Australian Executor Trustees Limited v Provident Capital Limited (Receivers and Managers Appointed) (In Liq) [2014] FCA 1446

FEDERAL COURT OF AUSTRALIA

Australian Executor Trustees Limited v Provident Capital Limited (Receivers and Managers Appointed) (In Liq) [2014] FCA 1446 Citation: Australian Executor Trustees Limited v Provident Capital Limited (Receivers and Managers Appointed) (In Liq) [2014] FCA 1446

Parties: AUSTRALIAN EXECUTOR TRUSTEES LIMITED v PROVIDENT CAPITAL LIMITED (RECEIVERS AND MANAGERS APPOINTED) (IN LIQ)

File number: NSD 808 of 2012

Judge: RARES J

Date of judgment: 18 December 2014

Legislation: Corporations Act 2001 (Cth) Federal Court of Australia Act 1976 (Cth)

Date of hearing: 18 December 2014

Place: Sydney

Division: GENERAL DIVISION

Category: No catchwords

Number of paragraphs: 7

Counsel for the Respondent: Mr A Henskens SC with Mr J Hynes

Solicitor for the Respondent: Henry Davis York

IN THE FEDERAL COURT OF AUSTRALIA NEW SOUTH WALES DISTRICT REGISTRY GENERAL DIVISION NSD 808 of 2012

BETWEEN: AUSTRALIAN EXECUTOR TRUSTEES LIMITED

Applicant

AND: PROVIDENT CAPITAL LIMITED (RECEIVERS AND MANAGERS APPOINTED) (IN LIQ)

Respondent

JUDGE: RARES J DATE OF ORDER: 18 DECEMBER 2014 WHERE MADE: SYDNEY

THE COURT ORDERS THAT:

1. Anthony Milton Sims be retired as a joint and several receiver and manager of Provident Capital Limited (receivers and managers appointed) (Provident). 2. Christopher Clarke Hill be appointed as a joint and several receiver and manager of Provident. 3. The advice, opinion and direction of the Court is that the receivers and managers of Provident would be justified in entering into, and causing Provident to enter into, a deed of indemnity substantially in the form of the document marked for identification 1 in the interlocutory process filed on 11 December 2014 (MFI-1). 4. Pursuant to s 37AF of the Federal Court of Australia Act 1976 (Cth): (a) MFI-1; (b) the words in paragraph 11(a) of the affidavit of Marcus William Ayres sworn 10 December 2014 (Ayres affidavit) following the words "that AET will provide the Receivers with a further indemnity"; (c) paragraph 11(c) of the Ayres affidavit; (d) paragraph 12 of the Ayres affidavit; (e) annexure B to the Ayres affidavit, are not to be published to any person until further order of the Court. 5. The costs associated with the interlocutory process filed 11 December 2014 be costs in the receivership of Provident. THE COURT NOTES THAT: 6. The ground for order 4 is that the order is in the interests of justice. Note: Entry of orders is dealt with in Rule 39.32 of the Federal Court Rules 2011.