Shepard & Dean-Willcock v Sports Mondial of Australia Pty Ltd (in liquidation) [2005] NSWSC 432

Reported Decision : 53 ACSR 746

New South Wales Supreme Court

CITATION : Shepard & Dean-Willcock v Sports Mondial of Australia Pty Ltd (in liquidation) [2005] NSWSC 432

HEARING DATE(S) : 2 May 2005

JUDGMENT DATE : 2 May 2005

JURISDICTION : Equity

JUDGMENT OF : Campbell J

DECISION : Advice given on distribution of funds. Declarations not made.

CATCHWORDS : CORPORATIONS - liquidation and voluntary administration - administration under Deed of Company Arrangement - fund is established under Deed but not distributed before company goes into liquidation - whether fund is held solely for Deed creditors, or for all creditors including post-deed creditors - recovery after liquidation supervenes pursuant to security given to administrators to secure obligations of company under deed - whether distributable solely to deed creditors - recovery by liquidator of unfair preference - whether distributable to deed creditors - CORPORATIONS - liquidation and voluntary administration - application for judicial advice and declarations - when appropriate to make declarations - PRACTICE - declaratory judgments and orders - whether appropriate to make declaration about manner of distribution of funds held by administrators/liquidators of corporation

LEGISLATION CITED : Corporations Act 2001 (Cth)

Dean-Willcocks v ACG Engineering [2003] NSWSC 353; (2003) 45 ACSR 290; (2003) 21 ACLC 1226 CASES CITED : Re GB Nathan & Co Pty Ltd (in liq) (1991) 24 NSWLR 674 Re French Caledonia Travel Pty Limited [2003] NSWSC 1008; (2003) 59 NSWLR 361

Adam Shepard & Ronald John Dean-Willcocks - Plaintiffs PARTIES : Sports Mondial of Australia Pty Limited (in liquidation) - Defendant