Peter Turner v Ulicorp Pty Ltd [2006] NSWSC 1445

New South Wales Supreme Court

CITATION : Peter Turner v Ulicorp Pty Ltd [2006] NSWSC 1445

HEARING DATE(S) : 13/12/06

JUDGMENT DATE : 13 December 2006

JURISDICTION : Equity Division Corporations List

JUDGMENT OF : White J

EX TEMPORE JUDGMENT DATE : 12/13/2006

DECISION : See Paras 22-27 of judgment.

CATCHWORDS : CORPORATIONS – Winding-up – Liquidators – Provisional liquidators – Appointment – Application by plaintiff, a shareholder of defendant, for orders that provisional liquidator be appointed to defendant and defendant be wound up pursuant to s 461(1)(e) or 461(1)(k) Corporations Act 2001 (Cth) – Plaintiff complains that defendant preparing to declare dividend which would leave defendant unable to pay remuneration and expenses of any liquidator appointed to defendant – Whether provisional liquidator should be appointed – Where defendant proffers undertaking not to declare any dividend or make any other payment to shareholders – Where application brought despite existing agreement that defendant be wound up voluntarily – Where appointment of provisional liquidator likely to be less timely and cost-efficient than voluntary winding-up – Application dismissed.

LEGISLATION CITED : Corporations Act 2001 (Cth)

CASES CITED : Zempilas & Ors v JN Taylor Holdings (in prov liq) (No. 3) (1990) 3 ACSR 518

Peter Turner PARTIES : v Ulicorp Pty Ltd

FILE NUMBER(S) : SC 6187/06

COUNSEL : Plaintiff: S Golledge Defendant: J Choy

SOLICITORS : Plaintiff: Gordon & Johnstone Solicitors Defendant: N/A

IN THE SUPREME COURT OF NEW SOUTH WALES EQUITY DIVISION CORPORATIONS LIST