Alfonso, in the matter of Pinnacle Fire Protection Pty Ltd (in liq) v Woods [2021] FCA 1402

Federal Court of Australia

Alfonso, in the matter of Pinnacle Fire Protection Pty Ltd (in liq) v Woods [2021] FCA 1402 File number(s): NSD 603 of 2021

Judgment of: CHEESEMAN J

Date of judgment: 11 November 2021

Catchwords: CORPORATIONS – application under s 477(2B) of the Corporations Act 2001 (Cth) for approval of a settlement agreement which creates obligations extending more than 3 months from the date of the agreement - where proceedings settled at mediation – where settlement is conditional on Court approval under s 477(2B) – where liquidators have formed a view that settlement is in the best interests of the company - whether approval would serve the efficient administration of the winding up – Held: application successful. PRACTICE AND PROCEDURE – confidentiality orders sought in respect of an exhibit to an affidavit supporting the application – where the relevant exhibit pertains to legal advice received by the liquidators in relation to the proposed settlement – Held: confidentiality orders made.

Legislation: Corporations Act 2001 (Cth), s 477(2B), s 553AB Federal Court of Australia Act 1976 (Cth), s 37AF Corporations Regulations 2001 (Cth), reg 5.4.02

Cases cited: Elderslie Finance Corporation Limited v Newpage Pty Ltd (No 6) [2007] FCA 1030; (2007) 160 FCR 423 In the matter of One.Tel Limited [2014] NSWSC 457; (2014) 99 ACSR 247 Re CIC Insurance Ltd [2001] NSWSC 438; (2001) 38 ACSR 181 Re Stewart (in his capacity as official liquidator of Newtronics Pty Ltd (recs and mgrs apptd) (in liq)) [2007] FCA 1375 Re Mudgee Dolomite & Lime Pty Ltd [2021] NSWSC 984 Re Tietyens Investments Pty Ltd [1999] FCA 206; (1999) 31 ACSR 1