In January 2020, the creditors chose to authorise the liquidator to execute a deed of assignment and indemnity under s 477(2B) of the Corporations Act 2001 (Cth) (Act). The director proposed that Eguana initiate proceedings against KNM Process System Sdn Bhd (KNMPS), previously Eguana’s sole shareholder, to recover Eguana’s debts to its creditors.
In May 2021, ASIC deregistered Eguana under s 509 of the Corporations Act. In May 2025, another liquidator agreed to his appointment as Eguana’s liquidator, replacing the former appointee, who was no longer a registered liquidator.
In this case, the plaintiff wanted ASIC to reinstate Eguana’s registration so that it could pursue the potential claim against…