In the matter of ACN 134 017 171 Pty Ltd (in liq) (formerly known as DPSA Pty Ltd) [2017] NSWSC 488

In the matter of ACN 134 017 171 Pty Ltd (in liq) (formerly known as DPSA Pty Ltd) [2017] NSWSC 488

The court was satisfied that cause had been shown to remove the incumbent liquidator and appoint new ones, considering the consent of the present liquidator and company, the applicant's willingness to fund investigations by the new liquidators, and the substantial majority of creditors by value supporting the removal. There was no suggestion of collusion or lack of independence of the proposed liquidators.

Jurisdiction
Australia
Judgment Date
24 April 2017
Procedural Posture
Corporations External Administration / Application to Remove and Replace Liquidator
Outcome
Orders made by consent for removal and replacement of liquidators; further order under s 473(8) re powers of new liquidators; no order as to costs.
Legal Topics
['liquidator Removal' 'appointment of New Liquidators' "members' Voluntary Winding Up" "creditors' Meeting" 'funding of Liquidation Investigations']
['corporations'] ['liquidator Removal' 'appointment of New Liquidators' "members' Voluntary Winding Up" "creditors' Meeting" 'funding of Liquidation Investigations']

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Procedural Posture

Corporations External Administration / Application to Remove and Replace Liquidator

Legal Issues

  1. 1 ['Whether cause is shown to remove the current liquidator and appoint proposed new liquidators under s 503 of the Corporations Act 2001 (Cth)']

Ratio Decidendi

The court was satisfied that cause had been shown to remove the incumbent liquidator and appoint new ones, considering the consent of the present liquidator and company, the applicant's willingness to fund investigations by the new liquidators, and the substantial majority of creditors by value supporting the removal. There was no suggestion of collusion or lack of independence of the proposed liquidators.

Court Disposition

Orders made by consent for removal and replacement of liquidators; further order under s 473(8) re powers of new liquidators; no order as to costs.

Orders

  • ['Pursuant to s 503 of the Corporations Act 2001 (Cth), the first defendant be removed as the liquidator of the second defendant, and Rahul Goyal and Jennifer Nettleton be appointed as joint and several liquidators of the second defendant.' 'All books and records of the second defendant in the possession of the...