Tuesday, 19 March 2013

Olde trumps Wily despite $25k cap

Andrew Wily
Photo: SiN Images
TAYLOR Wooding’s Quentin Olde has edged out Andrew Wily to be appointed liquidator of Alatus Pty Ltd.

Alatus's director and co-shareholder Edward Mandla had applied to have the company wound up. His liquidator of choice was Olde.

But Stepan Stepanian, who holds the other half share in the company, and is listed as second defendant after Alatus, had other ideas.

At a hearing in the NSW Supreme Court yesterday, lawyers for Stepanian told Justice Paul Brereton that the Armstrong Wily principal had consented to act as liquidator and would cap his fees at $25,000.

But lawyers from Kemp Strang for Mandla argued that one of the shareholders of the company had “struck a bargain” with Wily that involved him limiting his fees in exchange for the appointment.

“That should be viewed with some suspicion in terms of a just and equitable winding up,” Mandla's lawyer said.

The judge ordered Alatus by wound up, that Olde be appointed liquidator and that the plaintiff’s costs be paid out of the assets of the company.

Andrew Wily did not return calls.

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