In the matter of Bonny Glen Fruits Pty Ltd [2020] NSWSC 1825

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Bonny Glen Fruits Pty Ltd [2020] NSWSC 1825 Hearing dates: 08 December 2020 Decision date: 08 December 2020 Jurisdiction: Equity Before: Leeming JA Decision: (1) Pursuant to section 477(2B) of the Corporations Act 2001 (Cth), leave be granted to the Applicants, as joint and several liquidators of the Fourth Defendant (Caernarvon), to enter into an agreement to vary the Vendor Finance Agreement as follows: paragraph (a) in Item 6 of Schedule 1 be changed from "12 months from Settlement Date" to "31 December 2021". (1A) Order 1 is subject to confirmation from the guarantors, Mr Bernard Hall and Ms Cheryl Catherine Adams, that they are bound by the varied Vendor Finance Agreement. (2) The balance of the Applicants' Interlocutory Process dated 2 December 2020 be stood over until 8 February 2021 in the Corporations List. (3) Costs be reserved. (4) In these orders, "Vendor Finance Agreement" means the vendor finance agreement entered into on 13 December 2019 by Caernarvon and each of (a) Fiona Hall and Hall Holdings1 Pty Ltd; (b) Bernard Hall; and (c) Cheryl Adams, in relation to the purchase by Fiona Hall and Hall Holdings1 Pty Ltd from Caernarvon of Lot 10 and Lot 11 in Deposited Plan 1002409. (5) Direct any party seeking orders in accordance with paragraphs (a) or (b) of the Interlocutory Process filed 2 December 2020 to file and serve any evidence in support on or before Wednesday 27 January 2021. (6) Direct any party opposing prayers 1(a) or (b) to file and serve any evidence on or before Wednesday 3 February 2021. Catchwords: CORPORATIONS – winding up – liquidators – application for leave under Corporations Act 2001 (Cth), s 477(2B) – extension of vendor finance provided by liquidator – no delay to winding up – consent by all contributories – leave granted Legislation Cited: Civil Procedure Act 2005 (NSW), s 56 Corporations Act 2001 (Cth), s 477 Cases Cited: In the matter of 77738930144 Pty Limited (in liq) (formerly Commercial Indemnity Pty Ltd) [2017] NSWSC 452 In the matter of Hawkesbury House Pty Limited (in liq) [2019] NSWSC 1673 Re HIH Insurance Ltd [2004] NSWSC 5 Category: Principal judgment Parties: Cameron Gray and Anthony Elkerton (Applicants) Timothy Hall (Plaintiff, Respondent) Bernard Hall (Second Defendant, Respondent) Fiona Hall (Respondent) Caernarvon Canobolas Pty Ltd ACN 089 276 808 (in liq) (Fourth defendant) Representation: Counsel: M Smith (Messrs Gray and Elkerton) D Smallbone (Mr Timothy Hall) A Spencer (Mr Bernard and Ms Fiona Hall)