Nipps (liquidator), in the matter of i-Prosperity Pty Ltd (in liq) [2024] FCA 1527

FEDERAL COURT OF AUSTRALIA

Nipps (liquidator), in the matter of i-Prosperity Pty Ltd (in liq) [2024] FCA 1527 File number(s): VID 1177 of 2024

Judgment of: O'BRYAN J

Date of judgment: 13 December 2024

Date of publication of reasons: 3 February 2025

Catchwords: CORPORATIONS - application made by liquidators under s 477(2B) of the Corporations Act 2001 (Cth) for retrospective approval of entry into a funding agreement and approval of entry into retainer agreement - whether a proper exercise of the liquidators' powers - application granted

Legislation: Corporations Act 2001 (Cth) s 477(2B), Sched 2 r 90.15 Federal Court of Australia Act 1976 (Cth) ss 37AF, 37AG, 37AI Insolvency Practice Rules (Corporations) 2016 (Cth) rr 70-10, 70-15

Cases cited: Corporate Affairs Commission v ASC Timber Pty Ltd (1998) 29 ACSR 109 Dudley, in the matter of Freshwater Bay Investments Pty Limited (in liquidation) [2021] FCA 608 Gong v Nipps (liquidator) [2024] FCAFC 102 Hurst, in the matter of Liquor National Pty Ltd (in liq) [2019] FCA 1581 In the matter of One.Tel Limited [2014] NSWSC 457 In the matter of Opel Networks Pty Limited [2013] NSWSC 1245 Kitay v Frigger (No 2) [2024] WASC 113 Lewis (liquidator), in the matter of Concrete Supply Pty Ltd (in liq) [2020] FCA 841 Moore v Scenic Tours Pty Ltd [2015] NSWSC 237 Needham, in the matter of Bruck Textile Technologies Pty Ltd (in liq) [2016] FCA 837 Nipps, in the Matter of i-Prosperity Pty Ltd (in liq) [2023] FCA 1446 Onefone Australia Pty Ltd v OneTel Ltd [2010] NSWSC 498 Re Bell Group Ltd (in liq) [2009] WASC 235 Re HIH Insurance Ltd [2004] NSWSC 5 Re Jewels of Sydney Pty Ltd (in liq) [2024] NSWSC 538 Re Spedley Securities Ltd (in liq) (1992) 9 ACSR 83 Re United Medical Protection Ltd (No 4) [2002] NSWSC 516 Robinson, in the matter of Reed Constructions Australia Pty Ltd (in liq) [2017] FCA 594 Stewart, in the matter of Newtronics Pty Ltd [2007] FCA 1375