Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Read, in the matter of Forestview Nominees Pty Ltd; Australian Securities & Investments Commission v Forestview Nominees Pty Ltd ACN 063 440 102 (Receivers and Managers Appointed) (In Liquidation) [2007] FCA 1985
CORPORATIONS – winding up – court-appointed liquidators – entry into agreement – able to subsist more than three months – no prior approval under s 477(2B) of Corporations Act 2001 (Cth) – application to extend "period" for approval under s 1322(4)(d) – no relevant period – s 1322(4)(d) not applicable – power of Court under s 479(3) to direct liquidator – liquidator directed to act on agreement as though approved – implied incidental powers of Court – prior to approve agreement – power under s 1322(4)(a) to declare entry into agreement and agreement not invalid COURTS AND JUDGES – Federal Court - implied incidental power – inherent jurisdiction WORDS AND PHRASES - "period" Corporations Act 2001 (Cth) s 477, s 1322 Federal Court of Australia Act 1976 (Cth) s 23 Corporate Affairs Commission v ASC Timber Pty Ltd (1998) 16 ACLC 1,642 cited Empire (Aust) Nominees Pty Ltd v Vince (2000) 18 ACLC 738not followed Jackson v Sterling Industries Ltd (1987) 162 CLR 612 cited Re Aslor Pty Ltd (1997) 15 ACLC 1,412 cited Re Associated Travel, Leisure & Services Ltd [1978] 1 WLR 547 cited Re GA Listing & Maintenance Pty Ltd (1994) 15 ACSR 308 cited Re HIH Insurance Group Ltd (2001) 19 ACLC 1 cited Re Spedley Securities Ltd (In liq) (1992) 10 ACLC 1,742 cited Stewart, in the matter of Newtronics Pty Ltd [2007] FCA 1375 not followed AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION v FORESTVIEW NOMINEES PTY LTD ACN 063 440 102 (RECEIVERS AND MANAGERS APPOINTED) WAD178 OF 2006
FRENCH J
12 DECEMBER 2007
PERTH IN THE FEDERAL COURT OF AUSTRALIA
WESTERN AUSTRALIA DISTRICT REGISTRY WAD178 OF 2006
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