In the matter of ACN 134 017 171 Pty Ltd (in liq) (formerly known as DPSA Pty Ltd) [2017] NSWSC 488

Supreme Court New South Wales

Medium Neutral Citation: In the matter of ACN 134 017 171 Pty Ltd (in liq) (formerly known as DPSA Pty Ltd) [2017] NSWSC 488 Hearing dates: 24 April 2017 Decision date: 24 April 2017 Before: Gleeson JA Decision: 24 April 2017 (1) Pursuant to s 503 of the Corporations Act 2001 (Cth), the first defendant be removed as the liquidator of the Second Defendant, and Rahul Goyal and Jennifer Nettleton be appointed as joint and several liquidators of the second defendant. (2) All books and records of the second defendant in the possession of the first defendant be delivered to Rahul Goyal and Jennifer Nettleton at KordaMentha, Level 5, Chifley Tower, 2 Chifley Square, Sydney, New South Wales as soon as practicable and in any event by 5pm on Wednesday 26 April 2017. (3) There be no order as to costs. (4) Direct that these orders be entered forthwith.

26 April 2017 (5) Pursuant to s 473(8) of the Corporations Act, declare that anything required or authorised by the Corporations Act to be done by the liquidator of the company may be done by one or more of the liquidators. Catchwords: CORPORATIONS – external administration – replacement of liquidator appointed in members' voluntary winding up – application by substantial creditor to remove and replace liquidator – where substantial creditor prepared to fund new liquidators but not existing liquidators to conduct investigations into affairs of the company and its sole member – resolution at creditors' meeting failed to result in the removal of the original liquidator – resolution supported by significant majority of creditors by value defeated by majority of creditors by number – creditors voting against resolution associated with sole member – whether cause shown to appoint proposed new liquidators. Legislation Cited: Corporations Act 2001 (Cth), ss 473(8), 497, 503 Corporations Regulations 2001 (Cth) reg 5.6.21(3), 5.6.21(4) Cases Cited: Apple Computer Australia Pty Ltd v Wily (2003) 46 ACSR 729; [2003 NSWSC 719 Category: Principal judgment Parties: Schneider Electric IT Australia Pty Ltd (Plaintiff) Liam Bailey (First Defendant) ACN 134 017 173 Pty Ltd (in Liq) (Second Defendant) Representation: Counsel: Mr JS Burnett (Plaintiff) Mr T Russell (sol) (Defendants)