In the matter of Banksia Securities Ltd (recs and mgrs apptd) (in liq) [2022] NSWSC 1106

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Banksia Securities Ltd (recs and mgrs apptd) (in liq) [2022] NSWSC 1106 Hearing dates: 12 August 2022 Date of orders: 12 August 2022 Decision date: 18 August 2022 Jurisdiction: Equity - Corporations List Before: Black J Decision: Direction given that a special purpose receiver would be justified in not accepting a settlement proposal in respect of certain proceedings Catchwords: CORPORATIONS – application by special purpose receiver for direction that he would be justified in not accepting a settlement proposal in its current form – where applicant was appointed by the Court as special purpose receiver under s 283HB of the Corporations Act – whether Court has jurisdiction under s 283HB of the Corporations Act to give such a direction – whether the direction sought is within the class of questions on which the special purpose receiver may legitimately seek directions – whether direction sought by the special purpose receiver should be given Legislation Cited: Corporations Act 2001 (Cth), ss 283BB, 283F, 283HB, 424, 479, 511. Supreme Court Act 1970 (NSW), s 67. Cases Cited: - Australian Executor Trustees Ltd v Provident Capital Ltd (2012) 90 ACSR 650; [2012] FCA 728 - Australian Securities and Investments Commission v Bridgecorp Finance Ltd (2006) 58 ACSR 499; [2006] NSWSC 836 - Bolitho v Banksia Securities Ltd (No 18) (remitter) [2021] VSC 666 - Botsman v Bolitho [2018] VSCA 278 - Elliott v Lindholm (2020) 62 VR 307; [2020] VSCA 260 - Equititrust Ltd (In Liq) (Receiver Appointed) (Receivers and Managers Appointed) (No 4) [2017] FCA 1133 - McDermott and Potts (in their capacities as a joint and several liquidators of Lonnex Pty Ltd (in liq)) [2019] VSCA 23 - Re AE&E Australia Pty Ltd (in liq) [2017] NSWSC 950 - Re Australasian Barrister Chambers Pty Ltd [2017] NSWSC 693 - Re Banksia Securities Ltd (in liq) (recs and mgrs apptd) [2015] NSWSC 1378 - Re Banksia Securities Limited (in liq) (recs and mgrs apptd) [2016] NSWSC 357 - Re Banksia Securities Ltd (in liq) (recs and mgrs apptd) (unreported, 21 August 2017) - Re Banksia Securities Ltd (recs and mgrs apptd) [2017] VSC 148 - Re Banksia Securities Ltd (in liq) (recs and mgrs apptd) (2018) 336 FLR 97; [2018] NSWSC 629 - Re Banksia Securities Ltd (in liq) (recs and mgrs apptd) (No 2) [2018] VSC 47 - Re Great Southern Managers Australia Ltd (in liq) [2014] WASC 312 - Re Metal Storm Ltd (subject to Deed of Company Arrangement) (2014) 100 ACSR 637; [2014] NSWSC 813 - Re MF Global Australia Ltd (in liq) [2012] NSWSC 994; (2012) 267 FLR 27 - Re Octaviar Administration Pty Ltd (in liq) [2017] NSWSC 1556 - Re RCR Tomlinson Ltd (admins apptd) [2020] NSWSC 73 - Trust Company (Nominees) Ltd v Angas Securities Ltd (2015) 107 ACSR 464; [2015] FCA 772 Category: Procedural rulings Parties: The Trust Company (Nominees) Limited (Plaintiff) Representation: Counsel: J Redwood/M Grady (Plaintiff)