In the matter of Shepherds Producers Co-Operative Ltd (in liq) [2012] NSWSC 390

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Shepherds Producers Co-Operative Ltd (in liq) [2012] NSWSC 390 Hearing dates: 19 March 2012 Decision date: 19 March 2012 Jurisdiction: Equity Division - Corporations List Before: Black J Decision: Orders made declaring entitlement of certain creditors to preferential payment of net settlement proceeds of specified property and that the liquidators pay those creditors. Costs of the application to be costs in the winding up. Catchwords: CORPORATIONS - Winding up - Application under s 564 of the Corporations Act 2001 (Cth) permitting preferential payment to certain creditors of property recovered under an indemnity for costs of litigation provided by those creditors. Legislation Cited: - Corporations Act 2001 (Cth) Pt 5.6, ss 564, 588M - Corporations (Ancillary Provisions) Act 2001 (NSW) s 14 - Co-operatives Act 1992 (NSW) s 325 Cases Cited: - Household Financial Services Pty Ltd v Chase Medical Centre Pty Ltd (1995) 18 ACSR 294 - Lombe, In the matter of Babcock and Brown Ltd (in liq) [2012] FCA 107 - Re Ken Godfrey Pty Ltd (in liq) (1994) 14 ACSR 610 - State Bank of New South Wales v Brown [2001] NSWCA 223; (2001) 38 ACSR 715 Category: Interlocutory applications Parties: David John Kerr (First Plaintiff) Peter William Marsden (Second Plaintiff) Shepherds Producers Co-Operative Limited (in liquidation) (Third Plaintiff) Representation: Counsel: S. Golledge (Plaintiffs) Solicitor: HWL Ebsworth Lawyers (Plaintiffs) File Number(s): 2011/411999