Yeshiva Properties No 1 Pty Ltd & Ors; Yeshiva Properties No 7 Pty Ltd [2011] NSWSC 25

Supreme Court New South Wales

Medium Neutral Citation: Yeshiva Properties No 1 Pty Ltd & Ors; Yeshiva Properties No 7 Pty Ltd [2011] NSWSC 25 Hearing dates: 31 January 2011 Decision date: 08 February 2011 Jurisdiction: Equity Division - Corporations List Before: Barrett J Decision: Application for Order 2 dismissed. Balance of interlocutory process stood over with leave to amend Catchwords: CORPORATIONS - external administration - application by provisional liquidator for order terminating his appointment and order that the company be dissolved - where deed of company arrangement fully effectuated but no transition to creditors' voluntary winding up - case for termination of provisional liquidator's appointment made out subject to suitable future governance - governance issue intended to be dealt with by deregistration of company - but only ASIC can effect deregistration - none of court's powers to order ASIC to deregister applicable to this case - order directing dissolution refused - proceedings adjourned to allow provisional liquidator to reformulate claim Legislation Cited: Corporations Act 2001 (Cth), Part 5.3A, s 119, s 413, s 435, s 445C, s 446B, s 471A, s 481, s 491, s 509, s 601AA, s 601AB, s 601AC, s 601AD Corporations Regulations 2001 (Cth), reg 5.3A.07(1)(b) Cases Cited: Re United Medical Protection Ltd [2003] NSWSC 1031; (2003) 47 ACSR 705 Texts Cited: A K Ehlers, "The inherent equitable jurisdiction and the plenary power of the Supreme Court of New South Wales to order the winding up of companies" (2010) 18 Insolv LJ 52 Category: Principal judgment Parties: Nicholas Craig Malanos as provisional liquidator of each of Yeshiva Properties No 1 Pty Ltd, Yeshiva Properties No 2 Pty Ltd, Yeshiva Properties No 3 Pty Ltd, Yeshiva Properties No 4 Pty Ltd, Yeshiva Properties No 5 Pty Ltd, Yeshiva Properties No 6 Pty Ltd (Applicant)