In the matter of Proficient Building Company Pty Ltd [2011] NSWSC 1540

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Proficient Building Company Pty Ltd [2011] NSWSC 1540 Hearing dates: 5 December 2011 Decision date: 14 December 2011 Jurisdiction: Equity Division - Corporations List Before: Barrett J Decision: 1. Order that property available for the payment of debts in the winding up of Proficient Building Company Pty Ltd shall be distributed in such a way that CGU Insurance Ltd has an advantage by receiving in respect of its debt 81.66% of that property, with the balance of 18.34% of that property receivable by Deputy Commissioner of Taxation in respect of its debt. 2. Order that the plaintiff's costs of these proceedings be an expense of the winding up of Proficient Building Company Pty Ltd. Catchwords: CORPORATIONS - winding up - whether creditor who financially asserted recovery by liquidator should be given advantage over other creditor - where assisting creditor provided a substantial sum which has been repaid - where other creditor had no opportunity to consider whether to contribute assistance Legislation Cited: Corporations Act 2001 (Cth), ss 564, 596A Cases Cited: Household Financial Services Pty Ltd v Chase Medical Centre Pty Ltd (1995) 18 ACSR 294 Jarbin Pty Ltd v Clutha Pty Ltd [2004] NSWSC 28; (2004) 208 ALR 242 Re Manson; Ex parte Official Assignee (1897) 18 LR (NSW) (B&P) State Bank of New South Wales v Brown (2001) 38 ACSR 715 Category: Principal judgment Parties: Gregory Winfield Hall, as liquidator of Proficient Building Company Pty Ltd - Plaintiff Deputy Commissioner of Taxation - Creditor - by leave Representation: Mr G Lucarelli - Plaintiff Mr T Cleary - Creditor - by leave Kennedys - Plaintiff Australian Taxation Office - by leave File Number(s): 2011/00340646