RE HIH CASUALTY AND GENERAL INSURANCE LIMITED [2005] NSWSC 1180

Reported Decision : 56 ACSR 295

New South Wales Supreme Court

CITATION : RE HIH CASUALTY AND GENERAL INSURANCE LIMITED [2005] NSWSC 1180

HEARING DATE(S) : 04/03/05, 10/03/05, 18/03/05, 29/03/05, 04/04/05, 26/08/05, 10/10/05, 17/11/05, 18/11/05

JUDGMENT DATE : 18 November 2005

Equity Division JURISDICTION : Corporations List

JUDGMENT OF : Barrett J

DECISION : Orders under s.411(1) for convening of meetings of creditors to consider schemes of arrangement

CATCHWORDS : CORPORATIONS - arrangements and reconstructions - arrangement with creditors - companies in liquidation - where proposed scheme preserves regime of application of assets in winding up but modifies procedures for proof and assessment of claims - whether features providing additional information to creditors with claims on reinsurance should be included - whether "scheme administrators" subject to sufficient controls - whether "scheme adjudicators" within statutory concept of person administering compromise or arrangement - whether leave should be granted under s.411(7) to allow existing liquidators to be scheme administrators

Corporations Act 2001 (Cth), ss.411, 562A LEGISLATION CITED : Insurance Act 1973, s.116

Hall v Arrernte Council of Central Australia Aboriginal Corporation [2004] FCA 1738 Harris v Shepherd (1976) 1 ACLR 50 Harris v S (1976) 2 ACLR 51 Re Cobar Mines Pty Ltd (1998) 30 ACSR 125 Re HIH Casualty and General Insurance Ltd (2005) 215 ALR 562 Re HIH Casualty and General Insurance Ltd (2005) 54 ACSR 380 CASES CITED : Re HIH Casualty and General Insurance Limited [2005] EWHC 2125 (Ch), 7 October 2005 Re Nardell Coal Corporation Pty Ltd (2003) 47 ACSR 122 Re Osiris Insurance Limited [1999] 1 BCLC 182 Re Parkes Leagues Club Co-operative Ltd [2004] NSWSC 16 Re Taylor; Origin Internet Solutions Pty Ltd [2004] FCA 382 Rupert Co Ltd v Chameleon Mining NL [2005] NSWSC 719