In the matter of Cardiff Coal Company [2014] NSWSC 1590

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Cardiff Coal Company [2014] NSWSC 1590 Hearing dates: 13 October 2014 Decision date: 12 November 2014 Jurisdiction: Equity Division - Corporations List Before: Brereton J Decision: Liquidator would not be justified in distributing surplus on basis that Mr Lunn is the sole shareholder in the company. Catchwords: CORPORATIONS - External administration - winding up - winding up of joint stock company incorporated under private Act of 1863 - liquidator's applications - application for directions - whether liquidator entitled to distribute surplus on basis that the interests of all but one shareholder had ceased or could be disregarded - held, not entitled to so proceed - whether liquidator entitled to be released - held, liquidator has not yet settled list of contributories or determined to whom surplus is properly payable Legislation Cited: (CTH) Corporations (Ancillary Provisions) Act 2001 (CTH) Corporations Act 2001, 478, 488, 601AD, 601AE (CTH) Corporations (New South Wales) Act 1990, s 85 (Cth) Corporations Regulations 2001, reg 5.6.71 (NSW) Cardiff Coal Company's Incorporation Act of 1863, s 5 (NSW) Supreme Court Rules 1970, r 32, 35, 46 (NSW) Supreme Court (Corporations) Rules 1999, r 7.5, 7.9, 7.10 (NSW) Companies (New South Wales) Code, 378, 379, 381, 382, 386, 389, 422, 425 (NSW) Companies (New South Wales) Regulations, regs 183, 184 Cases Cited: Re Autistic Therapy Society of Qld Ltd (1981) 5 ACLR 658; (1981) CLC 40-735 Re Budget Floor Coverings Pty Ltd (in liq) (1982) 6 ACLR 657; 1 ACLC 312 City West Water Ltd v Mr D Investments Pty Ltd (2002) 43 ACSR 622 In the matter of John L Norris Holdings Pty Limited (in liq) [2013] NSWSC 2005 National Australia Bank Ltd v Australian Securities Commission (1991) 5 ACSR 453 Savage v Lunn [1998] NSWCA 203 Lunn v Cardiff Coal Company [2002] NSWSC 1247; (2002) 171 FLR 430 Lunn v Cardiff Coal Company; and Lunn v Cardiff Coal Company (No 2) [2003] NSWSC 25 Lunn v Cardiff Coal Company (No 3) [2003] NSWSC 789; (2003) 47 ACSR 79 Category: Principal judgment Parties: Brian Silvia (Applicant) Representation: Counsel: P. Hewitt (solicitor) (Applicant) Solicitors: Hewitts (Applicant) File Number(s): 2002/64464 (formerly 2002/5095)