GDK Projects Pty Ltd, in the matter of Umberto Pty Ltd (in liq) v Umberto Pty Ltd (in liq) [2018] FCA 541

FEDERAL COURT OF AUSTRALIA

GDK Projects Pty Ltd, in the matter of Umberto Pty Ltd (in liq) v Umberto Pty Ltd (in liq) [2018] FCA 541 File number(s): NSD 2273 of 2017

Judge(s): FARRELL J

Date of judgment: 20 April 2018

Catchwords: CORPORATIONS – winding up – creditors' voluntary winding up – application under s 90-15 of Div 90 of Sch 2 to the Corporations Act 2001 (Cth) to appoint special purpose liquidators – appointment of special purpose liquidators sought to investigate and prosecute claims arising from transactions with related companies – application granted CORPORATIONS – winding up – creditors' voluntary winding up – application under s 477(2B) of the Corporations Act 2001 (Cth) for approval of funding agreement and costs agreement to be entered into by special purpose liquidators – whether the funding agreement and costs agreement preserve the independence of the special purpose liquidators – application granted

Legislation: Corporations Act 2001 (Cth) Pt 2M.3, ss 477, 506, 564, 588FF, 588G, 1317E, 1317H, Sch 2 Div 90, s 90-15 Federal Court of Australia Act 1976 (Cth) Pt VAA, s 37AF Building and Construction Industry Security of Payments Act 1999 (NSW)

Cases cited: Deputy Commissioner of Taxation, in the matter of ACN 154 520 199 Pty Ltd (in liq) v ACN 154 520 199 Pty Ltd (in liq) (No 2) [2017] FCA 755 In the matter of ACN 076 673 875 Ltd (2002) 42 ACSR 296; NSWSC 578 In the matter of 77738930144 Pty Limited (in liq) (formerly Commercial Indemnity Pty Ltd) [2017] NSWSC 452 In the matter of AT Air Group Pty Limited (in liq) [2012] NSWSC 1508 Lo v Nielsen & Moller (Autoglass) (NSW) Pty Ltd [2008] NSWSC 407 Walley, in the matter of Poles & Underground Pty Ltd (Administrators Appointed) [2017] FCA 486