In the matter of Sultan Trad Pty Limited [2017] NSWSC 1857

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Sultan Trad Pty Limited [2017] NSWSC 1857 Hearing dates: 24 March 2017 Date of orders: 24 March 2017 Decision date: 24 March 2017 Jurisdiction: Equity - Corporations List Before: Brereton J Decision: The first plaintiff would be justified in accepting the offer, or an offer on more favourable terms, and treating any moneys received pursuant to the acceptance of any such offer as assets in the liquidation of the second plaintiff. Catchwords: CORPORATIONS – winding up – liquidators – judicial advice – whether liquidator is justified in accepting an offer less than the value of property – where no valid contract – offer includes a discount and items which may not be deductible – where acceptance in the commercial judgment of the liquidator probably provides a better result than the risk, delay and costs associated with litigation – where open to negotiate more favourable terms – where monies received to be treated as assets in the liquidation - held liquidator would be justified in accepting the offer or an offer on more favourable terms. Cases Cited: Sultan Trad Pty Limited, In the matter of (in liquidation) ACN 132 643 228 [2016] NSWSC 1633 Category: Principal judgment Parties: Brad William Morelli in his capacity as liquidator of Sultan Trad Pty Limited (in liquidation) ACN 132 643 228 (first plaintiff) Sultan Trad Pty Limited (in liquidation) ACN 132 643 228 (second plaintiff) Representation: Counsel: H K Insall SC

Solicitors: Hugh & Associates Lawyers File Number(s): 2016/ 320832