Grace v Grace (No 5) [2013] NSWSC 601

Grace v Grace (No 5) [2013] NSWSC 601

Given there are no proceedings for winding up on foot, the purposes for appointment of the provisional liquidator have been achieved, and the companies are manifestly solvent, the appointment of the provisional liquidator should be terminated; statutory right to inspection under s 531 applies and records must be produced.

Jurisdiction
Australia
Judgment Date
24 April 2013
Procedural Posture
Interlocutory Applications / Orders and Directions Following Interlocutory Applications
Outcome
Orders made for inspection, termination of provisional liquidator, costs, and directions.
Legal Topics
['external Administration' 'provisional Liquidator' 'inspection of Books' 'termination of Provisional Liquidator' 'judicial Advice']
['corporations Law' 'equity'] ['external Administration' 'provisional Liquidator' 'inspection of Books' 'termination of Provisional Liquidator' 'judicial Advice']

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Procedural Posture

Interlocutory Applications / Orders and Directions Following Interlocutory Applications

Legal Issues

  1. 1 ['Whether the provisional liquidator must produce books and records for inspection under s 531 Corporations Act' 'Whether the appointment of the provisional liquidator should be terminated' 'Whether the provisional liquidator is justified in entering into loan transactions and giving security over assets to pay fees']

Ratio Decidendi

Given there are no proceedings for winding up on foot, the purposes for appointment of the provisional liquidator have been achieved, and the companies are manifestly solvent, the appointment of the provisional liquidator should be terminated; statutory right to inspection under s 531 applies and records must be produced.

Court Disposition

Orders made for inspection, termination of provisional liquidator, costs, and directions.

Orders

  • ['On 1 May 2013, provisional liquidator to produce for inspection all books kept in respect of Nevilda Holdings Pty Ltd and Nevilda Investments Pty Ltd under Corporations Act s 531 (including Reg 5.6.01).' "Provisional liquidator to pay first and second defendants' costs of interlocutory process filed 15 April 2013...