Re Wanari; application of Nemeth [2006] NSWSC 404

Re Wanari; application of Nemeth [2006] NSWSC 404

Because the former liquidator had retired, ASIC had not deregistered the company, and no liquidator was acting, s 473(7) and rule 7.2 required or supported appointment of Riad Tayeh as official liquidator upon his filed consent. Although the proposal for administration was vague and below what would be required for termination or permanent stay of the winding up, there was a non-negligible prospect that creditors might obtain something from administration, so leave should be granted for Mr Tayeh to appoint himself administrator. A binding declaration as to termination of the deed was inappropriate in an ex parte application where the administrator was not joined and the company was not...

Jurisdiction
Australia
Judgment Date
10 May 2006
Procedural Posture
Originating Process in a Corporations Winding Up Matter Seeking Appointment of an Official Liquidator, Leave for the Liquidator to Appoint Himself Administrator, and a Declaration Concerning Termination of a Deed of Company Arrangement / Ex Parte Application by a Contributory/director
Outcome
Liquidator appointed and leave granted; declaration refused.
Legal Topics
['winding Up' 'appointment of Liquidator' 'voluntary Administration' 'deed of Company Arrangement' 'leave for Liquidator to Appoint Himself Administrator' 'termination or Permanent Stay of Winding Up']
['corporations' 'insolvency'] ['winding Up' 'appointment of Liquidator' 'voluntary Administration' 'deed of Company Arrangement' 'leave for Liquidator to Appoint Himself Administrator' 'termination or Permanent Stay of Winding Up']

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 1 Authorities cited 2 Party arguments 1 Amounts and remedies 1
Sign in to unlock

Procedural Posture

Originating Process in a Corporations Winding Up Matter Seeking Appointment of an Official Liquidator, Leave for the Liquidator to Appoint Himself Administrator, and a Declaration Concerning Termination of a Deed of Company Arrangement / Ex Parte Application by a Contributory/director

Legal Issues

  1. 1 ['Whether the Court should appoint a new official liquidator where the former liquidator had retired and no liquidator was acting' 'Whether leave should be granted under s 436B(2) of the Corporations Act for the newly appointed liquidator to appoint himself administrator' 'Whether the Court should make a declaration that the Deed of Company Arrangement dated 26 April 2000 terminated on 2 August 2000']

Ratio Decidendi

Because the former liquidator had retired, ASIC had not deregistered the company, and no liquidator was acting, s 473(7) and rule 7.2 required or supported appointment of Riad Tayeh as official liquidator upon his filed consent. Although the proposal for administration was vague and below what would be required for termination or permanent stay of the winding up, there was a non-negligible prospect that creditors might obtain something from administration, so leave should be granted for Mr Tayeh to appoint himself administrator. A binding declaration as to termination of the deed was inappropriate in an ex parte application where the administrator was not joined and the company was not...

Court Disposition

Liquidator appointed and leave granted; declaration refused.

Orders

  • ['Riad Tayeh be appointed official liquidator of Wanari Pty Ltd (in liq).' 'Riad Tayeh as liquidator be granted leave pursuant to s 436B(2) of the Corporations Act to appoint himself as administrator of the company.' 'No declaration was made that the Deed of Company Arrangement dated 26 April 2000 terminated on 2...