Australian Securities & Investments Commission v D W & I M Tapping Pty Ltd [1998] FCA 1611

FEDERAL COURT OF AUSTRALIA CORPORATIONS LAW – whether it is in the interests of the respondent's creditors to have the respondent continue under administration or whether a provisional liquidator ought to be appointed. Corporations Law (Cth) ss472, 440 Australian Securities Commission v Solomon (1996) 19 ASCR 73

AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION -v- D W AND I M TAPPING PTY LTD TG 3019 of 1998 MARSHALL J HOBART 1 DECEMBER 1998

IN THE FEDERAL COURT OF AUSTRALIA

TASMANIA DISTRICT REGISTRY TG 3019 of 1998

BETWEEN: AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

Applicant

AND: D W AND I M TAPPING PTY LTD

Respondent

JUDGE: MARSHALL J

DATE OF ORDER: 1 december 1998

WHERE MADE: Hobart

THE COURT ORDERS THAT: (1) An official liquidator of D W and I M Tapping Proprietary Limited (ACN 051 859 682) be provisionally appointed pursuant to subsection 472(2) of the Corporations Law (Cth); (2) John William Woods, a partner of Moore Robsons, Chartered Accountants, of 30 Davey Street, Hobart, in the State of Tasmania be appointed provisional liquidator of D.W. and I.M. Tapping Proprietary Limited (ACN 051 859 682) with the powers provided by the Corporations Law (Cth); (3) The provisional liquidator be entitled to reasonable remuneration and reasonable costs and expenses properly incurred in the performance of his duties and in the exercise of his powers as provisional liquidator to be calculated on the basis of the time reasonably spent by the provisional liquidator and by his partners and staff in accordance with the Insolvency Practitioners Association's scale of fees to be taxed or otherwise settled as the Registrar may determine; (4) The provisional liquidator take possession of the property of D.W. and I.M. Tapping Proprietary Limited (ACN 051 859 682) including: