In the matter of St Gregory’s Armenian School Inc [2015] NSWSC 1465

Supreme Court New South Wales

Medium Neutral Citation: In the matter of St Gregory's Armenian School Inc [2015] NSWSC 1465 Hearing dates: 4 – 6 March, 7 - 10 and 24 April, 14 July 2015 (last written submissions 21 September 2015) Decision date: 07 October 2015 Jurisdiction: Equity - Corporations List Before: Black J Decision: Held that appeals against liquidator's decision as to proofs of debt under s 1321 of the Corporations Act 2001 (Cth) substantially fail and that Cross-Claim brought by liquidator and company also fail. Parties to bring in agreed short minutes of order to give effect to this judgment, and as to costs, within 14 days. If there is no agreement between them, each party should submit draft orders, and submissions not exceeding 10 pages, as to the orders which they contend should be made, indicating whether a further oral hearing is sought. Catchwords: CORPORATIONS – winding up – conduct and incidents of winding up – where liquidator rejected all or parts of proofs of debt lodged by Plaintiffs in the winding up – whether to set aside decision of liquidator under Corporations Act 2001 (Cth) s 1321

EQUITY – general principles – unjust enrichment – where liquidator cross-claimed that cross-defendants were unjustly enriched by certain repayments made by the liquidator – whether breach of fiduciary duty – whether breach of no conflict or no profit rule – whether basis for account of profits established – application of rule in Cherry v Boultbee – whether liquidator estopped from pursuing claims by Anshun estoppel. Legislation Cited: - Civil Procedure Act 2005 (NSW) s 21 - Corporations Act 2001 (Cth) ss 553C, 554, 554(1), 1321 - Evidence Act 1995 (NSW) ss 135, 136