Rocke (as liquidator of ACN 080 794 636 Pty Ltd), In the matter of ss 502 and 506(4) of the Corporations Act [2007] FCA 1687

FEDERAL COURT OF AUSTRALIA

Rocke (as liquidator of ACN 080 794 636 Pty Ltd), In the matter of ss 502 and 506(4) of the Corporations Act [2007] FCA 1687

CORPORATIONS – replacement of liquidators and deed administrators – replacement of trustees of Creditors' Trusts – replacements occasioned by restructuring of relevant firms of accountants – administrative continuity demonstrated – cost saving in application to Court – alternative numerous and expensive creditors' meetings – liberty to creditors to apply to vary orders made – features of creditors' trusts - costs not to be borne by companies or trusts affected by orders

Corporations Act 2001 (Cth) s 447A, s 449D, s 473, s 502, s 503 Trustees Act 1962 (WA) s 77

Australian Securities and Investments Commission v Edensor Nominees Pty Ltd (2001) 204 CLR 559 cited Ian Charles Francis and Michael Patrick Joseph Ryan as Trustees of The West Australian Shed Commercial Pty Ltd Creditors Trust Deed and West Australian Shed Co Pty ltd Creditors Trust Deed [2003] WASC 39 cited In the matter of The Bonang Gold Mining Company, Limited (1893) 14 LR (NSW) Eq 262 cited Open Telecommunications Ltd (Subject to Deed of Company Arrangement) [2003] NSWSC 1198 cited Re Application of Vouris (2004) 49 ACSR 543 cited Re McGrath and Anor (as liqs of HIH Insurance Ltd (in liq)) (2005) 54 ACSR 55 cited Re Memdarma Pty Ltd (In liq) (No 2) (2007) 61 ACSR 601cited Rupert Co v Chameleon Mining (2006) 24 ACLC 635 cited

Heaver-Wren T, "DOCA Termination through Creditors' Trust Deeds" (2004) 12 Insolv LJ McKenzie R, "Creditors' Trusts and the ASIC Guidelines" (2005) 17(3) Australian Insolvency Journal Proudman D: "Some Issues Surrounding Creditors' Trust Deeds Parts 1 and 2" (2005) 6 INSLB

CLIFFORD STUART ROCKE AND JEFFERY LAURENCE HERBERT IN THEIR CAPACITIES AS LIQUIDATORS OF ACN 080 794 636 PTY LTD and NORMAN MEL ASHTON IN HIS CAPACITY AS LIQUIDATOR OF KEYROS PTY LTD WAD177 OF 2007 JEFFERY LAURENCE HERBERT IN HIS CAPACITY AS TRUSTEE OF THE CARR CIVIL CONTRACTING PTY LTD CREDITORS' TRUST AND OTHERS WAD178 OF 2007