In the matter of Kimberley Diamonds Limited (In Liquidation) [2021] NSWSC 432

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Kimberley Diamonds Limited (In Liquidation) [2021] NSWSC 432 Hearing dates: 27 April 2021 Date of orders: 28 April 2021 Decision date: 28 April 2021 Jurisdiction: Equity - Corporations List Before: Williams J Decision: Order that the first plaintiffs are authorised nunc pro tunc to enter into the Deed of Variation; order that the first plaintiffs are authorised to enter into the proposed Deed of Acknowledgement and Release. Catchwords: CORPORATIONS – insolvency – ss 477(2A) and 477(2B) of the Corporations Act 2001 (Cth) – application for approval nunc pro tunc for liquidators to enter into Deed of Variation not to be performed within three months – application for approval for liquidators to enter into Deed of Acknowledgement and Release – where uncertainty as to whether the deeds compromise of a debt owed to the Company. Legislation Cited: Corporations Act 2001 (Cth), ss 477(2A), 477(2B), 1322 Cases Cited: In the matter of Kimberley Diamonds Limited (in liq) [2018] NSWSC 1106 Re HIH Insurance Ltd [2004] NSWSC 5 Re Lewis (as liquidators of Concrete Supply Pty Ltd (in liq)) (2020) 145 ACSR 459 Re One.Tel Ltd (2014) 99 ACSR 247 Category: Principal judgment Parties: Katherine Elizabeth Barnet and Hugh Armenis in their capacity as joint and several liquidators of Kimberley Diamonds Limited (In Liquidation) (Plaintiff) Kimberley Diamonds Limited (In Liquidation) ACN 150 797 563 (Second Plaintiff) Representation: Counsel: Mr A Spencer (Plaintiffs)