Blairgowrie Trading Ltd v Allco Finance Group Ltd (Receivers & Managers Appointed) (In Liq) [2015] FCA 811

FEDERAL COURT OF AUSTRALIA

Blairgowrie Trading Ltd v Allco Finance Group Ltd (Receivers & Managers Appointed) (In Liq) [2015] FCA 811 Citation: Blairgowrie Trading Ltd v Allco Finance Group Ltd (Receivers & Managers Appointed) (In Liq) [2015] FCA 811

Parties: BLAIRGOWRIE TRADING LTD and ANOR v ALLCO FINANCE GROUP LTD (RECEIVERS & MANAGERS APPOINTED) (IN LIQ) (ACN 077 721 129) and ORS

File number: NSD 1609 of 2013

Judge: WIGNEY J

Date of judgment: 7 August 2015

Catchwords: PRACTICE AND PROCEDURE – representative proceedings – where order is sought to approve litigation funding agreements between representative parties and the litigation funder – where the effect of the order is that all group members would be bound by the terms of the litigation funding agreements – whether the Court has power to make such an order – whether the order is in the best interests of group members – whether the order is consistent with the statutory scheme for representative proceedings - whether the Court should approve amounts payable under the terms of a litigation funding agreement at an early stage of the proceeding – whether the proposed order is appropriate or necessary to ensure that justice is done in the proceeding – consideration of the common fund doctrine applicable in class actions in the United States – Federal Court of Australia Act 1976 (Cth), ss 23 and 33ZF

Legislation: Constitution, s 51(xxxi) Australian Securities and Investments Commission Act 2001 (Cth), s 12DA Corporations Act 2001 (Cth), ss 674(2), 1041E, 1041H Fair Trading Act 1987 (NSW), s 42 Federal Court of Australia Act 1976 (Cth), Part IVA, ss 23, 33V, 33ZF Federal Court Rules 2011 (Cth), r 1.32