In the matter of Property Trade Group 1 Pty Limited [2015] NSWSC 2141

In the matter of Property Trade Group 1 Pty Limited [2015] NSWSC 2141

The DOCA was terminated due to material contravention by the director, and the administrators were appointed liquidators on creditors' voluntary winding up, as agreed by parties and in application of Corporations Act and Regulations.

Parties
Plaintiff: G Developments (NSW) Pty Limited ACN 151 370 179; First Defendant: Property Trade Group 1 Pty Limited (subject to a deed of company arrangement) ACN 155 994 504; Second Defendant: Blair Alexander Pleash; Third Defendant: David Allan Ingram
Jurisdiction
Australia
Judgment Date
24 August 2015
Procedural Posture
Corporate Insolvency Proceeding / Judgment/orders Following Application to Terminate Deed of Company Arrangement
Outcome
DOCA terminated; proceedings otherwise dismissed.
Legal Topics
Voluntary Administration, Deed of Company Arrangement, Termination of DOCA, Winding Up, Appointment of Liquidators
Corporations Voluntary Administration Deed of Company Arrangement Termination of DOCA Winding Up Appointment of Liquidators

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Parties

G Developments (NSW) Pty Limited ACN 151 370 179

Plaintiff

Property Trade Group 1 Pty Limited (subject to a deed of company arrangement) ACN 155 994 504

First Defendant

Blair Alexander Pleash

Second Defendant

David Allan Ingram

Third Defendant

Procedural Posture

Corporate Insolvency Proceeding / Judgment/orders Following Application to Terminate Deed of Company Arrangement

Legal Issues

  1. 1 Whether the deed of company arrangement should be terminated under Corporations Act s 445D(1)(d)
  2. 2 Whether material contravention of the deed occurred
  3. 3 Whether administrators should become liquidators on transition to creditors' voluntary winding up

Ratio Decidendi

The DOCA was terminated due to material contravention by the director, and the administrators were appointed liquidators on creditors' voluntary winding up, as agreed by parties and in application of Corporations Act and Regulations.

Court Disposition

DOCA terminated; proceedings otherwise dismissed.

Orders

  • The second and third defendants may release and pay to themselves the sum of $20,000 held in a bank account in partial satisfaction of remuneration and expenses as voluntary administrators and deed administrators of the first defendant.
  • Pursuant to Corporations Act, s 445D(1)(d), the deed of company arrangement executed by the third defendant dated 30 January 2015 be terminated.