Cussen (Liq), in the matter of Zerren Pty Ltd (in liq) [2017] FCA 981

Cussen (Liq), in the matter of Zerren Pty Ltd (in liq) [2017] FCA 981

On the evidence, there was insufficient basis to conclude the Wollstonecraft property was held on trust; accordingly, the liquidator is justified in treating it as property of the company in its own right and approval is granted for the sale agreement nunc pro tunc.

Jurisdiction
Australia
Judgment Date
26 July 2017
Procedural Posture
Application for Directions by Liquidator / Judgment on Ex Parte Application
Outcome
Application granted
Legal Topics
["liquidator's Directions" 'property Held on Trust' 'court Approval of Transaction in Liquidation']
['corporations Law' 'insolvency'] ["liquidator's Directions" 'property Held on Trust' 'court Approval of Transaction in Liquidation']

Case Brief

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Procedural Posture

Application for Directions by Liquidator / Judgment on Ex Parte Application

Legal Issues

  1. 1 ['Whether the liquidator would be justified in treating the Wollstonecraft property as property of the company in its own right' 'Whether retrospective approval should be granted under s 477(2B) of the Corporations Act 2001 (Cth) for entering into a contract for sale']

Ratio Decidendi

On the evidence, there was insufficient basis to conclude the Wollstonecraft property was held on trust; accordingly, the liquidator is justified in treating it as property of the company in its own right and approval is granted for the sale agreement nunc pro tunc.

Court Disposition

Application granted

Orders

  • ['Plaintiffs justified in treating Wollstonecraft property as owned by the second plaintiff in its own right under s 479(3) Corporations Act 2001 (Cth)' 'Retrospective approval for the contract for sale dated 28 February 2017 under s 477(2B) Corporations Act 2001 (Cth)' "Plaintiffs' costs to be costs in the winding...