In the matter of Catombal Investments Pty Limited [2014] NSWSC 313

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Catombal Investments Pty Limited [2014] NSWSC 313 Hearing dates: Thursday, 20 March 2014 Decision date: 20 March 2014 Jurisdiction: Equity Division - Corporations List Before: Brereton J Decision: (1) Pursuant to Corporations Act, s 488(2) the liquidator have special leave to distribute the sum of $6,447,452.00 as surplus to each of the shareholders of the company as follows: (a) Royce Munro $2,149,151. (b) Graeme Munro $2,149,151. (c) Brian Munro $2,149,151. (2) Pursuant to Corporations Act, s 479(3) and Trustee Act, s 63, the plaintiff would be justified in giving effect to Order 1 and to the respective rights and entitlements of the parties in the Munro Family Trust and the Munro Discretionary Trust by distributing the said funds to: (a) Royce Munro in the sum of $2,283,527. (b) Graeme Munro in the sum of $1,192,807. (c) Brian Munro in the sum of $1,699,953. (3) Pursuant to Corporations Regulation 5.6.71(1), a schedule need not be annexed to the order. (4) The applicant's costs and the expenses be paid out of the assets of the company. Catchwords: CORPORATIONS - winding up - liquidators - liquidators' application - special leave for distribution of a surplus Legislation Cited: (Cth) Corporations Act 2001, s 488(2), s 479(3) (NSW) Supreme Court (Corporations) Rules 1999, r 7.9 (NSW) Trustee Act 1925, s 63 Category: Principal judgment Parties: Christopher Mel Chamberlain as liquidator of Catombal Investments Pty Limited (in liquidation) (plaintiff) Graeme Munro and Brian Munro (interested party) Royce Munro (interested party) Representation: Counsel: D Sulan (plaintiff) Solicitors: TressCox Lawyers (plaintiff) Hunt & Hunt (Graeme Munro and Brian Munro) Kemp Strang (Royce Munro) File Number(s): 2013/357540