In the matter of I & P Holdings Pty Ltd (in liquidation) [2017] NSWSC 675

Supreme Court New South Wales

Medium Neutral Citation: In the matter of I & P Holdings Pty Ltd (in liquidation) [2017] NSWSC 675 Hearing dates: 13 April 2017 Decision date: 13 April 2017 Jurisdiction: Equity - Corporations List Before: Black J Decision: The Court grants special leave to the liquidator to distribute the surplus in the winding up of the company to the contributories of the company, and makes ancillary orders. Catchwords: CORPORATIONS – Winding up – Application for special leave under Corporations Act 2001 (Cth) s 488(2) to distribute surplus – where liquidator seeks to retain some funds for further costs Legislation Cited: - Corporations Act 2001 (Cth), ss 461(1)(k), 480, 488(2) - Corporations Regulations 2001 (Cth), reg 5.6.71(1) - Supreme Court (Corporations) Rules 1999 (NSW) Cases Cited: - CGU Workers Compensation (NSW) Ltd v Ascom Service Automation (Australia) Pty Ltd [2005] NSWSC 747 - Hayes, Re Henry Walker Eltin Group Ltd (in liq) (No 4) [2015] FCA 656 - Re Allseal Floor Preparations Pty Ltd (in liq) [2015] NSWSC 1990 - Re DS Millard & Son Pty Ltd (1997) 24 ACSR 71 - Re HIH Services Pty Ltd (in liq) [2012] NSWSC 1188 Category: Procedural and other rulings Parties: Katherine Elizabeth Barnet in her capacity as court-appointed liquidator of I & P Holdings Pty Ltd (in liq) (Applicant) Ignatios El Tobbagi (First Respondent) Peter Wahbe (Second Respondent) Representation: Counsel: J Hutton (Applicant)