Smith & Hayes re Gympie Gold Ltd (in liq) [2005] NSWSC 1141

Smith & Hayes re Gympie Gold Ltd (in liq) [2005] NSWSC 1141

Leave should be granted to the liquidators to appoint themselves as administrators, as no conflict of interest is shown and it would avoid wasteful duplication; a prospective order for termination of liquidation is premature given the uncertainties in the proposed Deed of Company Arrangement.

Jurisdiction
Australia
Judgment Date
31 October 2005
Procedural Posture
Application / Interlocutory
Outcome
Leave granted to liquidators to appoint themselves administrators; application for prospective termination of liquidation refused.
Legal Topics
['voluntary Administration' 'liquidation Termination' "liquidators' Appointment as Administrators"]
['corporations Law' 'insolvency'] ['voluntary Administration' 'liquidation Termination' "liquidators' Appointment as Administrators"]

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Procedural Posture

Application / Interlocutory

Legal Issues

  1. 1 ['Whether liquidators should be given leave to appoint themselves administrators' 'Whether a prospective self-executing order for termination of liquidation should be made']

Ratio Decidendi

Leave should be granted to the liquidators to appoint themselves as administrators, as no conflict of interest is shown and it would avoid wasteful duplication; a prospective order for termination of liquidation is premature given the uncertainties in the proposed Deed of Company Arrangement.

Court Disposition

Leave granted to liquidators to appoint themselves administrators; application for prospective termination of liquidation refused.

Orders

  • ['Leave granted to liquidators to appoint themselves as administrators.' 'Application for a prospective order terminating liquidation stood over.' 'Matter stood over to Corporations List on 6 February 2006 with liberty to apply.' 'Exhibits may be returned.']