Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Storm Financial Limited (Receivers and Managers Appointed) (Administrators Appointed) v Victorian Families Retirement & Investment Group Pty Ltd [2009] FCA 294
CORPORATIONS — Winding up — Application for provisional liquidation —Number of directors of company below the statutory minimum — Subsidiary of a parent company subject to administration and the appointment of receivers and managers — Winding up on just and equitable grounds — Power vacuum due to lack of directors — Whether appointment of provisional liquidators appropriate to ensure that the company is subject to lawful control pending the winding up application — Whether undertaking as to damages in respect of the provisional liquidation application is required Corporations Act 2001 (Cth) ss 461, 477
CIC Insurance Limited v Hannan and Co Pty Ltd (2001) 38 ACSR 245 considered Corpique (Number 20) Proprietary Limited v Eastcourt Limited (1999) 15 ACLR 586 considered STORM FINANCIAL LIMITED (RECEIVERS AND MANAGERS APPOINTED) (ADMINISTRATORS APPOINTED) (ACN 064 804 691) v VICTORIAN FAMILIES RETIREMENT & INVESTMENT GROUP PTY LTD (ACN 006 840 062)
QUD73 of 2009
LOGAN J
18 MARCH 2009
BRISBANE
IN THE FEDERAL COURT OF AUSTRALIA
QUEENSLAND DISTRICT REGISTRY QUD73 of 2009
BETWEEN: STORM FINANCIAL LIMITED (RECEIVERS AND MANAGERS APPOINTED) (ADMINISTRATORS APPOINTED) (ACN 064 804 691)
Applicant
AND: VICTORIAN FAMILIES RETIREMENT AND INVESTMENT GROUP PTY LTD (ACN 006 840 062)
Respondent
JUDGE: LOGAN J
DATE OF ORDER: 18 MARCH 2009
WHERE MADE: BRISBANE
THE COURT ORDERS THAT:
1. Rajendra Kumar Khatri and Ivor Worrell be appointed as the Provisional Liquidators of Victorian Families Retirement & Investment Group Pty Ltd ACN 006 840 062 until the determination of the winding up application or earlier order. 2. The Provisional Liquidators may take into their custody all of the assets of the Defendant. 3. The Provisional Liquidators have the powers of the liquidators as set out in s 477 of the Corporations Act 2001 (Cth). 4. The costs of and incidental to this application be costs in the winding up. 5. The return date for hearing of the winding up application be 23 April 2009 at 9.30am. Note: Settlement and entry of orders is dealt with in Order 36 of the Federal Court Rules. The text of entered orders can be located using eSearch on the Court's website. IN THE FEDERAL COURT OF AUSTRALIA
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