Federal Court of Australia
Federal Court of Australia
Hundy (liquidator), in the matter of 3 Property Group 13 Pty Ltd (in liquidation) (No 2) [2023] FCA 173 File numbers: ACD 14 of 2022 ACD 16 of 2022
Judgment of: WIGNEY J
Date of judgment: 10 February 2023
Date of publication of reasons: 6 March 2023
Catchwords: BANKRUPTCY AND INSOLVENCY – application by liquidator under s 477(2B) of Corporations Act 2001 (Cth) for retrospective approval of funding agreements – funding to litigate impugned transactions of former directors – obligations under funding agreements to extend past three months – no evidence that agreements entered improperly or without good faith – agreements advance creditors' interests in seeking pecuniary relief – claims appear reasonably arguable – terms of funding agreements commercially sound – delay in application owing to lack of funds, change of solicitors, intervention application by some creditors – approval retrospectively granted – disclosure of funding terms possibly prejudicial to conduct of liquidator – confidentiality orders made
Legislation: Corporations Act 2001 (Cth) s 477(2B) Federal Court of Australia Act 1976 (Cth) Building and Construction Industry (Security of Payment) Act 2009 (ACT) Federal Court Rules 2011 (Cth)
Cases cited: Brown v DML Resources Pty Ltd (in liq) (2001) 52 NSWLR 685; [2001] NSWSC 590 Deloughery & Ors v Weston (2010) 79 ACSR 180; [2010] NSWCA 148 Empire (Aust) Nominees Pty Ltd v Vince (2000) 35 ACSR 167; [2000] VSC 324 Fortress Credit Corporation (Australia) II Pty Ltd v Fletcher & Barnet (2015) 89 NSWLR 110; [2015] NSWCA 85 Goyal, in the matter of OLI 1 Pty Ltd (in liq) [2020] FCA 450 Hird (Liquidator), in the matter of Allmine Group Limited (in liq) [2018] FCA 781 Hughes, in the matter of Sales Express Pty Ltd (in Liq) [2016] FCA 423 Hundy (liquidator), in the matter of 3 Property Group 13 Pty Ltd (in liquidation) [2022] FCA 1216 Hutchison v Hillcrest Litigation Services Ltd [2010] NSWSC 934 Jones, Saker, Weaver and Stewart (Liquidators), in the matter of Great Southern Limited (in liq) (Receivers and Managers Appointed) [2012] FCA 1072 Kogan, in the matter of Rogulj Enterprises Pty Ltd (in liq) [2021] FCA 856 Leigh, re AP and PJ King Pty Ltd (in liq) [2006] NSWSC 315 McGrath & Anor Re HIH Insurance Ltd [2005] NSWSC 731 Onefone Australia Pty Ltd v One.Tel Pty Ltd (2010) 78 ACSR 163; [2010] NSWSC 498 Pogroske, in the matter of Bower Projects Australia Pty Ltd (in liq) [2019] FCA 1688 Re ACN 076 673 875 Ltd (rec and mgr apptd) (in liq) (2002) 42 Re Bell Group Ltd (in liq) ACN 008 666 993 [2009] WASC 235 Re Golden Sands Hospitality Pty Ltd (in liq) (No 2) [2017] NSWSC 450 Re HIH Insurance Ltd [2004] NSWSC 5 Re Spedley Securities Ltd (in liq) (1992) 9 ACSR 83 Stewart, re Newtronics Pty Ltd [2007] FCA 1375 Thorn (liquidator), in the matter of South Townsville Developments Pty Ltd (in liq) [2022] FCA 143 Vickers, in the matter of York Street Mezzanine Pty Ltd (in liq) (2011) 196 FCR 479; [2011] FCA 1028 Vickers, in the matter of JM Kelly Builders Pty Ltd (in Liquidation) [2019] FCA 2141
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