Re HIH Insurance Group Limited & Ors [2001] NSWSC 308

Reported Decision : (2001) 19 ACLC 1102

New South Wales Supreme Court

CITATION : Re HIH Insurance Group Limited & Ors [2001] NSWSC 308 CURRENT JURISDICTION: Equity FILE NUMBER(S) : SC 1799/01; 1798/01; 1801/01; 1806/01; 1808/01; 1810/01; 1815/01 HEARING DATE(S) : 20 and 23 April 2001 JUDGMENT DATE : 23 April 2001

1799/01 - HIH Insurance Limited (P) 1798/01 - FAI Traders Insurance Company Pty Limited (P) 1801/01 - HIH Underwriting and Insurance (Australia) Pty Limited (P) PARTIES : 1806/01 - CIC Insurance Limited (P) 1808/01 - FAI General Insurance Company Limited (P) 1810/01 - HIH Casualty and General Insurance Limited (P) 1815/01 - HIH Underwriting and Agency Services Limited (P) JUDGMENT OF : Hamilton J

COUNSEL : B A J Coles QC (Ps) SOLICITORS : Blake Dawson Waldron (Ps) CATCHWORDS : CORPORATIONS [286] - Winding up - Liquidators - Rights and powers - In winding up by Court - Power to enter into agreement on company's behalf - Necessity for approval if performance of contract may extend beyond 3 months - Approval by Court - Basis on which discretion may be exercised - Relevant considerations. LEGISLATION CITED : Corporations Law s 477(2B) Empire (Aust) Nominees Pty Ltd v Vince (2000) 18 ACLC 738 Re Associated Travel, Leisure & Services Limited (in liq) [1978] 1 WLR 547 CASES CITED : Re Corporate Affairs Commission v ASC Timber Pty Ltd (1998) 29 ACSR 109 Re Feastys Family Restaurants Pty Ltd (in liq) (1996) 14 ACLC 1058 Re G A Listing & Maintenance Pty Limited (1994) 15 ACSR 308 DECISION : Entry into contracts approved.