- 2019 Annual Practical Insolvency Conference
- Special Purpose Liquidators - Michelle Castle
Special Purpose Liquidators - Michelle Castle
Michelle Castle, Barrister, 13th Floor, St James Hall
There has been growing use of special purpose liquidators, with a number of cases in 2019, including:
- In the matter of Italian Prestige Jewellery Pty Limited (in liq)  FCA 983 – where a creditor would only fund an investigation conducted by the special purpose liquidators
- In the matter of ACN 093 117 232 Pty Ltd (in liquidation)  FCA 1922 – application to appoint special purpose liquidator to investigate a company restructure which ‘resembled impermissible phoenix activity
- In the matter of Umberto Pty Ltd (in liq)  FCA 541 - where the appointment of special purpose liquidators was sought to investigate and prosecute claims arising from transactions with related companies
- In the matter of ACN 152 546 453 Pty Ltd (formerly Hemisphere Technologies Pty Ltd (InLiq)  NSW SC 1002 where creditor undertakes to fund investigations of additional liquidator to investigate potential recoveries.
Michelle Castle looks at the use of SPL appointment to see when it can be an alternative to an outright replacement, the factors that the Court will take into account, and consider whether it might lead to a different initial assessment of independence.
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