New South Wales Supreme Court McGrath & Anor re HIH Insurance Ltd & Ors [2005] NSWSC 1087 CITATION : This decision has been amended. Please see the end of the judgment for a list of the amendments. HEARING DATE(S) : 11/10/05 JUDGMENT DATE : 26 October 2005 Equity Division JURISDICTION : Corporations List JUDGMENT OF : Barrett J DECISION : See judgment CATCHWORDS : CORPORATIONS - winding up - application by liquidators for various orders LEGISLATION CITED : Corporations Act 2001 (Cth), s.477(2B) McGrath re HIH Insurance Ltd [2005] NSWSC 731 CASES CITED : McGrath & Anor re HIH Insurance Ltd & Ors [2005] NSWSC 787 PARTIES : Anthony Gregory McGrath and Christopher John Honey in their capacity as liquidators of HIH Insurance Ltd & Ors - Applicants FILE NUMBER(S) : SC 1799/01; 1805/01; 1808/01; 1810/01 ; 3753/02; 1798/01; 1800/01; 1801/01; 1803/01; 1804/01; 1806/01; 1807/01; 1809/01; 1811/01; 1812/01; 1813/01; 1814/01; 1815/01; 2650/01; 4727/01; 4913/01; 2601/02; 4096/02; 4098/02; 4472/02; 1348/03; 2419/03; 2421/03; 2422/03; 2423/03; 2424/03; 2425/03; 2426/03; 4227/03; 4229/03; 4231/03; 4232/03; 4233/03; 4235/03; 4236/03; 4237/03 COUNSEL : Mr M.B. Oakes SC/Mr J. Scarcella, Solicitor - Applicants SOLICITORS : Blake Dawson Waldron - Applicants LOWER COURT JURISDICTION : IN THE SUPREME COURT OF NEW SOUTH WALES EQUITY DIVISION CORPORATIONS LIST BARRETT J WEDNESDAY, 26 OCTOBER 2005 APPLICATIONS OF ANTHONY GREGORY McGRATH AND CHRISTOPHER JOHN HONEY IN THEIR CAPACITY AS LIQUIDATORS OF EACH OF 1799/01 - HIH INSURANCE LTD 1805/01 - FAI INSURANCES LTD 1808/01 - FAI GENERAL INSURANCE CO LTD 1810/01 - HIH CASUALTY AND GENERAL INSURANCE LTD 3753/02 - HIH INVESTMENT HOLDINGS LTD 1798/01 - FAI TRADERS INSURANCE CO PTY LTD 1800/01 - WORLD MARINE AND GENERAL INSURANCES PTY LTD 1801/01 - HIH UNDERWRITING AND INSURANCE (AUS) PTY LTD 1803/01 - LANLEX NO. 65 PTY LTD 1804/01 - FAI LEASING FINANCE PTY LTD 1806/01 - CIC INSURANCE LTD. 1807/01 - FAI INVESTMENTS PTY LTD 1809/01 - FAI OVERSEAS INVESTMENTS PTY LTD 1811/01 - HIH OVERSEAS HOLDINGS LTD 1812/01 - FAI FINANCIAL SERVICES LTD 1813/01 - FAI OVERSEAS HOLDINGS PTY LTD 1814/01 - FAI REINSURANCES LTD 1815/01 - HIH UNDERWRITING AND AGENCY SERVICES LTD 2650/01 - HANNAN & CO PTY LTD 4727/01 - NOTESTIR PTY LTD 4913/01 - FIRST MENTOR GROUP PTY LTD 2601/02 - WORLDWIDE WEATHER UNDERWRITING AGENCIES (AUS) PTY LTD 4096/02 - HIH COMPANY LTD 4098/02 - ACN 006 495 987 PTY LTD (FORMERLY INDUSTRIAL REHABILITATION SERVICES PTY LTD) 4472/02 - CIC GENERAL INSURANCE HOLDINGS LTD 1348/03 - FAI HOME SECURITY HOLDING PTY LTD 2419/03 - ACN 005 312 345 PTY LTD (FORMERLY READY PLAN ASIA PACIFIC PTY LTD) 2421/03 - FAI FILM DISTRIBUTION PTY LTD 2422/03 - FAI WORKERS' COMPENSATION (VIC) PTY LTD 2423/03 - HIH (REAL ESTATE) PTY LTD 2424/03 - INTEGRATED COMMERCIAL FINANCE PTY LTD 2425/03 - INNES OWENS PTY LTD 2426/03 - RISKCORP AUSTRALIA PTY LTD 4227/03 - ACN 006 584 103 LTD (FORMERLY READY PLAN GROUP LTD) 4229/03 - MARINE AND AVIATION MANAGEMENT SERVICES LTD ACN 006 385 584 4231/03 - CIC WORKERS' COMPENSATION (NSW) LTD 4232/03 - CIC INVESTMENTS LTD ACN 004 766 081 4233/03 - PEMBROKE SECURITIES LTD ACN 002 799 546 4235/03 - LAKE CRACKENBACK RESORT PTY LTD ACN 003 379 708 4236/03 - 422 COLLINS STREET PTY LTD ACN 005 807 036 4237/03 - FAI FINANCE CORPORATION PTY LTD ACN 053 262 561 JUDGMENT 1 For separate reasons consisting of 23 paragraphs, a copy of which I now deliver to the applicants in the absence of the public, I will make the several orders claimed in the amended interlocutory processes filed on 11 October 2005, which amended interlocutory processes sought relief corresponding with and additional to that originally sought (see McGrath & Anor re HIH Insurance Ltd & Ors [2005] NSWSC 787). 2 Because the amended interlocutory processes were heard in the absence of the public (see McGrath re HIH Insurance Ltd [2005] NSWSC 731), I order that, until further order, the separate reasons a copy of which I now deliver to the applicants in the absence of the public remain in a sealed envelope in the court file and not be accessed by any person except with the leave of a judge and with 48 hours prior notice to Blake Dawson Waldron. I direct that those separate reasons not be posted on the Caselaw New South Wales website while the immediately preceding order remains in force. 3 I direct that the proceedings be listed before me for mention at 9.30 am on 26 June 2006 for the purpose of reviewing the continued appropriateness of the order and direction in paragraph 2 and the corresponding order and direction made on 4 August 2005. ********** 26/10/2005 - One File Number left out of list on cover sheet - Paragraph(s) No paragraph number - File number left out of list on cover sheet 27/10/2005 - Mr J. Scarcella added to counsel. - Paragraph(s) No paragraph. Addition to counsel on front sheet. DISCLAIMER - Every effort has been made to comply with suppression orders or statutory provisions prohibiting publication that may apply to this judgment or decision. The onus remains on any person using material in the judgment or decision to ensure that the intended use of that material does not breach any such order or provision. Further enquiries may be directed to the Registry of the Court or Tribunal in which it was generated.