Seymour White provided a payment schedule stating that it proposed to pay a lesser amount (scheduled amount) than the amount of the payment claim.
The New South Wales Court considered whether Ostwald was entitled to seek recovery of the scheduled amount pursuant to s16(2)(a)(i) of the , the subcontractor claimant in liquidation (Façade) served payment claims on the contractor respondent (Brookfield Multiplex).
Many investors prefer this solution since the liquidation proceedings are lengthy, time consuming and expensive.
During the liquidation process, the liquidators must file a report every three months with the D. Once the company’s assets have been completely liquidated, the liquidators must prepare a final accounting of the liquidation and summon a final general meeting of the shareholders by publishing a notice in the local newspaper and mailing a notice to the shareholders no later than seven days before the scheduled date of the meeting. Other legal expertise of the law firm varied in cases involving corporate law such as company registration & Thailand BOI, family law, property law, and private investigation.
The business of this final meeting will be for the shareholders to approve the final account prepared by the liquidators.
The background to the abandonment was that Seymour Whyte accepted that a floating charge granted by Ostwald had crystallised before the commencement of its winding up, and that Ostwald had insufficient assets to satisfy its secured creditors and priority creditors.
The reason behind the abandonment is not entirely clear from the decision, because s553C is capable of operating whether or not there are any assets in the liquidation available for distribution.