In the Matter of Trussted Frames and Trusses Pty Ltd

The applicant, Trussted Frames and Trusses Pty Ltd, sought special leave from the Court to distribute a surplus to the company's shareholders. The company was in external administration, and the court was required to determine the meaning of "special leave" in this context, the appropriateness of an interim distribution, and the requirement to annex Form 551 to the order. The court also had to consider whether it had the power to dispense with the requirement for Form 551 and the circumstances in which such a dispensation could be granted.

The central legal issues were whether the applicant had demonstrated that special leave was necessary and appropriate in the circumstances, and whether the court had the power to dispense with the requirement to annex Form 551 to the order. The applicant argued that special leave was necessary to allow for an interim distribution of the surplus to the company's shareholders, and that the court had the power to dispense with the requirement for Form 551. The liquidator opposed the application, arguing that special leave was not required and that the court did not have the power to dispense with the requirement for Form 551.

The Court held that special leave was necessary to permit an interim distribution of the surplus to the company's shareholders. The Court found that the applicant had demonstrated that an interim distribution was appropriate in the circumstances, and that the court had the power to dispense with the requirement for Form 551. The Court noted that the power to dispense with the requirement for Form 551 was not absolute, and that the court must be satisfied that the requirements of the relevant legislation had been met before granting such dispensation. The Court also noted that the circumstances in which such a dispensation could be granted were limited, and that the applicant must demonstrate that it was in the best interests of the company's creditors and shareholders to dispense with the requirement for Form 551.

The Court granted the applicant's application for special leave to distribute a surplus to the company's shareholders, and dispensed with the requirement to annex Form 551 to the order. The Court made an order that the applicant could distribute the surplus to the company's shareholders, subject to certain conditions, including the appointment of an independent expert to advise on the distribution. The Court also made an order that the liquidator was to be given notice of the distribution and afforded an opportunity to be heard on the terms of the distribution.