Asden Developments Pty Ltd v Dinoris: A Corporation Law Case Study

This case study provides an analysis of the legal proceedings in Asden Developments Pty Ltd (in Liq) v Dinoris (No 3) – [2016], focusing on issues related to missing funds and the sale of a boat. The plaintiff, Asden Developments Pty Ltd, accused the liquidators, Mr. Dinoris and Mr. Combis, of failing to fulfill their duties under the Corporations Act 2001, specifically concerning the management of company assets and the distribution of proceeds. The court considered sections 180, 181, 182, and 184 of the Act, ultimately finding the liquidators not liable for damages related to the missing funds, citing a proper investigation. However, a breach of duty was identified in the distribution of the boat's sale proceeds. The case highlights the responsibilities and potential liabilities of liquidators in managing company affairs.

CORPORATION LAW

Table of Content
 Introduction
 Summary of the case
 The Plaintiff: Asden Development Pty Ltd
 The Defendants: Liquidator: Mr. Dinoris and Mr.
Combis
 Provisions of Corporation Act, 2001
 Decision of the Court

Introduction
 Law- Essential place in economy.
 Regulates and manages the activities.
 Companies to comply with the applicable laws.
 Provisions of Corporations Act, 2001.
 Duties of the director and the officer.
 Case of Asden Developments Pty Ltd (in Liq) v
Dinoris (No 3) – [2016].

Summary of the case
 Case between Asden Developments Pty Ltd and its
liquidator, Mr. Dinoris and Mr. Combis.
 Provisions of the Corporation s Act, 2001.
Two issues:
 Missing funds amounting, $236,500 from the
accounts of the company.
 Selling of boat and the distribution of proceeds of
sale of the boat.

The Plaintiff: Asden Development Pty Ltd
 Incorporated in 2005.
 Providing the services of development of land at
Wakerley.
 Case was filed by the Mr. Clout.
 Accused the liquidator.
 Claiming the damages for the loss to the company.

The Defendants: Liquidator: Mr. Dinoris
and Mr. Combis
 Investigation by Mr. Dinoris.
 For the missing funds of company.
 No proper location was found.
 Investigated the director of the company.
 Appointed agent for collecting and selling the boat.
 Is facing the allegations of not performing the duties.

Provisions of Corporation Act, 2001
 There are various sections applicable.
These sections are:
 Section 180
 Section 181
 Section 182
 Section 184

Decision of the Court
 Liquidators are not liable for the damages.
 Not responsible for the damages.
 Proper Investigation was made.
 No need for supervising the agent.
 Breach of duty in terms of distributing the proceeds
of the boat.