Re ACN 084 908 092 Pty Ltd (in liquidation)

In the case of Re ACN 084 908 092 Pty Ltd (in liquidation), the liquidator sought various directions from the court regarding the distribution of assets to creditors and a specific creditor's entitlement to dividends. The primary legal issues were whether the bank could rely on statutory assumptions when dealing with the company given the alleged forgery by one director, the appropriate treatment of a creditor who was admitted to proof for less than the actual debt amount, and whether the liquidator should follow a Family Court order for the distribution of dividends from insolvency.

The court examined the bank's reliance on statutory assumptions under section 129 of the Corporations Act 2001 (Cth). It found that there was no evidence that the bank was aware of the forgery by one director in forging the signature of another. Consequently, the bank could rely on the statutory assumptions in its dealings with the company. Regarding the creditor's admission to proof, the court noted that the settlement deed provided that the creditor would be admitted to proof for a higher amount but only entitled to a new higher share of assets in respect of future dividends. The court ruled that it would be justified for the liquidator to follow the settlement deed, despite the regulation that might otherwise have applied.

Additionally, the court addressed the Family Court order authorising the liquidator to distribute dividends in accordance with the property settlement. The court determined that the direction should be made that dividends should be paid in accordance with the order of the Family Court of Australia. This decision was made to ensure that the distribution of assets aligned with the legal requirements set out by the Family Court.