In the matter of Asset Evaluation Pty Ltd (in liq) [2020] NSWSC 211

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Asset Evaluation Pty Ltd (in liq) [2020] NSWSC 211 Hearing dates: 9 March 2020 Date of orders: 09 March 2020 Decision date: 09 March 2020 Jurisdiction: Equity - Corporations List Before: Gleeson J Decision: (1) Order pursuant to s 488(2) of the Corporations Act 2001 (Cth), that David Ian Mansfield as liquidator of Asset Evaluation Pty Ltd (in liquidation) ("Company") be granted special leave to distribute the surplus of the assets in the winding up of the Company to the contributories, Lesley Michelle Barrie and Timothy Edmund David O'Riordan, in equal proportions.

(2) Pursuant to r 5.6.71(1), Corporations Regulations 2001 (Cth), direct that the order authorising the distribution of the surplus assets of the Company need not have annexed to it a schedule in accordance with Form 551.

(3) Order that the applicant's costs and expenses of this application be paid out of the assets of the Company. Catchwords: CORPORATIONS – winding up – company in liquidation – where creditors' claims satisfied – application for special leave to distribute surplus to contributories – Corporations Act 2001 (Cth) s 488(2) – leave granted Legislation Cited: Corporations Act 2001 (Cth), ss 488(2), 601AH(1), (2) Corporations Regulations 2001 (Cth), reg 5.6.71 (1) Supreme Court (Corporations) Rules 1999 (NSW) r 7.9(1), 7.9(2) Taxation Administration Act 1953 (Cth), s 260-45(3), Sch 1 Cases Cited: Brealey v Shields [2009] NSWSC 1148 FAI General Insurance Co Ltd v FAI Car Owners Mutual Insurance Company Pty Ltd [2009] NSWSC 1350; (2009) 76 ACSR 164 CGU Workers Compensation (NSW) Ltd v ASCOM Service Automation (Australia) Pty Ltd [2005] NSWSC 747 Maetin v Klaus Maetin Pty Ltd (in liq) (2009) 232 FLR 239; [2009] NSWSC 618 Re DS Millard & Son Pty Ltd (1997) 24 ACSR 71 Re RH Trevan Pty Ltd (in liq) [2013] NSWSC 1445 Category: Principal judgment Parties: David Ian Mansfield in his capacity as liquidator of Asset Evaluation Pty Limited (in liquidation) (Applicant) Asset Evaluation Pty Limited (in liq) (Respondent) Representation: Counsel: J Singh (solicitor)