NSW Caselaw
New South Wales Supreme Court
CITATION : Re HIH Casualty and General Insurance Limited & Ors [2006] NSWSC 191
HEARING DATE(S) : 23/03/06
JUDGMENT DATE : 23 March 2006
JURISDICTION : Equity Division Corporations List
JUDGMENT OF : Barrett J
EX TEMPORE JUDGMENT DATE : 03/23/2006
DECISION : Order disapplying regulation 5.6.33
CATCHWORDS : CORPORATIONS - arrangements and reconstructions - Part 5.1 scheme of arrangement between company and creditors - where scheme will cause liquidators to become first scheme administrators and provide for such administrators to be remunerated - where form of proxy made available to creditors contemplates that chairman of meeting may be appointed proxy - where earlier order requires one of liquidators to be chairman - whether prohibition on casting of positive proxy vote by person who will derive remuneration out of company's assets should be relaxed
Corporations Act 2001 (Cth), s.411(1) LEGISLATION CITED : Corporations Regulations 2001 (Cth), regs 5.6.33, 5.6.34 Supreme Court (Corporations) Rules 1999, rule 2.15
Employers Mutual Indemnity (Workers' Compensation) Limited v JST Transport Services Pty Limited (1997) 23 ACSR 197 CASES CITED : Re HIH Casualty and General Insurance Ltd (2005) 56 ACSR 295 Re Mercantile Mutual Insurance (Australia) Limited (2002) 43 ACSR 128
HIH Casualty & General Insurance Limited, FAI General Insurance Company Limited, CIC Insurance Limited, World Marine & General Insurances Pty Limited, FAI Traders Insurance Company Pty Limited, FAI Reinsurances Pty Limited, FAI Insurances Limited, HIH Underwriting and Insurance (Australia) Pty Limited - First Plaintiffs PARTIES : Anthony Gregory McGrath and Alexander Robert Mackay Macintosh - Second Plaintiffs Australian Securities and Investments Commission - Leave granted to appear by counsel as amicus curiae Amaca Pty Limited, Amaba Pty Limited, Hazelwood Power, La Trobe Power Partnership, Perisher Blue Pty Limited - Entities granted leave under rule 2.13 of the Supreme Court (Corporations) Rules 1999 to be heard without becoming parties
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