NSW Caselaw
New South Wales Supreme Court
CITATION : McGrath v WorkCover WA [2010] NSWSC 384 This decision has been amended. Please see the end of the judgment for a list of the amendments.
HEARING DATE(S) : 28/04/10
JUDGMENT DATE : 6 May 2010
JURISDICTION : Equity Division Corporations List
JUDGMENT OF : Barrett J
DECISION : Application for declaratory relief dismissed.
CATCHWORDS : CORPORATIONS - winding up - winding up by the court - winding up of insurance company where Commonwealth insurance law makes assets in Australia primarily applicable to meet liabilities in Australia - scheme of arrangement binding on liquidator, creditors and contributories contains provision in like terms - meaning of "assets in Australia" - where company in liquidation enters into litigation funding agreement as funder - money being "assets in Australia" expended in providing funding thereunder - where agreement provided in certain eventuality for payment to company of sum outlaid, interest thereon and a share of net proceeds of litigation - whether third of these elements is part of "assets in Australia" - postulated concept of "new value"
Corporations Act 2001 (Cth), ss 411(4), 543, 588FF Employers' Indemnity Supplementation Fund Act 1980 (WA) LEGISLATION CITED : Insurance Act 1973 (Cth), S 116(3) Uniform Civil Procedure Rules 2005 , rule 7.6(1)(c) Workers' Compensation and Injury Management Act 1981 (WA).
CATEGORY : Principal judgment
AssetInsure Pty Ltd v New Cap Reinsurance Corporation Ltd [2004] NSWCA 225; (2004) 61 NSWLR 451 AssetInsure Pty Ltd v New Cap Reinsurance Corporation Ltd [2006] HCA 13; (2006) 225 CLR 331 Commissioner of Taxation v Betro Harrison Constructions Pty Ltd (1978) 37 FLR 150 CASES CITED : New Cap Reinsurance Corporation Ltd v Faraday Underwriting Ltd [2003] NSWSC 842; (2003) 47 ACSR 306 Re Federal Building Assurance Co Ltd [1932] VLR 301 Re HIH Casualty and General Insurance Ltd [2005] NSWSC 240; (2005) 215 ALR 562 Re National Employers' Mutual General Insurance Association Ltd (1995) 15 ACSR 624
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