Audio Connection Australia Pty Ltd v FI Audio Video Pty Ltd [2010] NSWSC 308

New South Wales Supreme Court

CITATION : Audio Connection Australia Pty Ltd v FI Audio Video Pty Ltd [2010] NSWSC 308

HEARING DATE(S) : 1 April 2010

JUDGMENT DATE : 1 April 2010

JURISDICTION : Equity

JUDGMENT OF : White J

EX TEMPORE JUDGMENT DATE : 1 April 2010

1. Order pursuant to s 472(2) of the Corporations Act 2001 (Cth) that Nicholas Malanos and Paul Nogueira, both of Worrells Solvency and Forensic Accountants, Level 34, 60 Margaret Street, Sydney and Suite 4, Ocean Central, 2-4 Ocean St, Maroochydore Qld 4558, official liquidators, be appointed as provisional liquidators of the first defendant. 2. Order that the said Nicholas Malanos and Paul Nogueira be appointed until further order as receivers and managers of any and all assets held by the first defendant on trust pursuant to the Joint Venture Agreement dated 10 April 2000 which is at Tab 3 of Exhibit JR-1, jointly and severally and without security and with the following powers: a) the power conferred by s 420 of the Corporations Act on a receiver of a property of a corporation other than s 420(2)(d); b) the powers conferred on them in their capacity as provisional liquidators by s 472 of the Corporations Act; and c) the power to investigate and to require the plaintiff, the third defendant, officers and employees of the first defendant to provide information, books and records in relation to the business, assets, liabilities, income and expenses of the Joint Venture the subject of the Joint Venture Agreement, including the matters raised by the third defendant in his affidavit of 31 March 2010. 3. Direct that within 30 days or such further time as the court might allow, the said Nicholas Malanos and Paul Nogueira report to the court and to the plaintiff and third defendant on the results of their investigation. DECISION : 4. Direct that the said Nicholas Malanos and Paul Nogueira give reasonable access to Mr Joseph Reidiger and to the third defendant, and any agent nominated by either of them in writing, to the books and records of which they take possession provided that this does not interfere with the provisional liquidation or receivership. 5. Direct that the said Nicholas Malanos and Paul Nogueira will be justified in retaining Mr Ian McLean as consultant to report on the above matters and the prospects of the business of the first defendant continuing as a going concern. 6. Give liberty to the said Nicholas Malanos and Paul Nogueira to apply on 3 days' notice for directions. 7. Order that exhibit RG2 to Mr Gibbons' affidavit of 31 March 2010 be returned. 8. Stand over the proceedings to the Corporations List at 10am on 17 May 2010. 9. Orders may be entered forthwith. 10. The costs of the interlocutory processes filed on 25 March and 31 March 2010 will be costs in the proceedings.