Warne v GDK Financial Solutions; Peridon Village Nominees, application of Billingham [2006] NSWSC 464

Reported Decision : 57 ACSR 525 (2006) 24 ACLC 1019

New South Wales Supreme Court

CITATION : Warne v GDK Financial Solutions; Peridon Village Nominees, application of Billingham [2006] NSWSC 464

HEARING DATE(S) : 15 & 17 May 2006

JUDGMENT DATE : 19 May 2006

JURISDICTION : Equity

JUDGMENT OF : Austin J

DECISION : Occupation agreements approved under s 477(2B). Directions given under s 479(3) and 506(1)(b) that the liquidators would be justified in paying outgoing residents and village administration expenses in full out of ingoing contributions.

CATCHWORDS : CORPORATIONS - winding up - company holds land used for retirement villages as trustee for unregistered managed investment scheme - company now in liquidation - vacant residential units - monies owing to outgoing residents and for administration of the retirement villages - whether the court should approve liquidators making new occupation agreements - whether court should give directions to support liquidators' proposal to pay outgoing residents and village administration expenses out of ingoing contributions, when winding up is incomplete

LEGISLATION CITED : Corporations Act 2001 (Cth), ss 477(1)(a), 477(2B), 479(3), 506(1)(b), 511

Corporate Affairs Commission v ASC Timber Pty Ltd (1998) 29 ACSR 107 Re Barrington and Associates Pty Ltd (in liq) [1989] VR 940 Re GA Listing & Maintenance Pty Ltd (1994) 15 ACSR 308 CASES CITED : Re GB Nathan & Co Pty Ltd (in liq) (1991) 24 NSWLR 694 Re Skay Fashions Pty Ltd (in liq) (986) 10 ACLR 743 Re Sydney Appliances (1998) 27 ACSR 725 Re Walker Hare Pty Ltd (in liq) [1968] VR 447 Warne v GDK Financial Solutions Pty Ltd [2006] NSWSC 259