On 4 March 2025, the Victorian Supreme Court made orders that a special purpose liquidator be appointed to replace an incumbent liquidator to finalise a long-running liquidation.
The decision demonstrates the flexibility of the Court’s powers under section 90-15(1) of the Insolvency Practice Schedule (Corporations) to replace liquidators if it is in the best interests of the creditors.
Background
Pluton Resources Limited (company), was an ASX-listed company specialising in the exploration, development and production of iron ore for the steel industry. The external administration of the Company has a long history being subject to various forms of external control since 2013. Relevantly, liquidators have been appointed…
