Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Storm Financial Limited (Receivers and Managers Appointed) (In Liquidation) v Victorian Families Retirement & Investment Group Pty Ltd (No 3) [2009] FCA 629
CORPORATIONS – insolvency – s 447(2B) of the Corporations Act 2001 (Cth) – approval of sale of business of subsidiary of financial services company in liquidation – subsidiary also in liquidation – whether transaction is proper realisation of assets of parent company or otherwise assists in the winding up – whether sale expeditious and beneficial to administration of the winding up Held: approval of sale agreement granted – costs of the application be costs in the winding up
Corporations Act 2001 (Cth) s 477(2B) Corporate Affairs Commission v ASC Timber Pty Ltd (1998) 16 ACLC 1,642 Stewart, in the matter of Newtronics Pty Ltd [2007] FCA 1375 STORM FINANCIAL LIMITED (RECEIVERS AND MANAGERS APPOINTED) (IN LIQUIDATION) ACN 064 804 691 v VICTORIAN FAMILIES RETIREMENT & INVESTMENT GROUP PTY LTD (IN LIQUIDATION) ACN 006 840 062
QUD 73 of 2009
COLLIER J
9 JUNE 2009
BRISBANE
IN THE FEDERAL COURT OF AUSTRALIA
QUEENSLAND DISTRICT REGISTRY QUD 73 of 2009
BETWEEN: STORM FINANCIAL LIMITED (RECEIVERS AND MANAGERS APPOINTED) (IN LIQUIDATION) ACN 064 804 691
Applicant
AND: VICTORIAN FAMILIES RETIREMENT & INVESTMENT GROUP PTY LTD (IN LIQUIDATION) ACN 006 840 062
Respondent
JUDGE: COLLIER J
DATE OF ORDER: 9 JUNE 2009
WHERE MADE: BRISBANE
THE COURT ORDERS THAT:
1. The liquidators of the respondent, Rajendra Kumar Khatri and Ivor Worrell, on behalf of the respondent, have approval to enter into a written agreement with Geelong Wealth Management Group Pty Ltd ACN 136 854 487 on the terms of the written agreement annexed as RKK-17 to the affidavit of Rajendra Kumar Khatri affirmed on 5 June 2009 and filed in these proceedings. 2. The costs of and incidental to this application be costs in the winding up. 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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