Chan v Four C Realty Pty Ltd (in liq), in the matter of Four C Realty Pty Ltd (in liq) (No 2) [2013] FCA 959

FEDERAL COURT OF AUSTRALIA

Chan v Four C Realty Pty Ltd (in liq), in the matter of Four C Realty Pty Ltd (in liq) (No 2) [2013] FCA 959 Citation: Chan v Four C Realty Pty Ltd (in liq), in the matter of Four C Realty Pty Ltd (in liq) (No 2) [2013] FCA 959

Parties: ALICE CHOK MAN CHAN v FOUR C REALTY PTY LTD (IN LIQUIDATION) (ACN 130 269 909), ROSS ANDREW BLAKELEY (AS JOINT AND SEVERAL LIQUIDATOR OF FOUR C REALTY PTY LTD (IN LIQUIDATION) (ACN 130 269 909)), ANDREW PETER SCHWARZ (AS JOINT AND SEVERAL LIQUIDATOR OF FOUR C REALTY PTY LTD (IN LIQUIDATION) (ACN 130 269 909)) and WENLYAN PTY LTD

File number: VID 484 of 2013

Judge: GORDON J

Date of judgment: 23 September 2013

Catchwords: CORPORATIONS – application under s 477(2B) of the Corporations Act 2001 (Cth) for retrospective approval of contract for sale of business – purchaser's long-term obligation to indemnify insolvent company in respect of contingent liabilities – liquidators' commercial judgment – factors relevant to exercise of Court's discretion

Legislation: Corporations Act 2001 (Cth)

Cases cited: Chan v Four C Realty Pty Ltd (in liq), in the matter of Four C Realty Pty Ltd (in liq) [2013] FCA 928 Empire (Aust) Nominees Pty Ltd v Vince (2000) 18 ACLC 738 In the matter of AT Air Group Pty Limited (in liq) [2012] NSWSC 1508 HIH Insurance Group & Ors; Re (2001) 19 ACLC 1,102 Spedley Securities Ltd (In liq); Re (1992) 10 ACLC 1,742 Stewart, in the matter of Newtronics Pty Ltd; Re [2007] FCA 1375 Venetian Nominees Pty Ltd & Anor v Conlan (1999) 17 ACLC 301 Wentworth Metals Group Pty Ltd v Leigh and Owen (as liquidators of Bonython Metals Group Pty Ltd): In the matter of Bonython Metals Group Pty Ltd (In liq) [2013] FCA 349