Carter in the matter of Damilock Pty Ltd (in Liquidation) [2012] FCA 1445

Carter in the matter of Damilock Pty Ltd (in Liquidation) [2012] FCA 1445

In line with prior authority and the facts that all interested parties have had the opportunity to be heard, the Court directed that available funds (after fees and disbursements) be applied in payment to ANZ as primary secured creditor.

Jurisdiction
Australia
Judgment Date
17 December 2012
Procedural Posture
Application for Direction in Liquidation / Judgment on Application for Court Direction
Outcome
Application granted; direction made under s 511 of the Corporations Act 2001 (Cth) for available funds (net of fees) to be paid to ANZ as primary secured creditor; costs in the liquidation.
Legal Topics
["liquidator's Powers" 'distribution to Creditors' 'voidable Transactions' 'preference Claims']
['corporate Insolvency' 'banking and Finance'] ["liquidator's Powers" 'distribution to Creditors' 'voidable Transactions' 'preference Claims']

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Procedural Posture

Application for Direction in Liquidation / Judgment on Application for Court Direction

Legal Issues

  1. 1 ["How should the liquidators' recovered preference claims proceeds be distributed: to unsecured creditors or the primary secured creditor (ANZ)?"]

Ratio Decidendi

In line with prior authority and the facts that all interested parties have had the opportunity to be heard, the Court directed that available funds (after fees and disbursements) be applied in payment to ANZ as primary secured creditor.

Court Disposition

Application granted; direction made under s 511 of the Corporations Act 2001 (Cth) for available funds (net of fees) to be paid to ANZ as primary secured creditor; costs in the liquidation.

Orders

  • ['The available funds held by the plaintiffs, subject to the payment of proper fees and disbursements of the plaintiffs, be applied in payment to Australia and New Zealand Banking Group Ltd.' 'The costs of the plaintiffs of this application be costs in the liquidation of Damilock Pty Ltd (In Liquidation).']