In the matter of Angstrom Assets Pty Ltd (in liq) [2014] NSWSC 1779

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Angstrom Assets Pty Ltd (in liq) [2014] NSWSC 1779 Hearing dates: 24 November 2014 Decision date: 11 December 2014 Jurisdiction: Equity Division - Corporations List Before: Black J Decision: Orders made that the liquidators be granted special leave to distribute the surplus assets of the company and dispensing with requirement for the annexing of a schedule of contributories to that order. Order made determining the liquidators' remuneration for the period 12 March 2012 to 31 August 2014 and for the period from 1 September 2014 until and including the deregistration of the Company. Catchwords: CORPORATIONS - winding up - winding up voluntarily - application by liquidators for special leave to distribute surplus of assets in the liquidation of company and approval for remuneration - where no creditors of company have been identified - where company has a sole shareholder - whether special leave should be granted to liquidators to distribute surplus assets of company - whether requirement for schedule of contributories to be annexed to order authorising distribution should be dispensed with - whether retrospective approval should be granted for liquidator's remuneration in relevant period - whether prospective approval should be granted for liquidator's remuneration in relevant period. Legislation Cited: - Corporations Act 2001 (Cth) ss 473(3), 473(3)(b)(ii), 478(1A), 479(3), 488, 488(2) - Corporations Regulations 2001 (Cth) reg 5.6.71(1) - Supreme Court (Corporations) Rules 1999 (NSW) r 7.9 Cases Cited: - CGU Workers Compensation (NSW) Ltd v Ascom Service Automation (Australia) Pty Ltd [2005] NSWSC 747 - Poulter in his capacity as liquidator of Haulton Construction Services Pty Ltd (in liq) v Haulton Construction Services Pty Ltd (in liq) [2013] VSC 366 - Re DS Millard & Son Pty Ltd (1997) 24 ACSR 71; 15 ACLC 808 - Re FAI Investments Pty Ltd (in liq); Re Valusi Pty Ltd (in liq) [2014] NSWSC 1300 - Re HIH Services Pty Ltd (in liq) [2012] NSWSC 118 - Re Klaus Maertin Pty Ltd (in liq); Maertin v Klaus Maertin Pty Ltd [2009] NSWSC 618; (2009) 232 FLR 239 - Re FAI Car Owners Mutual Insurance Co Pty Ltd [2009] NSWSC 1350; (2009) 262 ALR 552 Texts Cited: - Austin & Black's Annotations to the Corporations Act [5.473] Category: Interlocutory applications Parties: William John Fletcher as liquidator of Angstrom Assets Pty Ltd (in liq) (First Plaintiff) Katherine Elizabeth Barnet as Liquidator of Angstrom Assets Pty Ltd (in liq) (Second Plaintiff) Angstrom Assets Pty Ltd (in liq) (Defendant) Representation: Counsel: T. Hamilton (Sol) (Plaintiffs) Solicitors: Henry Davis York (Plaintiffs) File Number(s): 2012/19183