Australian Capital Reserve Limited (In Liquidation), in the matter of Australian Capital Reserve Limited (In Liquidation) [2011] FCA 461

Australian Capital Reserve Limited (In Liquidation), in the matter of Australian Capital Reserve Limited (In Liquidation) [2011] FCA 461

Entering into the Proposed Agreement is a step necessary for winding up the affairs of the Company and distributing its property, and the liquidators have power under s 506 and s 511 to cause the Company to enter into and perform its obligations under the Proposed Agreement.

Parties
Plaintiff: Gregory Winfield Hall; Plaintiff: Ian Robert England; Company in Liquidation: Australian Capital Reserve Limited (In Liquidation)
Jurisdiction
Australia
Judgment Date
31 March 2011
Procedural Posture
Corporate Insolvency Proceeding / Interlocutory Orders and Directions
Outcome
Directions given and orders made as sought by the liquidators; liquidators confirmed to have power under s 506 and s 511 to enter into Implementation Agreement.
Legal Topics
Liquidators' Powers, Court Directions Under Corporations Act, Implementation of Agreements in Liquidation
Corporate Insolvency Corporations Law Liquidators' Powers Court Directions Under Corporations Act Implementation of Agreements in Liquidation

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Parties

Gregory Winfield Hall

Plaintiff

Ian Robert England

Plaintiff

Australian Capital Reserve Limited (In Liquidation)

Company in Liquidation

Procedural Posture

Corporate Insolvency Proceeding / Interlocutory Orders and Directions

Legal Issues

  1. 1 Whether the liquidators have power to cause the Company to enter into the Proposed Implementation Agreement under s 506 of the Corporations Act 2001 (Cth) and whether court directions under s 511 should be granted

Ratio Decidendi

Entering into the Proposed Agreement is a step necessary for winding up the affairs of the Company and distributing its property, and the liquidators have power under s 506 and s 511 to cause the Company to enter into and perform its obligations under the Proposed Agreement.

Court Disposition

Directions given and orders made as sought by the liquidators; liquidators confirmed to have power under s 506 and s 511 to enter into Implementation Agreement.

Orders

  • Plaintiffs granted leave to file certain affidavits.
  • Interlocutory process be heard forthwith.