In the matter of ACN 151 726 224 Pty Ltd (in liq) previously Ridley Capital Holdings Pty Ltd [2016] NSWSC 1801

Supreme Court New South Wales

Medium Neutral Citation: In the matter of ACN 151 726 224 Pty Ltd (in liq) previously Ridley Capital Holdings Pty Ltd [2016] NSWSC 1801 Hearing dates: 27 October 2016, 11 November 2016 Decision date: 14 December 2016 Jurisdiction: Equity - Corporations List Before: Black J Decision: The Court orders that the Plaintiff's application be dismissed with costs. Catchwords: CORPORATIONS — Winding up — Application by plaintiff to remove the liquidators of the company – where the liquidators decided not to conduct public examination of company's director in circumstances of an unfunded liquidation – where the plaintiff who was creditor of company had offered to fund legal costs of conducting the examination on condition that plaintiff's solicitor be used – where plaintiff only offered payment of limited remuneration to the liquidators in relation to conducting the examination – where at the time the liquidators decided not to conduct examination the liquidators viewed that the available documents did not disclose sufficient grounds to conduct the examination – whether cause for removal of liquidators under s 503 of the Corporations Act 2001 (Cth) established in the circumstances. Legislation Cited: - Corporations Act 2001 (Cth), ss 9, 503, 533, 545, 556, 596A, 1321 - Evidence Act 1995 (NSW), s 136 Cases Cited: - AMP Music Box Enterprises Ltd v Hoffman [2002] BCC 996 - Apple Computer Australia Pty Ltd v Wily [2003] NSWSC 719; (2003) 46 ACSR 729 - City & Suburban Pty Ltd v Smith (as liquidator of Conpac (Aust) Pty Ltd (in liq)) (1998) 28 ACSR 328 - Commonwealth Bank of Australia v Fernandez [2010] FCA 487; (2010) 81 ACSR 262 - Coshott v Burke [2013] FCA 553 - Domino Hire Pty Ltd v Pioneer Park Pty Ltd (in liq) [2003] NSWSC 496; (2003) 21 ACLC 1330 - IND Energy Inc (a company incorporated in the British Virgin Islands) v Langdon & Rocke [2014] WASC 364 - Lo v Nielsen & Moller (Autoglass) (NSW) Pty Ltd [2008] NSWSC 407; (2008) 26 ACLC 497 - Multi-Core Aerators Ltd v Dye [1999] VSC 205; (1999) 17 ACLC 1172 - Re Ambient Advertising Pty Ltd (in liq) [2015] NSWSC 1079 - Re Biposo Pty Ltd (1995) 17 ACSR 730 - Re Colorado Products Pty Ltd (in prov liq) [2013] NSWSC 1613 - Re Excel; Worthley v England (1994) 52 FCR 69 - Re Giant Resources Ltd [1991] 1 Qd R 107 - Re Kala Capital Pty Ltd (in liq) [2012] NSWSC 1073 - Re St Gregory's Armenian School (in liq) [2012] NSWSC 1215; (2012) 92 ACSR 588 - SingTel Optus Pty Ltd v Weston [2012] NSWSC 674; (2012) 90 ACSR 225 - Smarter Way (Aust) Pty Ltd v D'Aloia [2000] VSC 408; (2000) 35 ACSR 595 - State of Victoria v Goulburn Administration Services (in liq) [2016] VSC 654 - Wainter Pty Ltd, Re New Tel Ltd (in liq) [2005] FCAFC 114 Category: Principal judgment Parties: VMA Companies LLC (trading as Corbis Global) (an American Corporation) (Plaintiff) Brendan James Copeland and Robert William Whitton (Defendants) Representation: Counsel: J T Johnson (Plaintiff) D Neggo (Defendants)