Federal Court of Australia
Federal Court of Australia
Tracy, in the matter of Linchpin Capital Group Limited (in liq) [2022] FCA 739 File number: NSD 390 of 2022
Judgment of: CHEESEMAN J
Date of judgment: 23 June 2022
Date of publication of reasons: 29 June 2022
Catchwords: CORPORATIONS – application by liquidators pursuant to section 477(2A) of the Corporations Act 2001 (Cth) for approval of the compromise of a debt owed to the company in liquidation by entry into a settlement deed – where the liquidators have formed the view that compromise of the debt and entry into the settlement deed is in the best interests of creditors – whether entry into the proposed settlement is in the interests of creditors and there is no absence of good faith, error in law or principle or any real or substantial ground for doubting the prudence of the liquidator's conduct – Held: application successful. PRACTICE AND PROCEDURE – confidentiality order sought in respect of evidence supporting the application – where the evidence is directed to the negotiations undertaken by the plaintiffs to compromise the debt the subject of the settlement deed – where the liquidators are concerned the release of the evidence may prejudice current and future negotiations with other debtors and the conduct of the liquidation as a whole – whether confidentiality orders ought to be made – Held: confidentiality orders made.
Legislation: Corporations Act 2001 (Cth), s 477(2A) Federal Court of Australia Act 1976 (Cth), s 37AF Corporations Regulations 2001 (Cth), reg 5.4.02
Cases cited: Australian Competition and Consumer Commission v Air New Zealand Limited (No 3) [2012] FCA 1430 Australian Competition and Consumer Commission v Origin Energy Electricity Ltd [2015] FCA 278 Clark v Digital Wallet Pty Ltd [2020] FCA 877 In the matter of One.Tel Limited [2014] NSWSC 457; 99 ACSR 247 Onefone Australia Pty Ltd v OneTel Ltd [2010] NSWSC 498; 78 ACSR 163 Peter Hillig in his capacity as liquidator of ACN 092 745 330 Pty Ltd (in Liquidation) v Battaglia [2020] NSWSC 1617 Re HIH Insurance Ltd (in liquidation) [2004] NSWSC 5 Re Rubix Investments Group Pty Ltd (in liq) [2018] NSWSC 1184 Re Spedley Securities Ltd (in liq) (1992) 9 ACSR 83
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