Cornelius v Coplex Resources NL [2002] FCA 1378

FEDERAL COURT OF AUSTRALIA

Cornelius v Coplex Resources NL [2002] FCA 1378

CORPORATIONS – liquidation – approval of litigation funding agreement – agreement to fund enquiries into certain transactions entered into by administrators and, subject to outcome of those enquiries, to fund proceedings – whether appropriate to make order approving entry into funding agreement. Corporations Act 2001 (Cth), s 477(2B) Corporate Affairs Commission v ASC Timber Pty Ltd (1998) 16 ACLC 1642 referred to Re Spedley Securities Ltd (in liq) (1992) 10 ACLC 1742 referred to Carob Industries Pty Ltd (in liq) v Simto Pty Ltd (2000) 18 ACLC 177 referred to Re Addstone Pty Ltd (in liq) (1998) 16 ACLC 1320 referred to Re Imobridge Pty Ltd (in liq) (1999) 18 ACLC 29 referred to Bendeich v Greatorex [2002] NSWSC 578 referred to JOHN WILLIAM CORNELIUS v COPLEX RESOURCES NL W 3010 of 2002 CARR J 18 OCTOBER 2002 PERTH

IN THE FEDERAL COURT OF AUSTRALIA

WESTERN AUSTRALIA DISTRICT REGISTRY W 3010 OF 2002

BETWEEN: JOHN WILLIAM CORNELIUS

Applicant

AND: COPLEX RESOURCES NL

(ACN 009 234 191)

Respondent

JUDGE: CARR J

DATE OF ORDER: 18 OCTOBER 2002

WHERE MADE: PERTH

THE COURT ORDERS THAT: 1. Pursuant to s 477(2B) of the Corporations Act 2001 (Cth), approval is given to Mr Garry John Trevor, liquidator of Coplex Resources NL ("the Company") to enter into a funding agreement in terms of the copy agreement annexed to the affidavit sworn by him on 7 October 2002 ("the Affidavit"). 2. The liquidator's costs of this application be paid out of the assets of the Company. 3. The Affidavit is to be placed forthwith in an envelope which is to be sealed and marked prominently with words to the effect that the envelope is not to be opened except by a Judge or pursuant to an order by a Judge. Note: Settlement and entry of orders is dealt with in Order 36 of the Federal Court Rules.