Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Blairgowrie Trading Ltd v Allco Finance Group Ltd (Receivers & Managers Appointed) (In Liq) (No 2) [2016] FCA 1310 File number(s): NSD 1609 of 2013
Judge(s): WIGNEY J
Date of judgment: 20 October 2016
Catchwords: CORPORATIONS – representative proceeding – application for approval of settlement by Court pursuant to s 33V of the Federal Court of Australia Act 1976 (Cth) – where settlement involves discontinuance of claims against an insolvent respondent with access to no greater insurance than the other respondent – where the prospects of success against that respondent are no greater than the other respondents and the continuation of the claim is unlikely to secure the recovery of any additional money – whether requirement to provide notice of settlement to group members under s 33X of the Federal Court of Australia Act 1976 (Cth) may be dispensed with – where provision of notices is likely to be costly and lengthy and settlement is plainly in the interests of the group members as a whole
Legislation: Corporations Act 2001 (Cth) Federal Court of Australia Act 1976 (Cth), ss 33V, 33X(4) Federal Court Rules 2011 (Cth)
Date of hearing: 20 October 2016
Registry: New South Wales
Division: General Division
National Practice Area: Commercial and Corporations
Sub-area: Corporations and Corporate Insolvency
Category: Catchwords
Number of paragraphs: 11
Counsel for the Applicants: Mr M B J Lee SC with Mr W A D Edwards and Mr D J Fahey
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