In the matter of Equiticorp Australia Limited (in liquidation) and other companies [2017] NSWSC 1456

In the matter of Equiticorp Australia Limited (in liquidation) and other companies [2017] NSWSC 1456

The Court appointed Mr Fraser because it was satisfied that the interests of creditors and of the liquidation would be served by his appointment as a liquidator of the relevant companies in place of Mr Hayes, given the Court's statutory power to fill the vacancy, Mr Fraser's familiarity with the long-running liquidations, the continuity provided by his firm, and the minimisation of delay, inconvenience and costs.

Jurisdiction
Australia
Judgment Date
23 October 2017
Procedural Posture
Equity Corporations List; Application Under S 473 a of the Corporations Act 2001 (cth) and S 90 15(3)(c) of the Insolvency Practice Schedule (corporations) for Appointment of a Replacement Court Appointed Liquidator / Amended Originating Process Heard and Determined Ex Tempore
Outcome
The Court appointed the Second Plaintiff, Mr Fraser, as liquidator of the companies identified in his application.
Legal Topics
['winding Up' 'liquidators' 'replacement of Liquidator' 'external Administration' 'court Appointed Liquidator']
['corporations' 'insolvency'] ['winding Up' 'liquidators' 'replacement of Liquidator' 'external Administration' 'court Appointed Liquidator']

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Procedural Posture

Equity Corporations List; Application Under S 473 a of the Corporations Act 2001 (cth) and S 90 15(3)(c) of the Insolvency Practice Schedule (corporations) for Appointment of a Replacement Court Appointed Liquidator / Amended Originating Process Heard and Determined Ex Tempore

Legal Issues

  1. 1 ["Whether the Court should appoint the Second Plaintiff, Mr Fraser, as court-appointed liquidator of the relevant companies in place of Mr Hayes following Mr Hayes' resignation." 'Whether the Court had power under s 473A(1) of the Corporations Act 2001 (Cth) and s 90-15(3)(c) of the Insolvency Practice Schedule (Corporations) to fill the vacancy in the office of a court-appointed liquidator.' 'Whether the fact that the proposed replacement liquidator was a partner of the same firm as the resigning liquidator supported the appointment by reason of continuity and cost efficiency.']

Ratio Decidendi

The Court appointed Mr Fraser because it was satisfied that the interests of creditors and of the liquidation would be served by his appointment as a liquidator of the relevant companies in place of Mr Hayes, given the Court's statutory power to fill the vacancy, Mr Fraser's familiarity with the long-running liquidations, the continuity provided by his firm, and the minimisation of delay, inconvenience and costs.

Court Disposition

The Court appointed the Second Plaintiff, Mr Fraser, as liquidator of the companies identified in his application.

Orders

  • ['Mr Fraser is appointed as a liquidator of the relevant companies in place of Mr Hayes.' 'The costs of the application are costs in the winding up of the relevant companies.' 'Orders were made in accordance with the Short Minutes of Order initialled by the Court and placed in the file.']