In the matter of Waterfront Investments Group Pty Limited (in liquidation) [2016] NSWSC 687

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Waterfront Investments Group Pty Limited (in liquidation) [2016] NSWSC 687 Hearing dates: 18 April 2016 Decision date: 18 April 2016 Jurisdiction: Equity - Corporations List Before: Black J Decision: Direct that funding creditor is entitled to preferential payment of $50,750.98, that amount being the entirety of the net proceeds received by the liquidator in respect of certain proceedings, and presently available in the winding up. Catchwords: CORPORATIONS — Winding up — Application by liquidator under s 564 of the Corporations Act 2001 (Cth) permitting preferential payment to certain creditor – where creditor provided funding for liquidators' examinations and proceedings which resulted in recoveries – whether funding creditor should receive preferential payment of the entirety of the net proceeds received from litigation. Legislation Cited: - Corporations Act 2001 (Cth), ss 564, 588FF Cases Cited: - Household Financial Services Pty Limited v Chase Medical Centre Pty Ltd (1995) 18 ACSR 294 - Re Shepherds Producers Co-Operative Ltd (in liq) [2012] NSWSC 390 - State Bank of NSW v Brown [2001] NSWCA 223; (2001) 38 ACSR 715 - Tolcher v National Australia Bank Limited [2004] NSWSC 6; (2004) 182 FLR 419 Texts Cited: - Michael Murray and Jason Harris, Keay's Insolvency: Personal and Corporate Law and Practice, (9th ed 2016, Lawbook Co) Category: Principal judgment Parties: Glenn Anthony Crisp in his capacity as liquidator of Waterfront Investments Group Pty Limited (in liquidation) Plaintiff Representation: Counsel: N. Dale (Solicitor – Plaintiff)