In the matter of Section 564 Corporations Law & in the matter of Glenisia Investments Pty Ltd (in liq) & Anor [1995] FCA 1098

C A T C H W O R D S COMPANIES - external administration - winding up - creditors funding recovery action by liquidator - whether contributing creditors entitled to advantage over other creditors - extent to which contributing creditors should share in proceeds of recovery action. Corporations Law s.564 Re Kyra Nominees Pty Ltd (1987) 5 ACLC 811 Re Ken Godfrey Pty Ltd (1994) 12 ACLC 1071 Re Cartco Pty Ltd (1994) 12 ACLC 766 IN THE MATTER OF SECTION 564 CORPORATIONS LAW and IN THE MATTER OF GLENISIA INVESTMENTS PTY (IN LIQUIDATION) (ACN 009 059 474) and MAURICE HODGSON LYFORD (AS LIQUIDATOR OF GLENISIA INVESTMENTS PTY LTD) No. WAG 3034 of 1995 CARR J. PERTH 25 AUGUST 1995

IN THE FEDERAL COURT ) OF AUSTRALIA ) WESTERN AUSTRALIA ) DISTRICT REGISTRY ) GENERAL DIVISION ) No. WAG 3034 of 1995 B E T W E E N: IN THE MATTER OF SECTION 564 CORPORATIONS LAW and IN THE MATTER OF GLENISIA INVESTMENTS PTY (IN LIQUIDATION) (ACN 009 059 474) and MAURICE HODGSON LYFORD (AS LIQUIDATOR OF GLENISIA INVESTMENTS PTY LTD) Applicant CORAM: CARR J. PLACE: PERTH DATE:25 AUGUST 1995 MINUTE OF ORDERS THE COURT ORDERS THAT: 1. The net proceeds recovered by the applicant as liquidator of Glenisia Investments Pty Ltd (In Liquidation) ("the Company") from Commonwealth Bank of Australia Ltd in application WAG 3030 of 1993 in this Court after payment of any priority debts and the costs and expenses of the winding up be paid rateably to Plummers Industries Pty Ltd and Barfield Pty Ltd in proportion to the sums owed to them by the Company. 2. The applicant's costs of this application including reserved costs be part of the costs, charges and expenses of the winding up of the Company. NOTE: Settlement and entry of Orders is dealt with in Order 36 of the Federal Court Rules.