Federal Court of Australia
COURT OF AUSTRALIA
Saker, in the matter of Great Southern Limited [2014] FCA 771 Citation: Saker, in the matter of Great Southern Limited [2014] FCA 771
Parties: ANDREW JOHN SAKER, MARTIN BRUCE JONES, DARREN GORDON WEAVER AND JAMES HENRY STEWART IN THEIR CAPACITY AS JOINT AND SEVERAL LIQUIDATORS OF GREAT SOUTHERN LIMITED (ACN 052 046 536) (IN LIQUIDATION)
File number: WAD 44 of 2014
Judge: MCKERRACHER J
Date of judgment: 24 July 2014
Catchwords: INSOLVENCY – conduct of liquidators – liquidators sought directions as to whether the liquidators were bound to hold certain funds on trust and how they should be applied in the course of the winding up – no trust obligation existed – liquidators bound by s 561 of the Corporations Act 2001 (Cth) - funds to be applied in the order of priority established by s 556 of the Corporations Act 2001 (Cth)
Legislation: Corporations Act 2001 (Cth) ss 9, 511(1)(a), 556, 558, 561, 1337B(1)
Cases cited: Buchler v Talbot [2004] 2 AC 298 Re Esplanade Theatre Ltd (in liq) [1929] VLR 237 Cook Italiano Family Fruit Company Pty Ltd (in liq) (2010) 190 FCR 474 Re Great Southern Ltd (in liq);Ex Parte Thackray (2012) 260 FLR 362 McEvoy v Incat Tasmania Pty Ltd (2003) 130 FCR 503 Stein v Saywell (1969) 121 CLR 529 Visbord v Commissioner of Taxation (Cth) (1943) 68 CLR 354 Westminster Corporation and United Travellers Club Company Limited v Chapman [1916] 1 Ch 161
Date of hearing: 26 March 2014
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