Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Connelly (liquidator) v Papadopoulos, in the matter of TSK QLD Pty Ltd (in liq) [2024] FCA 888 File number(s): QUD 425 of 2022
Judgment of: DOWNES J
Date of judgment: 8 August 2024
Catchwords: CORPORATIONS – asset-stripping scheme devised and implemented by restructuring specialist adviser prior to company entering administration and then liquidation – liability not challenged – director failed to appear at trial – director lodged debtor's petition after trial commenced – default judgment entered against director and associated company – adviser appeared at trial and challenged aspects of quantum – adviser sought novel order whereby payments of judgment sum only required in event of default by other parties with whom liquidators had reached settlement – orders sought by plaintiffs made
Legislation: Bankruptcy Act 1966 (Cth) ss 55, 58 Corporations Act 2001 (Cth) ss 588FF, 588M, 1317H Federal Court Rules 2011 (Cth) rr 1.32, 1.33, 5.22, 5.23, 41.03, 41.11
Cases cited: Yan v Spyrakis as trustee in bankruptcy for Liu [2022] FCA 872 Yeo v Damos Earthmoving Pty Ltd, in the matter of Beachwood Developments Pty Ltd (in liq) [2011] FCA 1129
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