In the matter of Austral Alloys Pty Limited [2021] NSWSC 637

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Austral Alloys Pty Limited [2021] NSWSC 637 Hearing dates: 2 June 2021 Date of orders: 2 June 2021 Decision date: 04 June 2021 Jurisdiction: Equity - Corporations List Before: Black J Decision: Application dismissed. Applicant to pay Respondents' costs. Catchwords: CORPORATIONS — Receivers, controllers and managers — Duties and liabilities — Whether sale process co8ntemplated by earlier consent orders would result in assets being sold at undervalue — Whether receiver has taken reasonable steps to obtain market value for company assets. JUDGMENTS AND ORDERS — Amending, varying and setting aside — Inherent jurisdiction —Whether substitute order should be made altering the process of sale of company assets provided for in earlier consent orders of the Court. Legislation Cited: - Corporations Act 2001 (Cth), s 420A Cases Cited: - Deangrove Pty Ltd v Buckby (2006) 56 ACSR 630; [2006] FCA 212 - Re Ansett Australia Ltd (No 3) and Korda (2002) 115 FCR 409; 40 ACSR 433; [2002] FCA 90 - Re Australasian Barrister Chambers Pty Ltd (In Liq) [2017] NSWSC 597 - Re Australasian Barrister Chambers Pty Ltd (in liq) [2017] NSWCA 117 - Re MF Global Australia Ltd (in liq) (2012) 267 FLR 27; [2012] NSWSC 994 Category: Procedural rulings Parties: Paul Michael Hinson (Applicant) Austral Alloys Pty Ltd (First Respondent) Peter Morrison (Second Respondent) Brendan Quoyle (Third Respondent) Mr Alan Hayes (Court appointed receiver, by leave) Representation: Counsel: Mr P Newton (Applicant) Mr D Robertson (Court appointed receiver) Mr P Silver and Ms R McEwen (Second and Third Respondents)