Mine & Quarry Equipment International Ltd v McIntosh (as liquidator of) Mine & Quarry Equipment Pty Ltd (in liq)

[2005] QCA 186

Queensland Court of Appeal

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Interrogate

Catchwords

1. Corporations
2. › Winding up
3. › Conduct and incidents of liquidation
4. › Proof and ranking of claims
5. › Amendment of admitted proof of debt
6. › Whether liquidator complied with reg 5.6.55 Corporations Regulations 2001 (Cth)
7. › Whether creditor informed in writing of grounds for amendment by reducing claim
1. Corporations
2. › Winding up
3. › Conduct and incidents of liquidation
4. › Proof and ranking of claims
5. › Mutual credits and set-off
6. › Set-off under s 553C Corporations Act 2001 (Cth)
7. › Whether set-off operates automatically regardless of whether raised by proof or action
8. › Corporations Act 2001 (Cth), s 553C
1. Corporations
2. › Winding up
3. › Conduct and incidents of liquidation
4. › Proof and ranking of claims
5. › Procedure for amending admitted proof
6. › Substantial compliance with statutory procedure
7. › Corporations Regulations 2001 (Cth), reg 5.6.55

Quick Take

A liquidator's notice amending an admitted proof of debt under reg 5.6.55 of the Corporations Regulations 2001 (Cth) need not use the precise statutory language, provided the notice makes sufficiently clear the liquidator's decision to amend and provides sufficient grounds for the amendment. The statutory set-off under s 553C of the Corporations Act 2001 (Cth) operates automatically and prevails regardless of the procedural mechanism by which it is given effect.