In the matter of Paris Ricki Pty Limited [2015] NSWSC 2048

In the matter of Paris Ricki Pty Limited [2015] NSWSC 2048

The winding up was terminated because the company was amply solvent, the only creditor would be paid in full, the liquidator's remuneration would be paid, and the liquidator consented. Although a creditors' meeting had not yet occurred, the sole creditor's advance approval of the liquidator's remuneration could be treated through unanimous assent as a creditors' resolution approving remuneration under s 473(3)(b)(i).

Jurisdiction
Australia
Judgment Date
20 April 2015
Procedural Posture
Corporations Winding Up Application / Application by the Company's Sole Director for an Order Terminating the Winding Up and for Approval/payment of Liquidator's Remuneration
Outcome
Winding up terminated; payments ordered out of the balance of moneys held in the liquidation.
Legal Topics
['winding Up' "liquidator's Remuneration" 'approval of Remuneration by Creditors or Court' 'doctrine of Unanimous Assent' 'termination of Winding Up']
['corporations Law' 'equity'] ['winding Up' "liquidator's Remuneration" 'approval of Remuneration by Creditors or Court' 'doctrine of Unanimous Assent' 'termination of Winding Up']

Case Brief

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Procedural Posture

Corporations Winding Up Application / Application by the Company's Sole Director for an Order Terminating the Winding Up and for Approval/payment of Liquidator's Remuneration

Legal Issues

  1. 1 ['Whether the winding up of Paris Ricki Pty Limited should be terminated.' "Whether the liquidator's remuneration could be treated as approved where the sole creditor indicated approval in advance of a convened creditors' meeting." 'Whether the doctrine of unanimous assent could apply for the purposes of (Cth) Corporations Act 2001, s 473(3)(b)(i).']

Ratio Decidendi

The winding up was terminated because the company was amply solvent, the only creditor would be paid in full, the liquidator's remuneration would be paid, and the liquidator consented. Although a creditors' meeting had not yet occurred, the sole creditor's advance approval of the liquidator's remuneration could be treated through unanimous assent as a creditors' resolution approving remuneration under s 473(3)(b)(i).

Court Disposition

Winding up terminated; payments ordered out of the balance of moneys held in the liquidation.

Orders

  • ['The winding up of Paris Ricki Pty Limited (in liquidation) ACN 089 935 099 be terminated on and from 21 April 2015.' 'From the balance of the moneys held in the liquidation of the company, the liquidator Brad William Morelli is to pay $80,205 to Schreiber Hamilton Architects Pty Ltd today.' 'From the balance of...