Palmer and Collis and Terraplanet Limited (in liquidation), in the matter of Terraplanet Limited (in liquidation) (No 2) [2008] FCA 582

FEDERAL COURT OF AUSTRALIA

Palmer and Collis and Terraplanet Limited (in liquidation), in the matter of Terraplanet Limited (in liquidation) (No 2) [2008] FCA 582

CORPORATIONS – application by liquidators for order terminating winding up – liquidators had previously appointed themselves administrators pursuant to leave of court – deed of company arrangement (DOCA) entered into – DOCA implemented and term of DOCA expired – creditors' trust – recapitalisation of company by third party – resolution passed by shareholders in support of third party's recapitalisation proposal – payment of amount into a trust for benefit of participating creditors, and release of company from its obligation to pay creditors – interests of existing and future creditors, contributories and the public – relevant considerations – solvency of company recommencing its commercial life Held: order made terminating winding up Corporations Act 2001 (Cth) s 482

Rupert Co v Chameleon Mining (2006) 24 ACLC 635 cited CHRISTOPHER JOHN PALMER AND BRYAN PATRICK COLLIS AND TERRAPLANET LIMITED (IN LIQUIDATION) (ACN 088 749 008)

nsd 2445 of 2007

LINDGREN J

18 APRIL 2008

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) NOW NAMED TPL CORPORATION LIMITED 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: 18 APRIL 2008

WHERE MADE: SYDNEY

THE COURT ORDERS THAT:

1. The winding up of Terraplanet Limited (in liquidation) be terminated on today's date, 18 April 2008. 2. Order 1 be entered forthwith. Note: Settlement and entry of orders is dealt with in Order 36 of the Federal Court Rules.