Re Western Peeled Pty Ltd (in Liquidation); Ex Parte Gregory Paul Quin and Kimberley Stuart Wallman as joint and several liquidators of Western Peeled Pty Ltd (in Liquidation) (Acn 130 934 762) [No 2]
› Special leave to distribute surplus under s 488(2) Corporations Act 2001 (Cth)
Corporations
› Winding up
› Release of liquidators under s 480 Corporations Act 2001 (Cth)
Corporations
› Winding up
› Deregistration of company following release of liquidators
Corporations
› Insolvency
› Corporate trustee – distribution of surplus trust assets to unitholders
Quick Take
1Special leave under s 488(2) of the Corporations Act 2001 (Cth) to distribute a surplus serves two purposes: to ensure there is a genuine surplus because creditors' claims have been properly recognised and paid in full, and to ensure the relativities among contributories are observed.
2Because a release under s 480 discharges a liquidator from all liability for acts or defaults in the administration, strict compliance with the statutory prerequisites and the Corporations Rules is generally required before a release is ordered.
3Once compliance is established, the release is discretionary, but where no creditor objects and no concern is raised about the liquidator's performance, the court will generally grant it unless some reason emerges not to.
Re Western Peeled Pty Ltd (in Liquidation); Ex Parte Gregory Paul Quin and Kimberley Stuart Wallman as joint and several liquidators of Western Peeled Pty Ltd (in Liquidation) (Acn 130 934 762) [No 2] [2026] WASC 476 — Winding Up & Insolvency — Barrister AI
