Turk v Newmont [1999] NSWSC 622

Turk v Newmont [1999] NSWSC 622

Leave was granted because Christopher Wykes was an appropriate person to be appointed administrator: he had no prior association with the company or its directors, had not formed any personal relationship with the directors, had gained relevant knowledge through his duties as liquidator, his appointment could save costs, the proposed deed of company arrangement might benefit creditors, the committee of creditors and the largest non-related creditor supported or did not object to the course, and ASIC had been adequately informed at this stage.

Jurisdiction
Australia
Judgment Date
07 June 1999
Procedural Posture
Application by Liquidator for Leave to Appoint Himself as Administrator Under Corporations Law S 436 B(2) / Ex Tempore Judgment on Notice of Motion in Winding Up Proceedings
Outcome
Leave granted
Legal Topics
["liquidator's Power to Appoint Administrator" 'leave Under Corporations Law S 436 B(2)' 'deed of Company Arrangement' 'committee of Inspection' "creditors' Meetings"]
['corporations Law' 'insolvency' 'winding Up' 'voluntary Administration'] ["liquidator's Power to Appoint Administrator" 'leave Under Corporations Law S 436 B(2)' 'deed of Company Arrangement' 'committee of Inspection' "creditors' Meetings"]

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Procedural Posture

Application by Liquidator for Leave to Appoint Himself as Administrator Under Corporations Law S 436 B(2) / Ex Tempore Judgment on Notice of Motion in Winding Up Proceedings

Legal Issues

  1. 1 ['Whether leave should be granted under Corporations Law s 436B(2) for the court-appointed liquidator to appoint himself as administrator of the company in liquidation.' 'Whether Christopher Wykes was an appropriate person to be administrator having regard to independence, prior associations, creditor interests, creditor support, cost savings and ASIC notification.' "Whether ancillary orders should be made dispensing with the first creditors' meeting, continuing the existing committee of inspection as the committee of creditors, and convening an early meeting under s 439A."]

Ratio Decidendi

Leave was granted because Christopher Wykes was an appropriate person to be appointed administrator: he had no prior association with the company or its directors, had not formed any personal relationship with the directors, had gained relevant knowledge through his duties as liquidator, his appointment could save costs, the proposed deed of company arrangement might benefit creditors, the committee of creditors and the largest non-related creditor supported or did not object to the course, and ASIC had been adequately informed at this stage.

Court Disposition

Leave granted

Orders

  • ['Leave granted under Corporations Law s 436B(2) for Christopher Wykes to appoint himself administrator of Newmont Television Pty Limited.' 'Orders made in terms of paragraphs 1, 2 and 3 of the Notice of Motion.' 'Order made in terms of paragraph 4 of the Notice of Motion, with the addition that the meeting be...