QPS Developments Pty Ltd (ABN 92 102 700 845) In The Matter Of Quadwest Developments Pty Ltd (Receivers Appointed) (Administrator Appointed) (In Liquidation) [2011] NSWSC 671

QPS Developments Pty Ltd (ABN 92 102 700 845) In The Matter Of Quadwest Developments Pty Ltd (Receivers Appointed) (Administrator Appointed) (In Liquidation) [2011] NSWSC 671

The Court terminated the winding up because the DOCA was clearly in the interests of creditors, the necessary funding and realisation arrangements were in place, Mr Rose was able to meet his covenanted obligations, most creditor value had voted in favour, the challenge by BGC had been discontinued, the liquidator consented, ASIC did not oppose, and no creditor appeared to oppose; accordingly it was a proper case to exercise the discretion with immediate effect.

Jurisdiction
Australia
Judgment Date
01 June 2011
Procedural Posture
Application Under S 482 of the Corporations Act 2001 (cth) to Terminate Winding Up / Ex Tempore Principal Judgment
Outcome
Winding up terminated with effect from 1 June 2011.
Legal Topics
['termination of Winding Up' 'deed of Company Arrangement' 'voluntary Administration' 'receivership' "creditors' Interests"]
['corporations' 'insolvency'] ['termination of Winding Up' 'deed of Company Arrangement' 'voluntary Administration' 'receivership' "creditors' Interests"]

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Procedural Posture

Application Under S 482 of the Corporations Act 2001 (cth) to Terminate Winding Up / Ex Tempore Principal Judgment

Legal Issues

  1. 1 ['Whether the Court should exercise its discretion under s 482(1) of the Corporations Act 2001 (Cth) to terminate the winding up of Quadwest Developments Pty Ltd.' 'Whether termination of the winding up was appropriate having regard to the proposed DOCA, creditor position, funding arrangements, and absence of opposition.']

Ratio Decidendi

The Court terminated the winding up because the DOCA was clearly in the interests of creditors, the necessary funding and realisation arrangements were in place, Mr Rose was able to meet his covenanted obligations, most creditor value had voted in favour, the challenge by BGC had been discontinued, the liquidator consented, ASIC did not oppose, and no creditor appeared to oppose; accordingly it was a proper case to exercise the discretion with immediate effect.

Court Disposition

Winding up terminated with effect from 1 June 2011.

Orders

  • ['Pursuant to s 482(1) of the Corporations Act 2001 (Cth), read with s 511, the winding up of Quadwest Developments Pty Ltd (Receivers appointed) (Administrator appointed) (in liquidation) ACN 113 060 861, is terminated with effect from 1 June 2011.' 'This order is to be entered forthwith.' 'The exhibits are to be...