Brealey v Shields [2009] NSWSC 1148

Brealey v Shields [2009] NSWSC 1148

Where there are only two contributories, each with equal entitlement, the requirement to annex a schedule under regulation 5.6.71(1) may be dispensed with, allowing the liquidator to distribute surplus without specifying quantified amounts per share.

Jurisdiction
Australia
Judgment Date
26 October 2009
Procedural Posture
Winding Up of Company / Application for Special Leave to Distribute Surplus
Outcome
Distribution of surplus ordered; requirement for schedule dispensed; liquidator allowed to recoup expenses.
Legal Topics
['winding Up by the Court' 'distribution of Surplus' "liquidator's Powers"]
['corporations'] ['winding Up by the Court' 'distribution of Surplus' "liquidator's Powers"]

Case Brief

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Procedural Posture

Winding Up of Company / Application for Special Leave to Distribute Surplus

Legal Issues

  1. 1 ['Whether the liquidator requires a schedule of quantified entitlements annexed to the order authorising the distribution of surplus' 'Whether the court can dispense with the schedule requirement under regulation 5.6.71(1) in a simple case with two contributories']

Ratio Decidendi

Where there are only two contributories, each with equal entitlement, the requirement to annex a schedule under regulation 5.6.71(1) may be dispensed with, allowing the liquidator to distribute surplus without specifying quantified amounts per share.

Court Disposition

Distribution of surplus ordered; requirement for schedule dispensed; liquidator allowed to recoup expenses.

Orders

  • ['Pursuant to regulation 5.6.71(1), the order authorising distribution of surplus need not annex a schedule in accordance with Form 551.' 'Liquidator has special leave under section 488(2) to distribute the surplus in equal shares to David Anthony Brealey and Edward John Shiels.' 'Liquidator may recoup costs and...