On instructions from Adam Farnsworth in his capacity as liquidator Nat Logistics Qld Pty Ltd (In Liquidation), Somerset Ryckmans, along with counsel Joanne Shepard, made an application pursuant to section 90-15(1) of the Insolvency Practice Schedule (Schedule 2) to the Corporations Act 2001 (Cth),.
The application involved seeking approval that the liquidator would be justified and is otherwise acting properly and reasonably in:
(a) treating the sum of $477,303 (the Funds) held in the name of Nat Logistics Qld Pty Ltd (In Liquidation) at the National Australia Bank (NAB), BSB no. ending 057 account no. ending in 988 (the Qld Liquidation Account) as the property of or otherwise beneficially owned by Nat Logistics Australia Pty Ltd ACN 634 590 195 (In Liquidation) (Nat Logistics Australia); and
(b) transferring the Funds from the Qld Liquidation Account to the account in the name of Nat Logistics Australia at the NAB, BSB no. ending 057 account no. ending in 140.
The Court granted the application which entailed an excellent result for the client.
Link to the judgment here:
Farnsworth (Liquidator), in the matter of Nat Logistics Australia Pty Ltd (In liquidation) [2024] FCA 676