BL & GY International Co Ltd v Hypec Electronics Pty Ltd (in liq); Hypec Electronics Pty Ltd (in liq) v Department of Lands [2008] NSWSC 856

New South Wales Supreme Court

CITATION : BL & GY International Co Ltd v Hypec Electronics Pty Ltd (in liq); Hypec Electronics Pty Ltd (in liq) v Department of Lands [2008] NSWSC 856

HEARING DATE(S) : 29 & 31 July 2008

JUDGMENT DATE : 20 August 2008

JURISDICTION : Equity

JUDGMENT OF : Austin J

DECISION : See paragraph 55

CATCHWORDS : CORPORATIONS - winding up - application to court to approve liquidator entering into agreement with obligations that may be discharged more than three months after it is entered into - creditor/contributory and liquidator enter into agreement for conduct of appeal by creditor/contributory - liquidator to pay creditor/contributory most of the company's benefits if appeal is successful - whether court should approve liquidator entering agreement

LEGISLATION CITED : Corporations Act 2001 (Cth) ss 477, 564

BL & GY International Co Ltd v Hypec Electronics Pty Ltd [2001] NSWSC 705 BL & GY International Co Ltd v Hypec Electronics Pty Ltd [2002] NSWSC 575 Ex parte James; in re Condon (1874) LR 9 Ch App 609 CASES CITED : Hall v Poolman ([2007] NSWSC 1330; (2007) 65 ACSR 123 Hypec Electronic Pty Ltd (in liq) v Registrar-General (No 2) [2008] NSWSC 138 Hypec Electronic Pty Ltd (in liq) v Registrar-General (No 3) [2008] NSWSC 167 Hypec Electronics Pty Ltd (in liq) v Mead [2003] NSWSC 934 Hypec Electronics Pty Ltd (in liq) v Registrar-General [2008] NSWSC 18

1933/01 BL & GY International Co Ltd (Plaintiff) Hypec Electronics Pty Ltd (in liq) (Defendant; Respondent) Colin Anthony Mead (Applicant) 4413/05 PARTIES : Hypec Electronics Pty Ltd (in liq) (Plaintiff) Registrar-General of the Department of Lands (First Defendant) Colin Anthony Mead (Second Defendant; Applicant) Lucy Guitar Mead (Third Defendant; Respondent) Mei Chan Yang (Fourth Defendant) Lee Chin-Lien Yang (Fifth Defendant) Wen Hua Tsui (Sixth Defendant; Respondent)