Wily as Liquidator of Anglican Insurance Ltd [2009] NSWSC 696

New South Wales Supreme Court

CITATION : Wily as Liquidator of Anglican Insurance Ltd [2009] NSWSC 696

HEARING DATE(S) : 22/04/09

JUDGMENT DATE : 23 July 2009

JURISDICTION : Equity Division Corporations List

JUDGMENT OF : Barrett J

DECISION : Question arising in voluntary winding up to be answered to the effect that, subject to distribution of surplus among members, liquidator may regard the affairs of the company as fully wound up.

CATCHWORDS : CORPORATIONS - winding up - members voluntary winding up - application by liquidator for determination of question arising in the winding up - where insurance company entered into arrangements with another insurer for transfer of engagements - arrangements originally rested in contract only - where the other insurer later covenanted by deed poll in favour of policyholders to perform its obligations as assignee under those arrangements - liquidator justified in regarding affairs of the company in liquidation as fully wound up subject to distribution of remaining surplus among members

LEGISLATION CITED : Corporations Act 2001 (Cth), Part 5.1, ss 509, 511

CATEGORY : Principal judgment

Chelsea and Waltham Green Building Society v Armstrong [1951] Ch 853 Macdonald v Law Union Fire & Life Insurance Co (1874) LR 9 QB 328 Oakes v Commissioner of Stamp Duties (NSW) [1954] AC 57 Pulsford v Devenish [1903] 2 Ch 625 CASES CITED : Re A&K Holdings Pty Ltd [1964] VR 257 Re Anglican Insurance Ltd [2008] NSWSC 41; (2008) 26 ACLC 147 Re London and Caledonian Marine Insurance Co [1879] 11 ChD 140 Re Yanollee Pty Ltd [2006] NSWSC 705; (2006) 24 ACLC 1087 Toal v Aquarius Platinum Ltd [2004] FCA 550