CORPORATIONS - winding up - application for appointment of special purpose liquidator (SPL) under s 90-15 of the Insolvency Practice Schedule (IPS) - application for appointment of reviewing liquidator under s 90-23 of the IPS - where plaintiffs seek to investigate sale of assets and admission of CAD$10 million liability during voluntary administration - where incumbent liquidators were also the voluntary administrators - whether Court has power to appoint SPL to review conduct of incumbent liquidator as voluntary administrator - broad supervisory jurisdiction of Courts over external administrators under IPS considered - no power to appoint SPL - where application not supported by other creditors and 14 month delay in instituting proceedings - where liquidation almost finalised - consideration of statutory scheme and principles concerning appointment of reviewing liquidators - whether Court should appoint reviewing liquidator in exercise of discretion - application dismissed
↧