CORPORATIONS – insolvency – application by directors and a creditor pursuant to ss 90-10, 90-15 and 90-20 of the Insolvency Practice Schedule (Corporations) to replace the first and second defendants as external administrators – where external administrators (being liquidators) made demand that directors of the company in liquidation pay the sum of $69m in respect of damages for breaches of various provisions of the Corporations Act 2001 (Cth) for which there was no proper foundation – where demand was an abuse of process – role of court appointed external administrators as officers of the court considered – where making of and persisting with demand inconsistent with that role – where such abuse of process founded order for removal and the appointment of new liquidators
Original article available at: https://www.judgments.fedcourt.gov.au/judgments/Judgments/fca/single/2023/2023fca0647
For more information, see the original judgement.
