Amaca Pty Limited (under NSW administered winding up) & Ors v Messrs A G McGrath & C J Honey (as liquidators of the HIH Group of Companies) & Anor [2012] NSWSC 176

Supreme Court New South Wales

Medium Neutral Citation: Amaca Pty Limited (under NSW administered winding up) & Ors v Messrs A G McGrath & C J Honey (as liquidators of the HIH Group of Companies) & Anor [2012] NSWSC 176 Hearing dates: 28 February 2012 Decision date: 05 March 2012 Jurisdiction: Equity Division Before: Black J Decision: Orders made under Corporations Act 2001 (Cth) s 562A(4) Catchwords: CORPORATIONS - Winding up - Insolvency - Proceeds of contract of reinsurance - Application for orders under Corporations Act 2001 (Cth) s 562A(4) - Whether "just and equitable" to make orders sought by the Plaintiffs. Legislation Cited: - Corporations Act 2001 (Cth) Pt 5.6 Div 1A, ss 555, 556, 562A, 562A(1), 562A(1)(a), 562A(1)(b), 562A(2), 562A(3), 562A(4), 562A(5), 562A(5)(a), 562A(5)(b), 562A(5)(d) - James Hardie Former Subsidiaries (Winding Up and Administration) Act 2005 (NSW) Cases Cited: - Amaca Pty Ltd v McGrath (as liquidators of HIH Underwriting & Insurance (Australia) Pty Ltd & Anor [2011] NSWSC 90; (2011) 82 ACSR 281 - AssetInsure Pty Ltd v New Cap Reinsurance Corporation Ltd (in liq) [2006] HCA 13; (2006) 225 CLR 331 - Chan v Cresdon Pty Ltd [1989] HCA 63; (1989) 168 CLR 242 - Cominos v Cominos [1972] HCA 54; (1972) 127 CLR 588 - Eddy Lau Constructions Pty Ltd v Trans Development Enterprise Pty Ltd [2004] NSWSC 273 - HIH Casualty & General Insurance Ltd v Building Insurers' Guarantee Corporation [2003] NSWSC 1083; (2003) 202 ALR 610 - Re HIH Casualty & General Insurance Ltd [2005] NSWSC 240 - Loch v John Blackwood Ltd [1924] AC 783 - McGrath & Anor; Re HIH Insurance Ltd [2008] NSWSC 9 - New Cap Reinsurance Corporation Ltd v Faraday Underwriting Ltd [2003] NSWSC 842 - Re Bleriot Manufacturing Aircraft Co (1916) 32 TLR 253 - Stephenson v State Bank of New South Wales (1996) 36 NSWLR 101 - Sullman v Sullman [2002] NSWSC 169 - Thomas v Mackay Investments Pty Ltd (1996) 22 ACSR 294 Category: Principal judgment Parties: Amaca Pty Limited (under NSW administered winding up) (First Plaintiff) Amaba Pty Limited (under NSW administered winding up) (Second Plaintiff) ABN 60 Pty Limited (under NSW administered winding up) (Third Plaintiff) Messrs A G McGrath & C J Honey (as liquidators of the HIH Group of companies) (First Defendant) HIH Casualty & General Insurance Limited (in liquidation and subject to schemes of arrangement) (Second Defendant) Representation: Counsel: J. C. Sheahan SC/K. Rees (Plaintiffs) F. Gleeson SC/R. M. Foreman (Defendants) Solicitors: Henry Davis York (Plaintiffs) Blake Dawson (Defendants) File Number(s): 11/275715