Westnet WA Infrastructure Holdings Limited [2015] NSWSC 658

Westnet WA Infrastructure Holdings Limited [2015] NSWSC 658

The court has power under s.511 and s.504 of the Corporations Act to direct the payment of unclaimed money to ASIC and to review and increase a liquidator's remuneration, allowing one company to bear the remuneration costs due to the overlapping liquidation work and complexity, subject to a report from the Registrar on reasonableness.

Jurisdiction
Australia
Judgment Date
29 May 2015
Procedural Posture
Application Under Corporations Act S.511 / Judgment and Orders
Outcome
Orders made as sought, subject to Registrar's report on remuneration.
Legal Topics
['voluntary Winding Up' 'remuneration of Liquidators' 'unclaimed Monies' 'court Powers in Winding Up']
['corporations'] ['voluntary Winding Up' 'remuneration of Liquidators' 'unclaimed Monies' 'court Powers in Winding Up']

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Procedural Posture

Application Under Corporations Act S.511 / Judgment and Orders

Legal Issues

  1. 1 ["How should unclaimed funds from scheme considerations and dividends in a members' voluntary winding up be dealt with?" 'Does the court have power to approve increased remuneration for the liquidator?' 'Are the amounts sought for liquidator remuneration reasonable?' 'Should one company in the group bear all the remuneration costs?']

Ratio Decidendi

The court has power under s.511 and s.504 of the Corporations Act to direct the payment of unclaimed money to ASIC and to review and increase a liquidator's remuneration, allowing one company to bear the remuneration costs due to the overlapping liquidation work and complexity, subject to a report from the Registrar on reasonableness.

Court Disposition

Orders made as sought, subject to Registrar's report on remuneration.

Orders

  • ['Leave to file amended originating process.' 'Liquidator justified in paying unclaimed moneys (~$10.9m scheme, ~$200k additional, ~$974,117.84 dividends) to ASIC under s.544, one month after newspaper advertisement.' 'Advertising costs to be paid from interest on unclaimed scheme consideration.' "Liquidator's...