In the matter of Allseal Floor Preparations Pty Ltd (in liquidation) [2015] NSWSC 1990

In the matter of Allseal Floor Preparations Pty Ltd (in liquidation) [2015] NSWSC 1990

Special leave was granted to the liquidators to distribute surplus partly in-specie and partly in cash to contributories, as all creditor claims had been satisfied, there was unanimous consent of the contributories, and such a distribution was permitted both by statute and case law. Dispensation with Form 551 was appropriate in the simple circumstances with consents in evidence.

Jurisdiction
Australia
Judgment Date
16 December 2015
Procedural Posture
Application for Special Leave (winding Up) / Interlocutory Application – Decision
Outcome
Orders made in accordance with short minutes of order.
Legal Topics
['winding Up' 'distribution of Surplus' 'special Leave Application' 'in Specie Distribution']
['corporations Law'] ['winding Up' 'distribution of Surplus' 'special Leave Application' 'in Specie Distribution']

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Procedural Posture

Application for Special Leave (winding Up) / Interlocutory Application – Decision

Legal Issues

  1. 1 ['Whether special leave should be granted to liquidator under s 488(2) of the Corporations Act 2001 (Cth) to distribute surplus by combination of in-specie and monetary distributions to contributories' 'Whether a distribution in-specie is permissible absent specific constitutional provision' 'Whether dispensing with Form 551 is appropriate']

Ratio Decidendi

Special leave was granted to the liquidators to distribute surplus partly in-specie and partly in cash to contributories, as all creditor claims had been satisfied, there was unanimous consent of the contributories, and such a distribution was permitted both by statute and case law. Dispensation with Form 551 was appropriate in the simple circumstances with consents in evidence.

Court Disposition

Orders made in accordance with short minutes of order.

Orders

  • ['Special leave granted to liquidators to distribute surplus of Allseal Floor Preparations Pty Ltd (in liq) partly in-specie and partly in cash to the contributories.' 'Order dispensing with the requirement to complete and circulate Form 551.' "Liquidator's costs and expenses of the application to be paid out of the...