Hamilton, in the matter of ACN 101 634 146 Pty Ltd (in liq) [2014] FCA 687

FEDERAL COURT OF AUSTRALIA

Hamilton, in the matter of ACN 101 634 146 Pty Ltd (in liq) [2014] FCA 687 Citation: Hamilton, in the matter of ACN 101 634 146 Pty Ltd (in liq) [2014] FCA 687

Parties: BARRY KENNETH HAMILTON AS LIQUIDATOR OF ACN 101 634 146 PTY LTD (IN LIQUIDATION)

File number(s): TAD 7 of 2014

Judge(s): KERR J

Date of judgment: 13 June 2014

Catchwords: CORPORATIONS – Winding up – Liquidators – Application for retrospective approval of agreements for litigation funding and solicitors' costs which may end more than three months after the agreement is entered into – Application for declaration that agreements were not invalid by reason of contravention of Corporations Act 2001

Legislation: Corporations Act 2001 (Cth), ss 477(2)(b), 477(2B), 479(3), 1322(4)(a), 1322(6)(a)

Cases cited: Re Ausam Resources Ltd [2004] FCA 823 Re Read [2007] FCA 1985; 164 FCR 237

Date of hearing: 13 June 2014

Place: Hobart

Division: GENERAL DIVISION

Category: Catchwords

Number of paragraphs: 12

Counsel for the Plaintiff: Mr G O'Rafferty

IN THE FEDERAL COURT OF AUSTRALIA TASMANIA DISTRICT REGISTRY GENERAL DIVISION TAD 7 of 2014

IN THE MATTER OF ACN 101 634 146 PTY LTD (IN LIQUIDATION) BETWEEN: BARRY KENNETH HAMILTON AS LIQUIDATOR OF ACN 101 634 146 PTY LTD (IN LIQUIDATION)

Plaintiff

JUDGE: KERR J DATE OF ORDER: 13 JUNE 2014 WHERE MADE: HOBART

THE COURT ORDERS THAT:

1. Pursuant to s 477(2B) of the Corporations Act, the liquidator's entering into a litigation funding agreement on 27 June 2012, and a solicitors' costs agreement dated 30 June 2012 is approved nunc pro tunc. 2. Pursuant to s 479(3) of the Corporations Act, the liquidator may act on the agreements as though he had entered into them with the approvals necessary to accord with s 477(2B) of the Corporations Act. THE COURT DECLARES THAT: 3. Pursuant to s 1322(4)(a) of the Corporations Act, the liquidator's entry into the agreements is not invalid, and the agreements themselves are not invalid by reason of any contravention of s 477(2B) of the Corporations Act. Note: Entry of orders is dealt with in Rule 39.32 of the Federal Court Rules 2011.