HIH Insurance Ltd and related matters [2004] NSWSC 5

New South Wales Supreme Court

CITATION : HIH Insurance Ltd and related matters [2004] NSWSC 5 HEARING DATE(S) : 17/12/03, 02/02/04, 17/02/04 JUDGMENT DATE : 19 February 2004

JURISDICTION: Equity Division Corporations List JUDGMENT OF : Barrett J DECISION : Orders under ss.477(2A) and 477(2B), Corporations Act 2001 (Cth); directions under s.479(3)

CATCHWORDS : CORPORATIONS - winding up - application by liquidators for approval of compromise of debts and to enter into contracts not to be performed within three months - principles to be applied - application by liquidators for directions LEGISLATION CITED : Corporations Act 2001 (Cth), ss.477(2A), 477(2B), 479(3) Re Ansett Australia Ltd (2002) 115 FCR 409 Re CIC Insurance Ltd (2001) 38 ACSR 181 Re FAI Traders Insurance Co Pty Ltd [2002] NSWSC 1080 Re G A Listing & Maintenance Pty Ltd (1994) 15 ACSR 308 CASES CITED : Re HIH Casualty & General Insurance Co Ltd [2002] NSWSC 1036 Re Luxtrend Pty Ltd [1997] 2 QdR 86 Re Oliver Davey (Pacific) Pty Ltd [1999] VSC 241 Re Spedley Securities Ltd (1992) 9 ACSR 83 Re Tietyens Investments Pty Ltd (1999) 31 ACSR 1 Re United Medical Protection Ltd [2003] NSWSC 237 PARTIES : Anthony Gregory McGrath and Alexander Robert Mackay Macintosh in their capacity as as Liquidators of HIH Insurance Limited (In Liquidation) FILE NUMBER(S) : SC 1799/01; 1815/01; 1810/01; 1806/01; 1805/01; 1808/01 COUNSEL : Mr S J Gageler SC - Applicants Mr W I B Enright, Solicitor - The Commissioner of the State of California Department of Insurance SOLICITORS : Blake Dawson Waldron - Applicants Ebsworth & Ebsworth - The Commissioner of the State of California Department of Insurance