Hughes, in the matter of Substar Holdings Pty Ltd (in liquidation) (No 2)

The case involves the liquidation of Substar Holdings Pty Ltd, with the liquidators applying for the winding up to be terminated under section 482(1) of the Corporations Act 2001. The court was asked to consider the liquidators' request for an order to terminate the winding up, contingent on the liquidators receiving sufficient funds to pay the company's creditors in full and the remuneration and costs of the liquidators. Additionally, the liquidators sought an order dispensing with the requirement to file accounts under rule 14.25 of the Federal Court Rules 2011.

The court considered the liquidators' application, including the requirement that the winding up be terminated upon receipt of specific funds by the liquidators. The court also evaluated the appropriateness of dispensing with the need to file accounts, given the liquidators did not realise any trust assets. The court concluded that the orders sought were appropriate and would be made substantially as requested.

The court granted the liquidators' application and made orders that the winding up of the company would terminate upon the liquidators receiving $530,000 within 60 days. The company was required to lodge copies of the orders with the Australian Securities and Investments Commission within 14 days of the orders and again upon receipt of the payment. The liquidators were allowed remuneration and costs for their work, to be paid from the funds received. Further, legal costs and disbursements were fixed and to be paid from the funds received. The requirement to file accounts was dispensed with, and liberty to apply was granted.

The final orders were to be entered in accordance with Rule 39.32 of the Federal Court Rules 2011.