NSW Caselaw
Reported Decision : 78 ACSR 405
New South Wales Supreme Court
CITATION : McGrath & Anor re HIH Insurance Ltd & Ors [2010] NSWSC 404
HEARING DATE(S) : (1) 20/07/05, (2) 11/10/05, (3) 27/4/07
JUDGMENT DATE : 6 May 2010
JURISDICTION : Equity Division Corporations List
JUDGMENT OF : Barrett J
DECISION : Various relief granted to liquidators in 2005 and 2007.
CATCHWORDS : CORPORATIONS - winding up - winding up by the court - various applications by liquidators contemplating pursuit and funding of litigation - powers of liquidators to provide litigation funding - various heads of power discussed - what is "necessary" for winding up the affairs of the company - where same persons liquidators of funding and funded companies - conflict of duties - to whom liquidators duties owed in winding up by the court - inherent power of court to authorise what would otherwise be breach of duty - need for attention to separate interests of respective companies - statutory constraint upon a person's acting as liquidator of a company if the person is an officer of a mortgagee of the company - where litigation funding arrangements involve granting of mortgage - construction of the statutory provision
LEGISLATION CITED : Corporations Act 2001 (Cth), Division 1 Part 2D, ss 9, 418(1), 477(2)(c), 477(2)(g), 477(2)(m), 477(2A), 477(2B) , 479(1), 532(2), 543 Uniform Companies Acts of 1961-2, s 277A(1A)
CATEGORY : Principal judgment
Angas Law Services Pty Ltd v Carabelas (2005) 79 ALJR 993 Byrnes v R (1995) 183 CLR 501 Energy and Resource Conservation Co Ltd v Abigroup Contractors Pty Ltd (1997) 41 NSWLR 169 Forge v Australian Securities and Investments Commission (2004) 52 ACSR 1 Jarbin Pty Ltd v Clutha Ltd (2004) 180 FLR 393 Kinsela v Russell Kinsela Pty Ltd (1986) 4 NSWLR 722 Low v Performance Finance Ltd (2004) 28 WAR 512 McGrath re HIH Insurance Ltd [2005] NSWSC 731 McGrath re HIH Insurance Ltd [2005] NSWSC 787 McGrath re HIH Insurance Ltd [2005] NSWSC 1087 Pongrass Group Operations Pty Ltd v Lowerpinems Pty Ltd (1994) 15 ACSR 341 Re ACN 003 671 387 Pty Ltd (2004) 49 ACSR 443 CASES CITED : Re Antard Pty Ltd (1976) 2 ACLR 108 Re Ausminco Ltd (1976) 2 ACLR 114 Re Bairnsdale Food Products Ltd [1948] VLR 264 Re Cambrian Mining Co (1882) 48 LT 114 Re CIC Insurance Ltd (2001) 38 ACSR 181 Re GA Listing & Maintenance Pty Ltd (1994) 15 ACSR 308 Re HIH Insurance Ltd [2004] NSWSC 5 Re Perseus Mining NL (1976) 2 ACLR 105 Re Photo Holdings Pty Ltd (1976) 2 ACLR 117 Re Rochelle Flats Pty Ltd (1976) 2 ACLR 104 Re Spedley Securities Ltd (1992) 9 ACSR 83 Re Splinta Holdings Pty Ltd (1976) 2 ACLR 103 Walker v Wimborne (1976) 137 CLR 1 Winthrop Investments Ltd v Winns Ltd [1975] 2 NSWLR 666
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