In the matter of Vision Forklifts Pty Ltd (in liq) [2020] NSWSC 243

In the matter of Vision Forklifts Pty Ltd (in liq) [2020] NSWSC 243

Where a surplus arises following the sale of disclaimed property by a secured creditor, it is appropriate for the surplus to vest in the liquidator of the company formerly owning the property for the benefit of the creditors.

Jurisdiction
Australia
Judgment Date
17 March 2020
Procedural Posture
Corporations Winding Up / Application for Vesting Order
Outcome
Order made vesting surplus funds in liquidator
Legal Topics
["liquidator's Powers" 'disclaimer of Property' 'vesting Orders' 'surplus Funds on Realisation of Property']
['corporations Law' 'insolvency'] ["liquidator's Powers" 'disclaimer of Property' 'vesting Orders' 'surplus Funds on Realisation of Property']

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Procedural Posture

Corporations Winding Up / Application for Vesting Order

Legal Issues

  1. 1 ['Whether surplus funds from sale of disclaimed property should vest in the liquidator of a company in liquidation under s 568F(1) of the Corporations Act 2001 (Cth)']

Ratio Decidendi

Where a surplus arises following the sale of disclaimed property by a secured creditor, it is appropriate for the surplus to vest in the liquidator of the company formerly owning the property for the benefit of the creditors.

Court Disposition

Order made vesting surplus funds in liquidator

Orders

  • ['Pursuant to s 568F(1) of the Corporations Act 2001 (Cth), the amount of $6,635.44 being the surplus funds available from the sale of disclaimed property, being a 2013 Manitou MH25-4T bearing serial number 923430, vest in the applicant, Bruce Gleeson in his capacity as liquidator of Vision Forklifts Pty Ltd ACN 154...