Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Lombe, in the matter of Babcock & Brown Limited (In Liquidation) [2012] FCA 107 Citation: Lombe, in the matter of Babcock & Brown Limited (In Liquidation) [2012] FCA 107
Parties: DAVID LOMBE IN HIS CAPACITY AS LIQUIDATOR OF BABCOCK & BROWN LIMITED (IN LIQUIDATION) ACN 108 614 955
File number: NSD 2276 of 2011
Judge: EMMETT J
Date of judgment: 3 February 2012
Legislation: Corporations Act 2001 (Cth) ss 553, 564
Date of hearing: 3 February 2012
Place: Sydney
Division: GENERAL DIVISION
Category: No catchwords
Number of paragraphs: 53
Counsel for the plaintiff: J Lockhart SC, J King
Solicitor for the plaintiff: Blake Dawson
IN THE FEDERAL COURT OF AUSTRALIA NEW SOUTH WALES DISTRICT REGISTRY GENERAL DIVISION NSD 2276 of 2011
IN THE MATTER OF BABCOCK & BROWN LIMITED (IN LIQUIDATION) ACN 108 614 955 DAVID LOMBE IN HIS CAPACITY AS LIQUIDATOR OF BABCOCK & BROWN LIMITED (IN LIQUIDATION) ACN 108 614 955
Plaintiff
JUDGE: EMMETT J DATE OF ORDER: 3 FEBRUARY 2012 WHERE MADE: SYDNEY
THE COURT ORDERS THAT:
1. Pursuant to s 564 of the Corporations Act 2001 (Cth) (Act): (a) Those creditors of Babcock & Brown Limited (In Liquidation) ACN 108 614 955 (BBL) who indemnified the liquidators of BBL (Liquidators) by contributing funds to the Liquidators in response to the funding request made by the Liquidators on 12 August 2009 (Contributing Creditors) each be entitled to receive: (i) repayment of the amount of their individual contribution (Reimbursement); and (ii) payment of an additional amount being 10 times the amount of their individual contribution (Uplift), but subject to a maximum amount equal to the total amount of that Contributing Creditor's entitlement in the winding up; (b) The Reimbursement and Uplift payable to each Contributing Creditor be paid in priority to the claims of all other unsecured or subordinated creditors of BBL except for those claims which properly fall within s 556(1) of the Act. 2. The payment referred to in order 1(b) be made from the funds derived from the settlement by the Liquidator of certain causes of action of BBL against its former directors and auditor. Note: Entry of orders is dealt with in Rule 39.32 of the Federal Court Rules 2011.
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