In the matter of Aboriginal Community Benefit Fund Pty Ltd (in liq) [2022] NSWSC 1784

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Aboriginal Community Benefit Fund Pty Ltd (in liq) [2022] NSWSC 1784 Hearing dates: 8 December 2022 Date of orders: 8 December 2022 Decision date: 23 December 2022 Jurisdiction: Equity - Corporations List Before: Black J Decision: Orders appointing special purpose liquidators made. Catchwords: CORPORATIONS — Winding up — Liquidators — Appointment of special purpose liquidator — Where question arises as to apparent independence of general purpose liquidator — Whether special purpose liquidator should be appointed to conduct certain investigations and possible proceedings. Legislation Cited: - Corporations Act 2001 (Cth), s 5F - Corporations (Ancillary Provisions) Act 2001 (NSW) - Court Suppression and Non-Publication Orders Act 2010 (NSW) - Funeral Funds Act 1979 (NSW), ss 74, 74A - Supreme Court Act 1970 (NSW), s 75 Cases Cited: - GDK Projects Pty Ltd v Umberto Pty Ltd (in liq) [2018] FCA 541 - Korda, in the matter of Ten Network Holdings Ltd (admins apptd) (recs and mgrs apptd) (2017) 252 FCR 519; [2017] FCA 914 - Lo v Nielson & Moller (Autoglass) (NSW) Pty Ltd [2008] NSWSC 407 - Re FW Projects Pty Ltd (in liq) [2019] NSWSC 892 - Re Jabiru Satellite Ltd (in liq) and NewSat Ltd (in liq) [2022] NSWSC 459 - State of Victoria v CTM Training Solutions Pty Ltd (in liq) [2017] VSC 47 - Onefone Australia Pty Ltd v One.Tel Ltd (in liq) (2003) 48 ACSR 562; [2003] NSWSC 1228. Category: Principal judgment Parties: Australian Securities and Investments Commission (First Plaintiff) Minister for Fair Trading (Second Plaintiff) David Michael Stimpson in his capacity as liquidator of the Second to Eighth Defendants (First Defendant) The Aboriginal Community Benefit Fund Pty Ltd (in liq) (Second Defendant) Aboriginal Community Benefit Fund No 2 Pty Ltd (in liq) (Third Defendant) ACBF Funeral Plans Pty Ltd (in liq) (Fourth Defendant) Community Funeral Plans Pty Ltd (in liq) (Fifth Defendant) Youpla Administration Pty Ltd (in liq) (Sixth Defendant) Youpla Pty Ltd (in liq) (Seventh Defendant) Youpla Group Pty Ltd (in liq) (Eighth Defendant) Representation: Counsel: S Maiden KC/C Hamilton-Jewell (First Plaintiff) D Barnett (Second Plaintiff) C D Coulsen (First Defendant)