In the matter of Asheville Pacific Pty Limited (subject to a deed of company arrangement) [2015] NSWSC 2047

In the matter of Asheville Pacific Pty Limited (subject to a deed of company arrangement) [2015] NSWSC 2047

Because further investigations and public examinations were desirable in the interests of creditors, a creditor was willing to fund them, and Angus Gordon had consented to act as replacement liquidator, the Court removed Chris Wykes and appointed Angus Gordon under Corporations Act 2001 (Cth) s 503; leave under s...

Source-derived case information.

Jurisdiction
Australia
Judgment Date
20 April 2015
Procedural Posture
Originating Process Seeking Leave Under Corporations Act 2001 (cth) S 471 B and Removal and Replacement of Liquidator Under S 503 / Ex Tempore Judgment; Orders Made
Outcome
Liquidator removed; replacement liquidator appointed; further ancillary orders made.
Legal Topics
['winding Up' 'removal of Liquidator' 'appointment of Replacement Liquidator' 'public Examinations' 'leave to Proceed Against Company in Liquidation']
['corporations' 'insolvency'] ['winding Up' 'removal of Liquidator' 'appointment of Replacement Liquidator' 'public Examinations' 'leave to Proceed Against Company in Liquidation']

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Procedural Posture

Originating Process Seeking Leave Under Corporations Act 2001 (cth) S 471 B and Removal and Replacement of Liquidator Under S 503 / Ex Tempore Judgment; Orders Made

Legal Issues

  1. 1 ['Whether leave under Corporations Act 2001 (Cth) s 471B was required to bring proceedings seeking removal and replacement of a liquidator.' 'Whether the liquidator should be removed and replaced under Corporations Act 2001 (Cth) s 503 where the liquidator considered the liquidation practically complete but a creditor wished to fund further investigations and public examinations to recover additional assets.']

Ratio Decidendi

Because further investigations and public examinations were desirable in the interests of creditors, a creditor was willing to fund them, and Angus Gordon had consented to act as replacement liquidator, the Court removed Chris Wykes and appointed Angus Gordon under Corporations Act 2001 (Cth) s 503; leave under s 471B was not required because the application was not a proceeding against the company.

Court Disposition

Liquidator removed; replacement liquidator appointed; further ancillary orders made.

Orders

  • ['Pursuant to Corporations Act, s 503, the first defendant Chris Wykes be removed as liquidator of the second defendant Asheville Pacific Pty Ltd and Angus Gordon of Macquarie Gordon & Co be appointed as liquidator in his place.' '75 per cent of the hearing allocation fee be remitted.' "The plaintiff's costs of the...