Federal Court of Australia
Federal Court of Australia
Cathro (Liquidator), in the matter of Metigy Pty Ltd (in liq) (applications for settlement approval) [2023] FCA 818 File number(s): NSD 449 of 2023 NSD 461 of 2023
Judgment of: RARES J
Date of judgment: 4 July 2023
Catchwords: BANKRUPTCY AND INSOLVENCY – application by trustee of bankrupt estate for order under s 90-15(1) and (3)(a) of Sch 2 to Bankruptcy Act 1966 (Cth) that trustee would be justified, and acting reasonably, in entering settlement of claims – where dispute factually and legally complex – whether trustee justified in entering settlement to protect estate from incurring costs and expenses in prosecuting or defending claim where uncertainty as to factual and legal results – Held: entry into settlement justified CORPORATIONS – application by liquidators for order under s 90-15(1) and (3)(a) of Sch 2 to Corporations Act 2001 (Cth) that liquidators would be justified, and acting reasonably, in entering settlement of claims – where dispute factually and legally complex – whether liquidators justified in entering settlement to protect estate from incurring costs and expenses in prosecuting or defending claim where uncertainty as to factual and legal results – Held: entry into settlement justified
Legislation: Bankruptcy Act 1966 (Cth) ss 58(3), 109, Sch 2 s 90-15(1), (3)(a) Corporations Act 2001 (Cth) ss 180, 181, 182, 500(2), Pt 5.3A, Sch 2 s 90-15(1),(3)(a)
Cases cited: Barnes v Addy (1874) LR 9 Ch App 244 Black v S Freedman & Co (1910) 12 CLR 105 Goyal, in the matter of Cape Technologies Pty Ltd (administrators appointed) [2021] FCA 1654 Leroy (Trustee), in the matter of Vitale and Vitale (Bankrupts) [2016] FCA 999 Macedonian Orthodox Community Church St Petka Inc v His Eminence Petar the Diocesan Bishop of Macedonian Orthodox Diocese of Australia and New Zealand (2008) 237 CLR 66 Orix Australia Corporation Ltd v Moody Kiddell & Partners Pty Ltd [2005] NSWSC 1209 Re Ansett Australia Ltd (No 3) (2002) 115 FCR 409 Re G B Nathan and Co Pty Ltd (in liq) (1991) 24 NSWLR 674
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