Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Woodings, in the matter of the Bell Group Limited [2016] FCA 369 File number: WAD 572 of 2015
Judge: MCKERRACHER J
Date of judgment: 14 April 2016
Catchwords: CORPORATIONS – approval of funding and indemnity agreement – approval required because obligations under the proposed funding and indemnity agreement will continue for more than three months – group of companies – whether the liquidator may properly and justifiably cause each of the companies to enter into and perform the proposed funding and indemnity agreement – whether there is power for the liquidator to cause the group of companies to enter into the proposed funding and indemnity agreement – whether it is proper for the liquidator to cause the group of companies to enter into the proposed funding and indemnity agreement CORPORATIONS – applicability of two distinct statutory regimes - application for directions under s 479(3) of the Corporations Law and s 479(3) of the Corporations Act 2001 (Cth) – application for approval under s 477(2B) of the Corporations Act 2001 (Cth) – general principles – relevant factors in determining whether to grant approval under s 477(2B) – power to grant the directions and authorisation sought under s 477(1)(c) – power to authorise each of the companies to enter into and perform the proposed funding and indemnity agreement under s 477(2)(m)
Legislation: Corporations Act 2001 (Cth) ss 411, 472(5), 477(1), 477(2), 477(2B), 477(2)(m), 479(3)
Cases cited: Re Ansett Australia Ltd (No 3) (2002) 115 FCR 409 Australian Securities & Investments Commission, in the Matter of Richstar Enterprises Pty Ltd ACN 099 071 968 v Carey (No 20) [2008] FCA 45 Barnett v Fortress Credit Corporation (Australia) II Pty Limited; Fletcher v Fortress Credit Corporation (Australia) II Pty Limited [2012] HCA Trans 33 Re Bell Group Ltd (in liq); Ex parte Woodings (2015) 293 FLR 215 Cook v Scott William Law trading as E. R. Henry Wherrett & Benjamin [2003] FCA 966 Re Dean-Willcocks; Alpha Telecom (Aust) Pty Ltd (2004) 208 ALR 414 Fortress Credit Corporation (Australia) II Pty Ltd v Fletcher (2011) 281 ALR 38 Fortress Credit Corporation (Australia) II Pty Ltd v Fletcher & Barnet (as liquidators of Octaviar Administration Pty Ltd (in Liq) (2015) 89 NSWLR 110 Re GA Listing & Maintenance Pty Ltd (1994) 15 ACSR 308 Re Gate Gourmet Australia Pty Ltd (in liq) [2006] NSWSC 392 Re GB Nathan & Co Pty Ltd (In Liq) (1991) 24 NSWLR 674 Re HIH Insurance Ltd (2010) 266 ALR 642 Re HIH Insurance Ltd [2004] NSWSC 5 Re HIH Overseas Holdings Ltd (In Liq) [2001] NSWSC 426 Re McGrath (as liquidators of HIH Insurance Ltd) (2009) 77 ATR 775 McLean v Elvapine Aberglasslyn Road Pty Ltd [2008] NSWSC 484 Re Opes Prime Stockbroking Ltd (2009) 179 FCR 20 Re PR Clark Holdings Pty Ltd (1977) 2 ACLR 416 Re Rewards Projects Ltd (In Liq); Ex parte Rewards Projects Ltd (In Liq) [2011] WASC 339 Re S&D International Pty Ltd (in liq) (No 7) (2012) 92 ACSR 38 Shaw v Goodsmith Industries Pty Ltd (2002) 41 ACSR 556 Re Spedley Securities Ltd (1992) 9 ACSR 83 Re Tayeh (2005) 53 ACSR 684 Re United Medical Protection Ltd (No 3) [2002] NSWSC 488 Re United Medical Protection Ltd (2003) 46 ACSR 98 Re Wily (2003) 48 ACSR 86
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