Palmer and Collis and Terraplanet Limited (in liquidation), in the matter of Terraplanet Limited (in liquidation) [2007] FCA 2092

FEDERAL COURT OF AUSTRALIA

Palmer and Collis and Terraplanet Limited (in liquidation), in the matter of Terraplanet Limited (in liquidation) [2007] FCA 2092

CORPORATIONS – application by liquidators under s 436B(2) of Corporations Act 2001 (Cth) for leave to appoint themselves as administrators of the company – considerations relevant to exercise of discretion – main consideration whether liquidators appropriate persons to be appointed – whether order should be made under s 447A of Act dispensing with holding of first meeting of creditors under s 436E of Act in circumstances in which there had been a committee of inspection in the liquidation all the members of which supported the present application Held: orders made as sought under ss 436B(2) and 447A of the Act. Corporations Act 2001 (Cth) ss 436B(2), 436E, 447A Deputy Commissioner of Taxation v Foodcorp Pty Ltd (1994) 13 ACSR 796 cited Re Cobar Mines Pty Ltd (rec and mgr apptd) (in liq) (1998) 30 ACSR 125 cited John R Turk & Sons (Artarmon) Pty Ltd v Newmont Television Pty Ltd [1999] NSWSC 622 cited Re Nardell Coal Corporation Pty Ltd (recs and mgrs apptd) (in liq) (2003) 47 ACSR 122 cited Re Data Homes Pty Ltd (in liq) [1972] 2 NSWLR 22 cited Re Depsun Pty Ltd (1994) 13 ACSR 644 cited CHRISTOPHER JOHN PALMER AND BRYAN PATRICK COLLIS and terraplanet limited (In liquidation) (ACN 088 749 008) NSD 2445 OF 2007

LINDGREN J

28 December 2007

SYDNEY IN THE FEDERAL COURT OF AUSTRALIA

NEW SOUTH WALES DISTRICT REGISTRY NSD 2445 OF 2007

IN THE MATTER OF TERRAPLANET LIMITED (IN LIQUIDATION) (ACN 088 749 008) BETWEEN: CHRISTOPHER JOHN PALMER AND BRYAN PATRICK COLLIS

First Plaintiffs

TERRAPLANET LIMITED (IN LIQUIDATION)

(ACN 088 749 008)

Second Plaintiff

JUDGE: LINDGREN J DATE OF ORDER: 21 December 2007