In the matter of Equiticorp Finance Holdings Limited (in liq) (scheme administrator appointed) & Ors [2015] NSWSC 1992

In the matter of Equiticorp Finance Holdings Limited (in liq) (scheme administrator appointed) & Ors [2015] NSWSC 1992

Given Mr Rennie's age and serious health problems, the long-running and complex nature of the liquidations and schemes, and Mr Campbell-Wilson's familiarity with the Equiticorp matters as a registered and official liquidator, it was appropriate to make orders facilitating Mr Rennie's resignation and appointing Mr Campbell-Wilson as replacement liquidator. The Court also had inherent jurisdiction analogous to its jurisdiction concerning trustees to replace Mr Rennie with Mr Campbell-Wilson as scheme administrator on a permanent basis, and the discretionary factors supported doing so to avoid cost, complexity, uncertainty and any hiatus in administration.

Jurisdiction
Australia
Judgment Date
20 July 2015
Procedural Posture
Corporations Winding Up Application Concerning Retirement and Replacement of Liquidator and Scheme Administrator / Originating Process Filed 6 July 2015; Ex Tempore Principal Judgment on 20 July 2015
Outcome
Orders made in accordance with the short minutes of order as amended and placed in the file.
Legal Topics
['winding Up' 'retirement of Liquidator' 'replacement Liquidator' 'scheme Administrator Replacement' 'inherent Jurisdiction' 'leave Under S 532(2) of the Corporations Act']
['corporations Law' 'insolvency'] ['winding Up' 'retirement of Liquidator' 'replacement Liquidator' 'scheme Administrator Replacement' 'inherent Jurisdiction' 'leave Under S 532(2) of the Corporations Act']

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Procedural Posture

Corporations Winding Up Application Concerning Retirement and Replacement of Liquidator and Scheme Administrator / Originating Process Filed 6 July 2015; Ex Tempore Principal Judgment on 20 July 2015

Legal Issues

  1. 1 ["Whether orders should be made facilitating Mr Rennie's resignation as liquidator and appointing Mr Campbell-Wilson as replacement liquidator." 'Whether the Court has power to replace Mr Rennie with Mr Campbell-Wilson as scheme administrator of the relevant schemes.' "Whether leave should be granted under s 532(2) of the Corporations Act for Mr Campbell-Wilson's appointment where his firm may have claims for costs and disbursements exceeding $5000 against particular companies." 'Whether costs of and incidental to the originating process should be borne by companies with funds.']

Ratio Decidendi

Given Mr Rennie's age and serious health problems, the long-running and complex nature of the liquidations and schemes, and Mr Campbell-Wilson's familiarity with the Equiticorp matters as a registered and official liquidator, it was appropriate to make orders facilitating Mr Rennie's resignation and appointing Mr Campbell-Wilson as replacement liquidator. The Court also had inherent jurisdiction analogous to its jurisdiction concerning trustees to replace Mr Rennie with Mr Campbell-Wilson as scheme administrator on a permanent basis, and the discretionary factors supported doing so to avoid cost, complexity, uncertainty and any hiatus in administration.

Court Disposition

Orders made in accordance with the short minutes of order as amended and placed in the file.

Orders

  • ["Mr Campbell-Wilson was to be appointed as liquidator following Mr Rennie's filing with the Registrar and lodgement with ASIC of a memorandum of resignation on a date to be fixed within twenty-eight days." 'Mr Campbell-Wilson was to replace Mr Rennie as scheme administrator on a permanent basis.' 'Leave was granted...