In the matter of Equiticorp Australia Ltd (in liq) and Ors [2020] NSWSC 143

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Equiticorp Australia Ltd (in liq) and Ors [2020] NSWSC 143 Hearing dates: 20 February 2020 Date of orders: 27 February 2020 Decision date: 27 February 2020 Jurisdiction: Equity - Corporations List Before: Gleeson J Decision: Leave granted under Corporations Act 2001 (Cth), s 436B(2) and s 448C and orders made under s 447A and directions given under the Insolvency Practice Schedule (Corporations) s 90-15 Catchwords: CORPORATIONS – winding up – where group companies in liquidation – long-standing liquidations over 30 years – where proposal that some companies be placed into voluntary administration and execute deed of company arrangement – where deeds will provide more cost efficient and timely finalisation of liquidations – whether liquidators should be granted leave to appoint themselves as administrators – Corporations Act 2001 (Cth) s 436B(2), s 448C(1) – whether 'Truncated administration orders' should be made – Corporations Act s 447A – whether directions should be given under Insolvency Practice Schedule (Corporations) s 90-15 Legislation Cited: Companies Act 1936 (NSW) Companies Act 1961 (NSW), s 4(5) Corporations Act 2001 (Cth), ss 9, 436B, 436E, 438B(2), 439A, 447A, 447C, 448C, 482, 1399, 1408, Pt 5.3A Companies Act 1981 (Cth) Companies (Application of Laws) Act 1981 (NSW) Companies Code 1981 (ACT) Companies (New South Wales) Code, s 383 Corporations Law 1991 (NSW), ss 601, 1362CE Insolvency Practice Schedule (Corporations), s 90-15 Jurisdiction of Courts (Cross vesting) Act 1993 (ACT), s 4(3) Cases Cited: Australasian Memory Pty Ltd v Brien (2000) 200 CLR 270 Australian Securities and Investments Commission v Diploma Group Limited (No 5) [2017] FCA 1147 Deputy Commissioner of Taxation v Advant Pty Ltd (admins apptd) [2017] FCA 1123 Deputy Commissioner of Taxation v Foodcorp Pty Ltd 13 ACSR 796 In the matter of Equiticorp Australia Limited (in liquidation) [2011] NSWSC 1368 Peter Ngan re JKB Constructions Pty Ltd [2006] NSWSC 1040 Re Actively Zoned Pty Ltd (in liq) [2012] FCA 605 Re Ansett Australia Limited and Korda (No 3) [2002] FCA 90; (2002) 115 FCR 409 Re Cobar Mines Pty Ltd (rec & mgr apptd) (in liq) (1998) 30 ACSR 125 Reidy, In the Matter of eChoice Limited (Admin Apptd) [2017] FCA 1582 Re Destra Corporation Limited (Rec & Man Apptd) (in liq) [2009] FCA 1199 Re Gordon Smith Marketing Pty Ltd (admin apptd) [2016] FCA 1378 Re Hawden Property Group Pty Ltd (in liq) [2018] NSWSC 481 Re Keldane Pty Ltd (in liq) [2011] VSC 385 Rains & anor v Project Technology Pty Ltd (1989) 97 FLR 355 Re Keldane Pty Ltd (in liq) [2011] VSC 385 Re Tahore Holdings Pty Ltd [2004] NSWSC 397; (2004) 49 ACSR 550 Re Warbler Pty Ltd (1982) 6 ACLR 526 Walley, In the Matter of Poles & Underground Pty Ltd (Admin Apptd) [2017] FCA 486 Category: Principal judgment Parties: Barry Frederic Kogan (First plaintiff) Shaun Robert Fraser (Second plaintiff) Representation: Counsel: I M Jackman SC / J R Anderson (Plaintiffs – Liquidators)