Deppeler, in the matter of Moulamein Grain Co-Operative Limited (in liquidation) (No 2) [2023] FCA 658

Federal Court of Australia

Deppeler, in the matter of Moulamein Grain Co-Operative Limited (in liquidation) (No 2) [2023] FCA 658 File number(s): VID 506 of 2022

Judgment of: O'CALLAGHAN J

Date of judgment: 20 June 2023

Catchwords: CORPORATIONS – where court made order appointing receivers over certain grain held by the third plaintiff, a grain growers' Co-operative – where Co-operative in liquidation – where grain realised and converted into money – where order sought by receivers that they were justified and acting reasonably in proceeding on the basis that net proceeds of realisation of grain be distributed in accordance with a particular proposed method – where order sought by receivers that they were justified and acting reasonably in proceeding on the basis that net proceeds from realisation of so-called "Surplus Grain" be retained by the Co-operative in liquidation and applied for the benefit of creditors generally as an asset available in the winding up – where certain growers (interested parties) given leave to appear to contend that method of distribution of the proceeds of sale proposed by the receivers should be rejected and the proceeds instead be paid to growers in accordance with an alternative method – where growers held to be taken to have abandoned any claims to the Surplus Grain or proceeds thereof – matter listed for further hearing, including about appropriate form of relief

Legislation: Federal Court of Australia Act 1976 (Cth) s 57

Cases cited: Australian Securities and Investments Commission v Letten (No 7) (2010) 190 FCR 59 Gatward v Alley (1940) 40 SR (NSW) 174 Humphris, in the matter of Hazelton Air Charter Pty Limited v Mentha [2002] FCA 529 In the matter of International Art Holdings Pty Ltd (admin apptd); International Art Holdings Pty Ltd (admin apptd) v Adams [2011] NSWSC 164; (2011) 85 ACSR 1