NSW Caselaw
53 ACSR 12 Reported Decision : (2005) 23 ACLC 756 (2005) 13 ANZ Insurance Cases 61-651
New South Wales Supreme Court
HIH Casualty & General Insurance Ltd & Ors [2005] NSWSC 240 CITATION : This decision has been amended. Please see the end of the judgment for a list of the amendments.
HEARING DATE(S) : 04/03/05, 10/03/05, 18/03/05
JUDGMENT DATE : 29 March 2005
Equity Division JURISDICTION : Corporations List
JUDGMENT OF : Barrett J
DECISION : Orders for the convening of meetings of creditors refused
CATCHWORDS : CORPORATIONS - winding up - application of assets - priority created by s.562A of Corporations Act 2001 (Cth) - interaction with prohibition imposed by s.116(3) of Insurance Act 1973 (Cth) - CORPORATIONS - arrangements and reconstructions - arrangement with creditors - whether scheme of arrangement may alter application of assets in existing winding up - whether particular scheme consistent with s.116(3) of Insurance Act 1973 (Cth) - whether scheme may achieve end which s.562A(7) of Corporations Act 2001 (Cth) does not allow to be achieved by agreement
Corporations Act 2001 (Cth) - ss.411, 553(1), 555, 556, 562, 562A, LEGISLATION CITED : Insurance Act 1973 (Cth) - ss.31, 116 Joint Stock Companies Arrangement Act 1870 (Eng)
AssetInsure Pty Ltd v New Cap Reinsurance Corporation Ltd [2004] NSWCA 225 Australian Securities Commission v Marlborough Gold Mines Ltd (1993) 177 CLR 458 Butterell v The Douglas Group Pty Ltd (2000) 35 ACSR 398 Caratti v Hillman [1974] WAR 92 Cleaver v Delta American Reinsurance Co [2001] 2 AC 328 Dean-Willcocks v Soluble Solution Hydroponics Pty Ltd (1997) 42 NSWLR 209 F & K Jabbour v Custodian of Israeli Absentee Property [1954] 1 WLR 139 Fiske v Sterling Investment Co Pty Ltd (1977) 3 ACLR 158 Freakley v Centre Reinsurance International Company [2005] EWCA Civ 115 F T Eastment & Sons Pty Ltd v Metal Roof Decking Supplies Pty Ltd (1977) 3 ACLR 69 HIH Casualty & General Insurance Ltd v Building Insurers' Guarantee Corporation Ltd (2003) 202 ALR 610 Josephson v Walker (1914) 18 CLR 691 Kempe v Ambassador Insurance Co [1998] 1 WLR 271 Kwok Chi Leung Karl v Commissioner of Estate Duty [1988] 1 WLR 1035 Maybury v Plowman (1913) 16 CLR 468 Mentha v GE Capital Ltd (1997) 154 ALR 565 Motor Terms Co Pty Ltd v Liberty Insurance Ltd (1967) 116 CLR 177 New Cap Reinsurance Corporation Ltd v Faraday Underwriting (2003) 177 FLR 52 New York Insurance Co v Public Trustee [1924] 2 Ch 101 New Zealand Loan and Mercantile Agency Co Ltd v Morrison [1898] AC 349 Pace Tasmania Pty Ltd v FAI General Insurance Co Ltd (2001) 10 Tas R 276 Ray Brooks Pty Ltd v New South Wales Grains Board (No 2) (2002) 171 FLR 350 Re Anglo American Insurance Ltd [2001] 1 BCLC 755 Re Anglo Continental Supply Co Ltd [1922] 2 Ch 723 CASES CITED : Re Austcorp Tiles Pty Ltd (1991) 10 ACLC 62 Re Australian Mutual Investment & Building Co Ltd (1899) 9 BC (NSW) 62 Re Bank of Credit and Commerce International SA (No 3) [1993] BCLC 1590 Re Brian Cassidy Electrical Industries Pty Ltd (1984) 9 ACLR 140 Re Bulong Nickel Pty Ltd (2002) 42 ACSR 52 Re Dean-Willcocks; Alpha Telecom (Aust) Pty Ltd (2004) 208 ALR 414 Re Dominion Insurance Company of Australia Ltd [1980] 1 NSWLR 271 Re Equitable Life Assurance Society [2002] 2 BCLC 510 Re Glencore Nickel Pty Ltd (2003) 44 ACSR 210 Re Hawk Insurance Co Ltd [2001] 2 BCLC 480 Re Higginson & Dean; ex parte Attorney-General [1899] 1 QB 325 Re International Harvester Co of Australia Pty Ltd [1953] VR 669 Re Norfolk Island & Byron Bay Whaling Co Ltd [1970] 1 NSWR 221 Re Northumberland Insurance Co Ltd (No 3) (1977) 3 ACLR 15 Re Osiris Insurance Ltd [1999] 1 BCLC 182 Re Palmdale Insurance Ltd [1986] VR 439 Re Saltergate Insurance Co (No 3)[1984] 3 NSWLR 389 Re Switch Telecommunications Pty Ltd; Ex parte Sherman (2000) 157 FLR 158 Re Tea Corporation Ltd [1904] 1 Ch 12 Re Theatre Freeholds Ltd (1996) 20 ACSR 729 Re Trix Ltd [1970] 1 WLR 1421 Re Universal Distributing Co Ltd (1933) 48 CLR 171 Re Westfield Holdings Ltd (2004) 49 ACSR 734 Re Wily (as liquidator of Wire Lagoon Pty Ltd) (2003) 48 ACSR 86 Rodick v Gandell (1852) 1 De G M & G 763
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