Onefone Australia Pty Limited v One.Tel Limited [2010] NSWSC 401

Reported Decision : 78 ACSR 98

New South Wales Supreme Court

CITATION : Onefone Australia Pty Limited v One.Tel Limited [2010] NSWSC 401

HEARING DATE(S) : 12/04/10, 29/04/10

JUDGMENT DATE : 7 May 2010

JURISDICTION : Equity Division Corporations List

JUDGMENT OF : Barrett J

1. Direct that the special purpose liquidator serve on Australian Securities and Investment Commission within seven days: (a) a copy of the interlocutory process filed on 15 February 2010; (b) a copy of the amended interlocutory process filed on 29 March 2010; (c) a copy of the amended interlocutory process filed on 29 April 2009; DECISION : (d) a copy of each affidavit read upon the hearing on 12 and 29 April 2010 and the exhibits thereto; (e) a copy of the written submissions of the special purpose liquidator and of the committee members furnished to the court before, at and after the hearing on 12 and 29 April 2010; (f) a copy of the transcript of the hearing on 12 and 29 April 2010; and (g) a copy of these reasons. 2. Direct that the present application stand over before me at 9.30am on 28 May 2010.

CATCHWORDS : CORPORATIONS - winding up - creditors voluntary winding up - remuneration of liquidator - power of committee of inspection to fix remuneration - where committee does not act - procedures of committee - requirement that committee act through meeting - where meeting made no decision and supposedly "adjourned" while liquidator sought individual approvals of remuneration from committee members - power to adjourn "from time to time" - no permitted procedure contemplates what was actually done - individual approvals did not in any event "fix" remuneration - no legal basis for payment received by liquidator - application to validate actions - where ASIC conducting "review" of liquidator's remuneration - where application for order removing liquidator pending - ASIC to be given notice of proceedings - proceedings adjourned