Receiver / Ex Parte Hearing, Orders Made on Application
Outcome
Receiver appointed to the plaintiff and all its property and undertakings up to and including 5 August 2016, subject to review.
Legal Topics
Receiver Appointment, Company Insolvent or Likely to Become Insolvent, Directors' Dispute, Frozen Bank Accounts, Outstanding Creditors
Equity Corporations Clubs and Associations Receiver Appointment Company Insolvent or Likely to Become Insolvent Directors' Dispute Frozen Bank Accounts Outstanding Creditors

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Parties

Coogee Sports Club Ltd

Plaintiff

Procedural Posture

Application for Appointment of Receiver / Ex Parte Hearing, Orders Made on Application

Legal Issues

  1. 1 Whether a receiver should be appointed to the plaintiff Club
  2. 2 Whether extraordinary circumstances exist justifying ex parte appointment
  3. 3 Whether notice should be given to creditors

Ratio Decidendi

Given the Club's inability to access funds due to a frozen bank account, urgent and substantial outstanding debts, the threat of electricity disconnection, potential for the Club to be left with too few directors to function, and delays associated with regulatory approval, the circumstances are extraordinary and warrant the ex parte appointment of a receiver to safeguard the Club's affairs and ensure debts are paid.

Court Disposition

Receiver appointed to the plaintiff and all its property and undertakings up to and including 5 August 2016, subject to review.

Orders

  • Mr Gregory Jay Parker appointed receiver of the plaintiff and all its property and undertakings pursuant to s 67 of the Supreme Court Act 1970 (NSW), or, alternatively, s 41 of the Registered Clubs Act 1976 (NSW) up to and including 5 August 2016.
  • Receiver to have the powers set out in s 420 of the Corporations Act 2001 (Cth).