City Pacific Limited, in the matter of City Pacific Income Fund [2011] FCA 926

FEDERAL COURT OF AUSTRALIA

City Pacific Limited, in the matter of City Pacific Income Fund [2011] FCA 926 Citation: City Pacific Limited, in the matter of City Pacific Income Fund [2011] FCA 926

Parties: CITY PACIFIC LIMITED (IN LIQUIDATION) ACN 079 453 955, DAVID ANTHONY HURST AS JOINT LIQUIDATOR OF CITY PACIFIC INCOME FUND (IN LIQUIDATION) and ANDREW HUGH JENNER WILY AS JOINT LIQUIDATOR OF CITY PACIFIC INCOME FUND (IN LIQUIDATION)

File number(s): NSD 397 of 2010

Judge: EMMETT J

Date of judgment: 22 July 2011

Legislation: Corporations Act 2001 (Cth) s 601NF

Date of hearing: 22 July 2011

Place: Sydney

Division: GENERAL DIVISION

Category: No catchwords

Number of paragraphs: 10

Counsel for the plaintiffs: M Izzo

Solicitor for the plaintiffs: Piper Alderman

IN THE FEDERAL COURT OF AUSTRALIA NEW SOUTH WALES DISTRICT REGISTRY GENERAL DIVISION NSD 397 of 2010

IN THE MATTER OF CITY PACIFIC INCOME FUND (IN LIQUIDATION) CITY PACIFIC LIMITED (IN LIQUIDATION) ACN 079 453 955

First Plaintiff

DAVID ANTHONY HURST AS JOINT LIQUIDATOR OF CITY PACIFIC INCOME FUND (IN LIQUIDATION)

Second Plaintiff

ANDREW HUGH JENNER WILY AS JOINT LIQUIDATOR OF CITY PACIFIC INCOME FUND (IN LIQUIDATION)

Third Plaintiff

JUDGE: EMMETT J DATE OF ORDER: 22 JULY 2011 WHERE MADE: SYDNEY

THE COURT ORDERS THAT:

1. Pursuant to s 601NF(2) of the Corporations Act 2001 (Cth), the joint liquidators of the City Pacific Income Fund make an in specie distribution of the Pacific First Mortgage Fund ordinary units to the City Pacific Income Fund unit holders in proportion to their holdings in the City Pacific Income Fund. 2. Pursuant to s 601NF(2) of the Corporations Act 2001 (Cth), the joint liquidators of the City Pacific Income Fund make an in specie distribution of the Pacific First Mortgage Fund Litigation Recovery Rights Units to the City Pacific Income Fund unit holders in proportion to their holdings in the City Pacific Income Fund. 3. Pursuant to s 601NF(2) of the Corporations Act 2001 (Cth), Mr Andrew Hugh Jenner Wily and Mr David Anthony Hurst, as joint liquidators of the City Pacific Income Fund, have the power, jointly and severally, to act as attorney and agent on behalf of each City Pacific Income Fund unit holder in all necessary respects in order to effect the transfer of units as outlined in orders 1 and 2 above. 4. Costs of the application be costs in the winding up. 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 Federal Law Search on the Court's website.