In the matter of MKC Media Corporation Pty Limited (in liquidation) [2016] NSWSC 690

Supreme Court New South Wales

Medium Neutral Citation: In the matter of MKC Media Corporation Pty Limited (in liquidation) [2016] NSWSC 690 Hearing dates: 14 March 2016 Decision date: 14 March 2016 Jurisdiction: Equity - Corporations List Before: Black J Decision: Orders sought by Plaintiff in respect of his removal as liquidator of certain companies and appointment of replacement liquidators made. Catchwords: CORPORATIONS — Winding up — Replacement of liquidator — where liquidator of several companies executed enforceable undertaking in favour of the Australian Securities and Investments Commission which had effect of requiring his removal as liquidator except in respect of one company – where orders that were sought for replacement of liquidator were either in conformity with undertaking to ASIC or approved by ASIC – whether orders under s 473 of the Corporations Act 2001 (Cth) for replacement of liquidator in respect of the court-appointed liquidations should be made – whether orders under s 503 of the Corporations Act 2001 (Cth) for replacement of liquidator in respect of creditors' voluntary liquidations be made. Legislation Cited: - Australian Securities and Investments Commission Act 2001 (Cth), s 93AA - Corporations Act 2001 (Cth), ss 473, 503 - Supreme Court (Corporations) Rules 1999 (NSW), r 7.1 Cases Cited: - Re Free [2010] NSWSC 1079 - Re Kukulovski [2015] NSWSC 2040 - Re Porter and Mansfield [2012] NSWSC 220 Category: Principal judgment Parties: Adam Edward Patrick Farnsworth in his capacity as Liquidator of MKC Media Corporation Pty Ltd (in liquidation) & Others (Plaintiff) Representation: Counsel: V Whittaker (Plaintiff)