Lion Energy Limited v Tulloch Lodge Limited (in liq), in the matter of Tulloch Lodge Limited (in liq) [2014] FCA 259

FEDERAL COURT OF AUSTRALIA

Lion Energy Limited v Tulloch Lodge Limited (in liq), in the matter of Tulloch Lodge Limited (in liq) [2014] FCA 259 Citation: Lion Energy Limited v Tulloch Lodge Limited (in liq), in the matter of Tulloch Lodge Limited (in liq) [2014] FCA 259

Parties: LION ENERGY LIMITED ACN 000 753 640 v TULLOCH LODGE LIMITED (IN LIQUIDATION) ACN 003 157 533; NICHOLAS COOPER AND ANDREJS STRAZDINS, JOINT AND SEVERAL LIQUIDATORS OF TULLOCH LODGE LIMITED ACN 003 157 533 (IN LIQUIDATION)

File number: SAD 272 of 2006

Judge: WHITE J

Date of judgment: 26 March 2014

Catchwords: CORPORATIONS – application by liquidators under Corporations Act 2001 (Cth) s 488(2) for special leave to distribute surplus to contributories – proposal to distribute surplus only to those shareholders who will receive at least $25.00 – whether requirements of Corporations Act 2001 (Cth) and Corporations Regulations 2001 (Cth) have been satisfied – substantial compliance in completing Form 551 schedule as required by reg 5.6.71 of the Corporations Regulations 2001 (Cth)

Legislation: Acts Interpretation Act 1901 (Cth) ss 2, 25C Corporations Act 2001 (Cth) ss 169, 478, 485, 488 Corporations Regulations 2001 (Cth) regs 5.6.58-5.6.62, 5.6.71 Federal Court (Corporations) Rules 2000 r 7.9

Cases cited: Birch v Cropper (1889) 14 App Cas 525 Brealey v Shields [2009] NSWSC 1148 CGU Workers Compensation (NSW) Ltd v Ascom Service Automation (Australia) Pty Ltd [2005] NSWSC 747 Re D S Millard & Son Pty Ltd (1997) 24 ACSR 71 Re FAI Car Owners Mutual Insurance Co Pty Ltd [2009] NSWSC 1350; (2009) 262 ALR 552 Re Klaus Maertin Pty Ltd (in liq) [2009] NSWSC 618; (2009) 232 FLR 239 Re Paragon Holdings Ltd [1961] 1 Ch 346 Re Sullivans Cove IXL Nominees Pty Ltd [2011] TASSC 9; (2011) 82 ACSR 224 Visnic v Sywak [2012] NSWSC 1284