City of Swan v Lehman Bros Australia Ltd (No 2) [2009] FCA 1160

FEDERAL COURT OF AUSTRALIA

City of Swan v Lehman Bros Australia Ltd (No 2) [2009] FCA 1160

CITY OF SWAN, PARKES SHIRE COUNCIL and WINGECARRIBEE SHIRE COUNCIL v LEHMAN BROTHERS AUSTRALIA LIMITED (IN LIQ), NEIL SINGLETON, STEPHEN PARBERY, LEHMAN BROTHERS ASIA HOLDINGS LIMITED (IN LIQUIDATION) and LEHMAN BROTHERS HOLDINGS INC.

NSD 538 of 2009

RARES J

2 OCTOBER 2009

SYDNEY IN THE FEDERAL COURT OF AUSTRALIA

NEW SOUTH WALES DISTRICT REGISTRY

GENERAL DIVISION NSD 538 of 2009

IN THE MATTER OF LEHMAN BROTHERS AUSTRALIA LIMITED (SUBJECT TO A DEED OF COMPANY ARRANGEMENT) aCn 006 797 760) BETWEEN: CITY OF SWAN

First Plaintiff

PARKES SHIRE COUNCIL

Second Plaintiff

WINGECARRIBEE SHIRE COUNCIL

Third Plaintiff

AND: LEHMAN BROTHERS AUSTRALIA LIMITED (IN LIQ)

First Defendant

NEIL SINGLETON

Second Defendant

STEPHEN PARBERY

Third Defendant

LEHMAN BROTHERS ASIA HOLDINGS LIMITED (IN LIQUIDATION)

Fourth Defendant

LEHMAN BROTHERS HOLDINGS INC.

Fifth Defendant

JUDGE: RARES J

DATE OF ORDER: 2 OCTOBER 2009

WHERE MADE: SYDNEY

THE COURT DECLARES THAT:

1. The deed of company arrangement dated 12 June 2009, executed by the first, second, third and fourth defendants, is void. THE COURT ORDERS THAT: 1. The first defendant be wound up by the court. 2. Neil Singleton and Stephen Parbery be appointed as liquidators of the first defendant. 3. Compliance with r 5.6(1) of Federal Court (Corporations) Rules 2000 is dispensed with. 4. The interlocutory process filed by the fifth defendant on 20 July 2009 be dismissed. 5. The cross claim filed by the fourth defendant on 20 July 2009 be dismissed. 6. The defendants file and serve written submissions together with any evidence upon which they propose to rely in relation to their position on costs on or before 13 October 2009. 7. The plaintiffs file and serve written submissions in opposition to any questions raised by the defendants in relation to costs together with any evidence on or before 15 October 2009. 8. The question as to costs be adjourned to 16 October 2009 for hearing. 9. The Australian Securities and Investments Commission is excused from further attendance. THE COURT NOTES: 1. The undertaking of the second and third defendants, by their counsel, that each of them will file a consent to act as liquidator of the first defendant today in accordance with the Federal Court (Corporations) Rules 2000. Note: Settlement and entry of orders is dealt with in Order 36 of the Federal Court Rules. The text of entered orders can be located using eSearch on the Court's website. IN THE FEDERAL COURT OF AUSTRALIA