In the matter of Idoport Pty Limited (in liquidation) [2015] NSWSC 1412

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Idoport Pty Limited (in liquidation) [2015] NSWSC 1412 Hearing dates: 22 September 2015 Decision date: 22 September 2015 Jurisdiction: Equity - Corporations List Before: Black J Decision: Direct that Steven John Sherman in his capacity as liquidator of Idoport is justified in entering into Deed of Release. Direct that Mr Sherman in his capacity as liquidator of Idoport would be justified in exercising an equitable lien over moneys payable to Idoport under Deed of Release for payment of his proper and reasonable remuneration. Reserve liberty to interested parties to apply to set aside the direction relating to the equitable lien within 14 days. Order that Mr Sherman's costs be costs in the winding up. Catchwords: CORPORATIONS – winding up – application for directions under Corporations Act 2001 (Cth) s 479(3) – where liquidator sought direction that he was entitled to enter into a deed releasing obligations under a Consulting Agreement – where Consulting Agreement had previously been the subject of litigation – whether to make direction under s 479(3) of the Corporations Act 2001 (Cth).

CORPORATIONS – winding up – application by liquidator for direction that he is entitled to equitable lien over money payable to the company under Deed of Release to satisfy his remuneration and expenses – where liquidator initially sought declaration to that effect – where leave granted to amend interlocutory process to seek a direction instead of declaration – whether to make direction under s 479(3) of the Corporations Act 2001 (Cth). Legislation Cited: - Corporations Act 2001 (Cth) ss 479, 479(3), 480, 480(c), 511, 556