Independent Cement and Lime Pty Limited v Brick and Block Company Ltd (In Liquidation) (Receivers and Managers Appointed) [2010] FCA 352

FEDERAL COURT OF AUSTRALIA

Independent Cement and Lime Pty Limited v Brick and Block Company Ltd (In Liquidation) (Receivers and Managers Appointed) [2010] FCA 352 Citation: Independent Cement and Lime Pty Limited v Brick and Block Company Ltd (In Liquidation) (Receivers and Managers Appointed) [2010] FCA 352

Parties: INDEPENDENT CEMENT AND LIME PTY LIMITED v BRICK AND BLOCK COMPANY LTD (IN LIQUIDATION) (RECEIVERS AND MANAGERS APPOINTED), ANDREW BARNDEN, OZEM KASSEM and ALPHALITE PTY LIMITED ACN 137 970 284

File number: VID 930 of 2009

Judges: FINKELSTEIN J

Date of judgment: 13 April 2010

Catchwords: CORPORATIONS – duty of voluntary administrators to investigate potential litigation recoveries available if the company were wound up CORPORATIONS – application to remove liquidators – whether removal justified where liquidators, previously acting as administrators, conducted inadequate investigations into potential recovery actions

Legislation: Corporations Act 2001 (Cth) ss 438A, 503

Cases cited: Bovis Lend Lease Pty Ltd v Wily (2003) 45 ACSR 612 discussed City & Suburban Pty Ltd v Smith (as liquidator of Conpac (Aust) Pty Ltd (in liq)) (1998) 28 ACSR 328 cited Deputy Commissioner of Taxation v Portinex Pty Ltd (2000) 156 FLR 453 cited Multi-Core Aerators Pty Ltd v Dye [1999] VSC 205 cited Re Greight Pty Ltd (2006) FCA 17 discussed