NC Re Capital Limited (Vol. Admin. Apptd.) & 2 Ors [1999] NSWSC 625

Reported Decision : (1999) 32 ACSR 418

New South Wales Supreme Court CITATION : NC Re Capital Limited (Vol. Admin. Apptd.) & 2 Ors [1999] NSWSC 625 CURRENT JURISDICTION : Equity FILE NUMBER(S) : 2827/99 HEARING DATE(S) : 21/06/99, 23/06/99 JUDGMENT DATE : 23 June 1999

NC Re Capital Limited (Voluntary Administrator Appointed) (ACN 081 937 031) (First P) PARTIES : New Cap Reinsurance Corporation Limited (Voluntary Administrator Appointed) (ACN 081 937 073) (Second P) John Raymond Gibbons in his capacity as voluntary administrator of NC Re Capital Limited (Voluntary Administrator Appointed) and New Cap Reinsurance Corporation Limited (Voluntary Administrator Appointed) (Third P) JUDGMENT OF : Santow J

COUNSEL : B A Coles, QC (Ps) ex parte SOLICITORS : Ebsworth & Ebsworth (Ps) ex parte CATCHWORDS : CORPORATIONS — Voluntary administrator's duty when winding-up not imminent in case of reinsurance company; Is administrator justified in not taking account of s116(3) of the Insurance Act 1973 (Cth) and s562A of the Corporations Law as applicable after winding-up; Duty to creditors. ACTS CITED : Corporations Law Pt 5.3A, Pt 5.6 s435A, s436B, s447D, s513C, s562A Insurance Act 1973 (Cth) s116(3) CASES CITED : Re Spargold Enterprises Pty Limited: ex parte Geoffrey David McDonald & Anor [1999] NSWSC 623 DECISION : Advice that Administrator justified to act without regard to s116(3) of the Insurance Act and s562A of the Corporations Law

NC.23June99 — 24 June, 1999: NC Re Capital Limited (Vol. Admin. Apptd.) & 2 Ors 5 REVISED — 24 June, 1999 IN THE SUPREME COURT OF NEW SOUTH WALES IN EQUITY