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Because the ground had been abandoned, the NSW Court of Appeal did not express a view on the correctness of the constitutional aspect of the reasoning in is inapplicable in New South Wales, because the “roll back” provisions (s5G) of the Corporations Act apply to the NSW Security of Payment Act.Therefore, His Honour said that, in a New South Wales case when the point arises, it will be necessary to examine the operation of the rollback provisions on the impugned provisions of the Security of Payment Act.Seymour White provided a payment schedule stating that it proposed to pay a lesser amount (scheduled amount) than the amount of the payment claim.The New South Wales Court considered whether Ostwald was entitled to seek recovery of the scheduled amount pursuant to s16(2)(a)(i) of the , the subcontractor claimant in liquidation (Façade) served payment claims on the contractor respondent (Brookfield Multiplex).The Victorian Court considered whether, since it found that no valid payment schedule had been served, Façade could recover the amount of the payment claims as a debt due pursuant to s16(2)(a)(i) of the (Vic) (Victorian Security of Payment Act).The New South Wales Court accepted that the Façade decision was directly on point, and therefore that it was bound to follow Façade unless convinced that the decision was “plainly wrong”.
The provision recognises that, where a company is in liquidation, it would be unjust to allow the company to recover 100 cents in the dollar on its claim, while the other party is likely to receive a lesser percentage of its cross-claim as one of a pool of unsecured creditors.The Court decided that, in its ordinary meaning, the word “undertake” connotes an expectation of performance.Therefore, the Victorian Security of Payment Act was not available to claimants in liquidation.The business of the meeting will be for the shareholders to confirm the balance sheet and to authorize the liquidation to proceed. Finally, the Civil and Commercial Code requires that the books, accounts, and documents of the company be deposited at the D. Tags: closing a limited company, closing a ltd company, closing a thai ltd company, closing down a company, closing down a thai company, dissolving a company, dissolving a company in thailand, how to dissolve a company, winding up a company, winding up a thai company Category: Business in Thailand, Company Law Siam Legal is an international law firm with experienced lawyers, attorneys, and solicitors both in Thailand law and international law.The liquidators generally have the authority to take any actions necessary to settle the affairs of the company, such as selling the company’s assets, filing any lawsuits, or carrying on business insofar as it may be necessary. The reports must contain a current accounting of the liquidation process and they will be kept open for inspection by shareholders and creditors. This Thailand law firm offers comprehensive legal services in Thailand to both local and foreign clients for Litigation such as civil & criminal cases, labor disputes, commercial cases, divorce, adoption, extradition, fraud, and drug cases.