Federal Court of Australia
Federal Court of Australia
Livingstone, in the matter of NewSat Ltd (in liq) [2022] FCA 1559 File number: NSD 1092 of 2022
Judgment of: STEWART J
Date of judgment: 16 December 2022
Date of publication of reasons: 21 December 2022
Catchwords: CORPORATIONS – Court approval of funding deed and indemnity to pursue recovery action under s 477(2B) of the Corporations Act 2001 (Cth) – where appointment of special purpose liquidator to pursue recovery action previously refused – different considerations and circumstances CORPORATIONS – direction that entry into funding deed and performance of obligations under it to pursue recovery action is justified under s 90-15 of the Insolvency Practice Schedule (Corporations) 2016 – material considerations CORPORATIONS – whether creditor of company in liquidation should be given leave to be heard under r 2.13 of Federal Court (Corporations) Rules 2000 on liquidator's application for approval to enter into funding deed – considerations PRACTICE AND PROCEDURE – whether suppression orders should be made in respect of details of funding deed and indemnity, advices on prospects of success and approaches to other potential funders for liquidator's pursuit of recovery action – material considerations
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