In the matter of Plutus Payroll Australia Pty Limited (in liquidation) [2019] NSWSC 706

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Plutus Payroll Australia Pty Limited (in liquidation) [2019] NSWSC 706 Hearing dates: 20 March 2019 Decision date: 20 March 2019 Jurisdiction: Equity - Corporations List Before: Black J Decision: Approval for liquidators to enter into Deed of Indemnity granted nunc pro tunc under s 477(2B) of the Corporations Act 2001 (Cth).

Approval for liquidators to compromise a debt granted nunc pro tunc under s 477(2A) of the Corporations Act 2001 (Cth). Catchwords: CORPORATIONS – application for approval for liquidators to enter into deed of indemnity and compromise a debt nunc pro tunc under ss 477(2A) and 477(2B) of the Corporations Act 2001 (Cth) – where deed of indemnity provides certain priorities to a creditor – where deed of indemnity involves the compromise of debt – where creditors' interests are promoted by entry into deed of indemnity – whether entry into deed of indemnity should be approved nunc pro tunc. Legislation Cited: - Corporations Act 2001 (Cth) ss 477(2A), 477(2B), 564 Cases Cited: - Re 7 Steel Distribution Pty Ltd (in liq) (recs and mgrs apptd) [2013] NSWSC 669 - Re Bell Group Ltd (in liq); Ex parte Antony Leslie John Woodings as liquidator of the Bell Group Ltd (in liq) [2013] WASC 409; (2013) 97 ACSR 117 - Re Plutus Payroll Australia Pty Ltd (in liq) [2018] NSWSC 1092 Category: Procedural and other rulings Parties: Deputy Commissioner of Taxation (Plaintiff) Plutus Payroll Australia Pty Limited (in liq) and others (Defendants) Timothy Norman and Salvatore Algeri as the joint and several liquidators of the First to Tenth and Twelfth Defendants (Applicants) Representation: Counsel: D F Elliott (Applicants)