In the matter of Signature Pacific Pty Limited (Subject to Deed of Company Arrangement) (ACN 003 250 495) [2010] NSWSC 1160

In the matter of Signature Pacific Pty Limited (Subject to Deed of Company Arrangement) (ACN 003 250 495) [2010] NSWSC 1160

Due to the admitted inadequacy of insurance and lack of resources, and the absence of statutory bar or prejudice, cause was shown for the plaintiff’s removal as deed administrator and liquidator; s 447A orders were required to allow court to appoint nominated replacement as administrator at the plaintiff's own application.

Jurisdiction
Australia
Judgment Date
22 September 2010
Procedural Posture
Corporations Application for Removal of Administrator / Application for Removal and Replacement of Deed Administrator at First Instance
Outcome
Orders granted as sought: plaintiff removed as deed administrator and replacement appointed; no order as to costs.
Legal Topics
['administrators—removal and Appointment' 'deed of Company Arrangement' 'professional Indemnity Insurance' 'court Powers Under S 447 a Corporations Act']
['corporations Law'] ['administrators—removal and Appointment' 'deed of Company Arrangement' 'professional Indemnity Insurance' 'court Powers Under S 447 a Corporations Act']

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Procedural Posture

Corporations Application for Removal of Administrator / Application for Removal and Replacement of Deed Administrator at First Instance

Legal Issues

  1. 1 ['Whether cause exists to remove plaintiff as deed administrator and liquidator for lack of insurance/resources' "Whether the court can order removal under s 447A and appoint a replacement deed administrator at applicant's request"]

Ratio Decidendi

Due to the admitted inadequacy of insurance and lack of resources, and the absence of statutory bar or prejudice, cause was shown for the plaintiff’s removal as deed administrator and liquidator; s 447A orders were required to allow court to appoint nominated replacement as administrator at the plaintiff's own application.

Court Disposition

Orders granted as sought: plaintiff removed as deed administrator and replacement appointed; no order as to costs.

Orders

  • ['Order 3 in the originating process made.' 'Order 4 in the originating process made.' "Part 5.3A of the Corporations Act 2001 (Cth) to operate as if court may, on plaintiff's application, remove plaintiff as administrator of the Deed and appoint replacement; officers/members may also apply under s 449B regarding...