Daniel Nassar & Marfern Pty Limited v Innovative Precasters Group Pty Ltd (In Liquidation) & Ors [2011] NSWSC 889

Daniel Nassar & Marfern Pty Limited v Innovative Precasters Group Pty Ltd (In Liquidation) & Ors [2011] NSWSC 889

There being no opposition, the surplus should be distributed to the contributories after adjusting their loan accounts, as permitted by s 488 of the Corporations Act 2001 (Cth), with payment for any bankrupt contributory going to their trustee.

Jurisdiction
Australia
Judgment Date
18 July 2011
Procedural Posture
Corporations Application / Final Orders
Outcome
Order for adjustment of contributories' rights and distribution of surplus under s 488 Corporations Act 2001 (Cth)
Legal Topics
['distribution of Surplus' 'adjustment of Rights of Contributories' 'liquidation']
['corporations Law'] ['distribution of Surplus' 'adjustment of Rights of Contributories' 'liquidation']

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Procedural Posture

Corporations Application / Final Orders

Legal Issues

  1. 1 ['Whether the Court should order distribution of surplus to contributories under s 488(2) of the Corporations Act 2001 (Cth)' "Whether the Court should order adjustment of contributories' rights under s 488(1) of the Corporations Act 2001 (Cth)" 'Proper method for payment in respect of a bankrupt contributory']

Ratio Decidendi

There being no opposition, the surplus should be distributed to the contributories after adjusting their loan accounts, as permitted by s 488 of the Corporations Act 2001 (Cth), with payment for any bankrupt contributory going to their trustee.

Court Disposition

Order for adjustment of contributories' rights and distribution of surplus under s 488 Corporations Act 2001 (Cth)

Orders

  • ['Order pursuant to s 488(1) Corporations Act 2001 (Cth) for adjustment of the rights of the contributories to equalise loan accounts' 'Order pursuant to s 488(2) Corporations Act 2001 (Cth) for distribution of surplus $130,463.73 to contributories' 'Payment in respect of Mr Nassar to be made to his trustee in...