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ARTICLE · 31 MARCH 2025

Supreme Court appoints special purpose liquidator to replace incumbent liquidator

Holding Redlich
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Decision shows the flexibility of the Court's powers under section 90-15(1) of the Insolvency Practice Schedule (Corporations)

AustraliaInsolvency/Bankruptcy/Re-Structuring
Chris Brodrick
Chris Brodrick
Jack Trainor
Jack Trainor
Julia Townley
Julia Townley
Georgia Berti
Georgia Berti
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On 4 March 2025, the Victorian Supreme Court made orders that a special purpose liquidator be appointed to replace an incumbent liquidator to finalise a long-running liquidation.

The decision demonstrates the flexibility of the Court's powers under section 90-15(1) of the Insolvency Practice Schedule (Corporations) to replace liquidators if it is in the best interests of the creditors.

Background

Pluton Resources Limited (company), was an ASX-listed company specialising in the exploration, development and production of iron ore for the steel industry. The external administration of the Company has a long history being subject to various forms of external control since 2013. Relevantly, liquidators have been appointed to the company since about August 2016 (Incumbent Liquidator) and the company has been in liquidation since that time.

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