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The High Court refused an application by liquidators for an order permitting a court-appointed receiver to pay out funds recovered from a defendant, formerly a liquidator removed for wrongdoing, to the plaintiffs for the benefit of company shareholders, save for agreed costs and expenses. The court held that the receiver must first consider any 'just claims' from other innocent parties who may also have been defrauded by the defendant and may have a proprietary interest in the funds before making any distribution. The decision emphasised the plain meaning of the consent order and the risk of injustice to other victims if their potential claims were ignored, concluding that distribution should not be confined solely to the plaintiffs without proper inquiry into competing claims.
liquidation – application for payment out – receiver – equitable execution – just claims – proprietary interest – company law – consent order – fraudulent conversion – multiple victims – Rules of the Superior Courts – costs and expenses – appointment of liquidators – solvent winding up – High Court
Note: This is intended to be a fair and accurate report of a decision made public by a court of law. Any errors should be notified to the editor and will be dealt with accordingly.
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