Re HIH Casualty & General Insurance Ltd & Ors [2006] NSWSC 504

Reported Decision : (2006) 24 ACLC 569

New South Wales Supreme Court

CITATION : Re HIH Casualty & General Insurance Ltd & Ors [2006] NSWSC 504

HEARING DATE(S) : 27/04/06, 22/05/06, 26/05/06 JURISDICTION : Equity Division Corporations List

JUDGMENT OF : Barrett J

EX TEMPORE JUDGMENT DATE : 05/26/2006

DECISION : Scheme of arrangement approved subject to alterations. Costs awarded to creditor granted leave to be heard without becoming a party.

CATCHWORDS : CORPORATIONS - arrangements and reconstructions - companies in liquidation - proposed compromise or arrangement with creditors - application for approval of compromise or arrangement subject to alteration - court's jurisdiction to impose alterations after compromise or arrangement agreed to by creditors - PROCEDURE - costs - whether costs order should be made in favour of non-party granted leave to be heard - important role played by that creditor in the proceedings

LEGISLATION CITED : Corporations Act 2001 (Cth), s.411(4)(a), 411(4)(b), 411(6)

Re HIH Casualty and General Insurance Limited [2006] NSWSC 6 Re HIH Casualty and General Insurance Limited [2006] NSWSC 485 CASES CITED : Re Investorinfo Ltd (2005) 26 ACLC 44 Re Pan Pharmaceuticals Ltd (2004) 48 ACSR 681 Re V&M Diagnostic Services Pty Ltd (1985) 9 ACLR 663

HIH Casualty & General Insurance Limited, FAI General Insurance Company Limited, CIC Insurance Limited, World Marine & General Insurances Pty Limited, FAI Traders Insurance Co Limited, FAI Reinsurances Pty Limited, FAI Insurances Limited, HIH Underwriting and Insurance (Aust) Pty Limited - First Plaintiffs PARTIES : Anthony Gregory McGrath and Christopher John Honey - Second Plaintiffs Amaca Pty Limited, Amaba Pty Limited, Gordian Runoff Limited - Entities granted leave under rule 2.13 of the Supreme Court (Corporations) Rules 1999 to be heard without becoming parties