In the matter of GPJ Investments Pty Limited and in the matter of Angelides Investments Pty Limited [2016] NSWSC 1173

Supreme Court New South Wales

Medium Neutral Citation: In the matter of GPJ Investments Pty Limited and in the matter of Angelides Investments Pty Limited [2016] NSWSC 1173 Hearing dates: 30 May 2016; supplementary written submissions 12 August 2016 Date of orders: 24 August 2016 Decision date: 24 August 2016 Jurisdiction: Equity - Corporations List Before: Brereton J Decision: Liquidators' remuneration approved. Special leave granted to distribute surplus. Catchwords: CORPORATIONS – external administration – liquidation – distribution of surplus – application for special leave to distribute surplus – where legal shareholding obscure but beneficial interest clear – leave granted to distribute to beneficiaries

CORPORATIONS – external administration – liquidators – remuneration Legislation Cited: (CTH) Corporations Act 2001, s 473, s 485(2), s 488 (CTH) Corporations Regulations reg 5.6.71 (NSW) Supreme Court (Corporations) Rules 1999, r 7.9, 7.10 Cases Cited: Angelides Investments Pty Ltd and GPJ Investments Pty Ltd, In the matter of (Black J, 18 December 2014). Angstrom Assets Pty Ltd (in liq), In the matter of [2014] NSWSC 1779 Brealey v Shields [2009] NSWSC 1148 Catombal Investments Pty Limited, In the matter of [2014] NSWSC 313 D S Millard & Son Pty Ltd, Re (1997) 24 ACSR 71 FAI Car Owners Mutual Insurance Co Pty Ltd, Re (2009) 262 ALR 552; 76 ACSR 164; [2009] NSWSC 1350 Klaus Maertin Pty Ltd (in liq), Re [2009] NSWSC 618; [2009] 232 FLR 239 Paragon Holdings Ltd, Re [1961] Ch 346 Sakr Nominees Pty Ltd, In the matter of [2016] NSWSC 709 Trussted Frames and Trusses Pty Ltd, In the Matter of [2012] NSWSC 787 Visnic v Sywak [2011] NSWSC 1246 Visnic v Sywak [2012] NSWSC 1284 Category: Principal judgment Parties: John Melluish and Morgan John Kelly as liquidators of GPJ Investments Pty Limited (first applicant) John Melluish and Morgan John Kelly as liquidators of Angelides Investments Pty Limited (second applicant) Jo-Anne Eudoxia Angelides (plaintiff/first respondent) Nicholas Stamell as executor of the estate of the late George John Angelides (second defendant/second respondent) Peter Richard Angelides (first defendant/third respondent) Representation: Counsel: M L Rose (applicants)