Spooner, in the matter of Wengen Pty Ltd (in liquidation) [2022] FCA 863

Federal Court of Australia

Spooner, in the matter of Wengen Pty Ltd (in liquidation) [2022] FCA 863 File number(s): VID 308 of 2022

Judgment of: MCEVOY J

Date of judgment: 22 July 2022

Catchwords: BANKRUPTCY AND INSOLVENCY – grant of special leave to distribute surplus of funds to beneficiaries – s 488(2) of the Corporations Act 2001 (Cth) – where previous variations of the trust deed are ineffective – where correcting variations by the liquidators are allowed for the distribution of the surplus – where the requirements in r 7.9 of the Federal Court (Corporations) Rules 2000 (Cth) and reg 5.6.71 of the Corporations Regulations 2001 (Cth) are dispensed with – where costs of the liquidation are deemed reasonable and can be taken from the surplus.

Legislation: Corporations Act 2001 (Cth) ss 461(1)(k), 480(d), 485(2), 488(1), 488(2), 563B; Sch 2, ss 90-15(1), 90-15(3) Federal Court of Australia Act 1976 (Cth) s 20A Insolvency Law Reform Act 2016 (Cth) Federal Court (Corporations) Rules 2000 (Cth) rr 7.9, 7.10 Federal Court Rules 2011 (Cth) r 1.32 Corporations Regulations 2001 (Cth) reg 5.6.71

Cases cited: Brealey v Shields [2009] NSWSC 1148 Maertin v Klaus Maertin Pty Ltd (in liq) (2009) 232 FLR 239; [2009] BSWSC 618 Re Hawden Property Group Pty Ltd (in liq) (ACN 003 528 345 (2018) 125 ACSR 355; [2018] NSWSC 481 Re Lewis (as liquidators of Concrete Supply Pty Ltd) (2020) 145 ACSR 459; [2020] FCA 841 Re Sakr Bros Pty Ltd (in liq) [2019] FCA 547