Dean-Willcocks v ACG Engineering [2003] NSWSC 353

Dean-Willcocks v ACG Engineering [2003] NSWSC 353

Under the terms of the deed of company arrangement, the Deed Administrator held the Administration Fund from receipt in trust for Participating Creditors as specified in the deed. Upon liquidation, the trust remains and funds are not available for distribution among all creditors, including post-deed creditors.

Parties
Plaintiff: Ronald John Dean-Willcocks; Defendant: ACG Engineering Pty Ltd (in liquidation)
Jurisdiction
Australia
Judgment Date
29 April 2003
Procedural Posture
Originating Summons/application for Directions or Declaratory Relief / Judgment at First Instance
Outcome
Declaration made that the plaintiff holds the Administration Fund in trust for the Deed Creditors; directions granted; costs of application to be paid from the Administration Fund; liberty to apply.
Legal Topics
Liquidation, Voluntary Administration, Trusts, Deeds of Company Arrangement
Corporations Law Equity Liquidation Voluntary Administration Trusts Deeds of Company Arrangement

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Parties

Ronald John Dean-Willcocks

Plaintiff

ACG Engineering Pty Ltd (in liquidation)

Defendant

Procedural Posture

Originating Summons/application for Directions or Declaratory Relief / Judgment at First Instance

Legal Issues

  1. 1 Whether the Administration Fund established under a deed of company arrangement is held solely for deed creditors or for all creditors including post-deed creditors upon liquidation

Ratio Decidendi

Under the terms of the deed of company arrangement, the Deed Administrator held the Administration Fund from receipt in trust for Participating Creditors as specified in the deed. Upon liquidation, the trust remains and funds are not available for distribution among all creditors, including post-deed creditors.

Court Disposition

Declaration made that the plaintiff holds the Administration Fund in trust for the Deed Creditors; directions granted; costs of application to be paid from the Administration Fund; liberty to apply.

Orders

  • Declaration that the Administration Fund is held in trust for Participating Creditors as set out in clause 5.5(d) of the deed of company arrangement.
  • Direction covering the plaintiff's position as liquidator.