Crouch re Heritage Fine Wines Pty Ltd [2007] NSWSC 1055

New South Wales Supreme Court

CITATION : Crouch re Heritage Fine Wines Pty Ltd [2007] NSWSC 1055

HEARING DATE(S) : 10/09/07 Written submissions 14/09/07

JUDGMENT DATE : 21 September 2007

JURISDICTION : Equity Division Corporations List

JUDGMENT OF : Barrett J

DECISION : Direction sought by liquidators refused. Costs of liquidators' application to be paid out of assets of company as expense of winding up.

CATCHWORDS : CORPORATIONS - winding up - creditors voluntary winding up - company sold wine to investors and stored it for them in expectation of future profit making by sale - company often effected such sales for investors' account - after winding up, investors' wine collected and preserved by liquidator as court appointed receiver - some such wine sold by receiver for investors' account - other wine delivered to investors or to new storage facility for their account - receiver (who was also liquidator) developed expertise in selling wine - whether liquidator may now offer selling services to persons to whom wine has been delivered or for whom it is held in new storage facility

LEGISLATION CITED : Corporations Act 2001 (Cth), Part 5.3A, ss.420(2)(b), 446A(2), 477(1)(a), 477(2)(m), 493(1), 506(1)(b), 511

Crouch v Abell; Application of Crouch [2005] NSWSC 1308 Re Bairnsdale Food Products Ltd [1948] VLR 264 CASES CITED : Re Cambrian Mining Co (1882) 48 LT 114 Re Wreck Recovery and Salvage Co (1880) 15 ChD 353 Rutledge v Inland Revenue Commissioner (1929) 14 TC 490

Nicholas James David Crouch - First Plaintiff PARTIES : Shabnam Amirbeaggi - Second Plaintiff Heritage Fine Wines Pty Ltd (in liquidation) - Third Plaintiff