Walley (Liquidator), in the matter of Icicek Holdings Limited (in liquidation) [2020] FCA 701

Walley (Liquidator), in the matter of Icicek Holdings Limited (in liquidation) [2020] FCA 701

The Court granted the orders sought as it was satisfied all creditors had been paid, no further claims existed, shareholders had given authority for surplus distribution, and liquidator's application and supporting evidence warranted approval of remuneration and dispensation with notice requirements. It was therefore appropriate to release the liquidator, order deregistration, and allow surplus distribution.

Parties
Plaintiff: Daniel Austin Walley; Defendant: Icicek Holdings Pty Limited (in liquidation)
Jurisdiction
Australia
Judgment Date
13 March 2020
Procedural Posture
Application in Liquidation / Interlocutory Orders to Facilitate Conclusion of Winding Up
Outcome
Orders made as sought; liquidator released; ASIC to deregister company; surplus distributed as directed; remuneration approved.
Legal Topics
Winding Up, Liquidator Release, Distribution of Surplus, Deregistration of Company, Court Approval for Remuneration, Dispensation With Procedural Requirements
Corporations Law Insolvency Law Winding Up Liquidator Release Distribution of Surplus Deregistration of Company Court Approval for Remuneration Dispensation With Procedural Requirements

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Parties

Daniel Austin Walley

Plaintiff

Icicek Holdings Pty Limited (in liquidation)

Defendant

Procedural Posture

Application in Liquidation / Interlocutory Orders to Facilitate Conclusion of Winding Up

Legal Issues

  1. 1 Whether special leave should be granted to liquidator to distribute surplus under s 488(2) of the Corporations Act 2001 (Cth)
  2. 2 Whether requirements for notice and schedule (Form 551) should be dispensed with
  3. 3 Whether liquidator should be released and ASIC ordered to deregister the company

Ratio Decidendi

The Court granted the orders sought as it was satisfied all creditors had been paid, no further claims existed, shareholders had given authority for surplus distribution, and liquidator's application and supporting evidence warranted approval of remuneration and dispensation with notice requirements. It was therefore appropriate to release the liquidator, order deregistration, and allow surplus distribution.

Court Disposition

Orders made as sought; liquidator released; ASIC to deregister company; surplus distributed as directed; remuneration approved.

Orders

  • Plaintiff released as liquidator of Icicek Holdings Pty Ltd (in liquidation); ASIC to deregister company pursuant to s 480(d) of Corporations Act 2001 (Cth) 60 days after order.
  • Special leave granted under s 488(2) to distribute the whole of the surplus funds as follows: $44,865 cash to Andrew John Scott.