NSW Caselaw
Reported Decision : 76 ACSR 164 235 FLR 434
New South Wales Supreme Court
CITATION : FAI Car Owners Mutual Insurance Company Pty Ltd & Ors [2009] NSWSC 1350
HEARING DATE(S) : 30/11/09
JUDGMENT DATE : 4 December 2009
JURISDICTION : Equity Division Corporations List
JUDGMENT OF : Barrett J
DECISION : Amended applications and further submissions to be brought in
CATCHWORDS : CORPORATIONS - winding up - winding up by the court - surplus after payment of debts and claims in full - proposed distribution to contributories - whether necessary to settle list of contributories - ascertaining entitlements to surplus - role of company's constitution - need for "special leave" to distribute - whether Form 551 should be dispensed with - where surplus includes company's right to participate as a creditor in the insolvent winding up of another company - nature of that right - proposed distribution of the right in kind - where constitution allows distribution in kind with sanction of special resolution - no effective special resolution passed - whether court has power to sanction distribution in kind despite absence of special resolution - whether unanimous assent may cure absence of special resolution - whether assignment of right under winding up of another company is an "agreement" within s 477(2B) - where entitlement to surplus rests with sole member which is itself in liquidation and company concerned is a creditor in that liquidation - whether modified rule in Cherry v Boultbee requires deferral of distribution of surplus until proceeds of proof received - no such requirement in case of sole contributory - distribution in kind of the company's right under the sole contributory's winding up - whether such distribution constitutes "compromise" of "debt" - liquidator's remuneration - power of court to fix where no committee of inspection and no creditors - release of liquidators - application premature where surplus not distributed - destruction of books - whether on the evidence order sought as to destruction should be made
We try to embed the page this law was scraped from. If the site blocks framing, you still get the link and a local excerpt.
Last checked with source on —
Checking whether the official page can be embedded…
Plain-English simplify of this law: a short summary, key points, and both sides of the argument. Generated on first view via Replicate, then cached. Vote on what helps your study.
No study brief is cached for this law yet. Sign up to generate a plain-English brief.
Sign up to generate