In the matter of Worthbrook Pty Limited [2017] NSWSC 1036

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Worthbrook Pty Limited [2017] NSWSC 1036 Hearing dates: Wednesday, 19 July 2017 Date of orders: 08 August 2017 Decision date: 08 August 2017 Jurisdiction: Equity - Corporations List Before: Brereton J Decision: See [66]. Catchwords: CORPORATIONS – external administration – winding up – liquidators – application for directions – whether company holds assets beneficially or as trustee – whether liquidator's remuneration and expenses should be paid from trust assets – entitlement to bank accounts held by companies jointly – entitlement to assets held by companies through partnerships – whether certain associates should be admitted as unsecured creditors. Legislation Cited: (NSW) Conveyancing Act 1919, s 66G (CTH) Corporations Act 2001, s 479(3); Insolvency Practice Schedule, s 90-15 (CTH) Insolvency Law Reform Act 2016, s 2(1), Table item 5; s 1634 (CTH) Corporations Regulations 2001, s 10.25.02 (NSW) Partnership Act 1898, s 39, s 44 Cases Cited: AAA Financial Intelligence Ltd (in liquidation) ACN 093 616 445, In the matter of [2014] NSWSC 1004 Bastion v Gideon Investments Pty Ltd [2000] NSWSC 939; (2000) 35 ACSR 466 Bishop (dec'd), Re; National Provincial Bank Ltd v Bishop [1965] Ch 450; [1965] 1 All ER 249 Cavasinni v Cavasinni [2007] NSWSC 619 Croton v R (1967) 117 CLR 326 Ebner v Official Trustee in Bankruptcy (2003) 196 ALR 533 EH & K Pickard, Re (1981) 7 Fam LR 636 Fadden v Deputy Federal Commissioner of Taxation (1943) 68 CLR 76 Fidock v Legal Profession Complaints Committee [2013] WASCA 108 Fogarty, Re (1976) 27 FLR 257 GB Nathan & Co Pty Ltd (in liq), Re (1991) 24 NSWLR 674; 5 ACSR 673; 9 ACLC 1291. Glengrant Civil Pty Ltd (In Liq), Re [2017] NSWSC 843 Grime Carter & Co Pty Limited v Whytes Furniture (Dubbo) Pty Limited [1983] 1 NSWLR 158 Independent Contractor Services (Aust) Pty Limited ACN 119 186 971(in liquidation) (No 2), In the matter of [2016] NSWSC 106 Jones v Maynard [1951] Ch 572; [1951] 1 All ER 802 Muriti v Prendergast [2005] NSWSC 281 North Food Catering Pty Ltd, In the matter of [2014] NSWSC 77 One.Tel Limited, In the matter of [2014] NSWSC 457; (2014) 99 ACSR 247 Palmer v Bank of New South Wales (1975) 133 CLR 150 Rathwell v Rathwell [1978] 2 SCR 436 Reid, Re; Clark v Reid (1998) 85 FCR 452 Russell v Scott (1936) 55 CLR 440 Sanderson v Classic Car Insurances Pty Ltd (1985) 10 ACLR 115 Suco Gold Pty Limited, Re (1993) 33 SASR 99; (1993) 7 ACLR 873 Sutherland, Re; Re French Caledonia Travel Service Pty Ltd (in liq) (2003) 59 NSWLR 361; [2003] NSWSC 1008; 48 ACSR 97 West v Mead [2003] NSWSC 161; (2003) 13 BPR 24431 Category: Principal judgment Parties: David Ian Mansfield (plaintiff) Worthbrook Pty Ltd (first defendant) Rolcross Pty Ltd (second defendant) Representation: Counsel: A.G. Martin (plaintiff)