Re HIH Services Pty Ltd (In Liq); Re HIH New Zealand Pty Ltd (In Liq); Re HIH Australia Pty Ltd (In Liq); Re Mariners on the Water Pty Ltd (In Liq); Re FAI Property (Qld) Pty Ltd (In Liq); Re FAI Property Services Pty Ltd (In Liq); Re Sailport Pty Ltd (In Liq); Re Bingaton Pty Ltd (In Liq); Re Worldwide Weather Underwriting Agencies (Australia) Pty Limited (In Liq) [2012] NSWSC 1188

Supreme Court New South Wales

Medium Neutral Citation: Re HIH Services Pty Ltd (In Liq); Re HIH New Zealand Pty Ltd (In Liq); Re HIH Australia Pty Ltd (In Liq); Re Mariners on the Water Pty Ltd (In Liq); Re FAI Property (Qld) Pty Ltd (In Liq); Re FAI Property Services Pty Ltd (In Liq); Re Sailport Pty Ltd (In Liq); Re Bingaton Pty Ltd (In Liq); Re Worldwide Weather Underwriting Agencies (Australia) Pty Limited (In Liq) [2012] NSWSC 1188 Hearing dates: 25 July 2012 Decision date: 25 July 2012 Jurisdiction: Equity Division Before: Brereton J Decision: Orders at paragraph 29 Catchwords: CORPORATIONS - external administration - insolvency - distribution of surplus in liquidators' hands - Whether special leave should be granted to liquidators - Direction dispensing with schedule of entitlements - Where case simple and straightforward - Assignment of debt - Where company in liquidation owed debt by another company in liquidation in same corporate group - Where sole contributory another company in same corporate group - Whether company in liquidation can transfer debt owed by other company in liquidation in same corporate group to contributory - Distribution in specie - Company's constitution Legislation Cited: (Cth) Corporations Act 2001, s 479(3), s 488(2), s 1322(4) (Cth) Corporations Regulation 2001, reg. 5.6.65, reg 5.6.48 (NSW) Supreme Court Corporations Rules, r 7.9, r 7.5(6) Cases Cited: Brealey v Shields [2009] NSWSC 1148 FAI General Insurance Co Limited v FAI Car Owners Mutual Insurance Co Pty Ltd [2009] NSWSC 1350; (2009) 262 ALR at 552 FAI General Insurance Co v FAI Car Owners Mutual Insurance Co Pty Ltd [2009] NSWSC 1417 Klaus Maertin Pty Ltd (in liq), Re; Maertin v Klaus Maertin Pty Ltd [2009] NSWSC 618; (2009) 232 FLR 239 Longley v ACN 090 609 868 (in Liq) (formerly Solar Systems Pty Ltd) [2010] FCA 1468; (2010) 276 ALR 728 Re DS Millard & Son Pty Limited (1997) 24 ACSR 71 Trussted Fames & Trusses Holdings Pty Limited (in Liq) (unreported, 28 June 2012, NSWSC) Category: Interlocutory applications Parties: Anthony Gregory McGrath and Christopher John Honey in their Capacity as Liquidators of HIH Services Pty Limited (In Liq) ACN 004 538 032 Anthony Gregory McGrath And Christopher John Honey in their Capacity as Liquidators of HIH New Zealand Pty Limited (In Liq) ACN085 065 667 Anthony Gregory McGrath and Christopher John Honey in their Capacity as Liquidators of HIH (Australia) Pty Limited (In Liq) ACN 072 126 044 Anthony Gregory McGrath and Christopher John Honey in their Capacity as Liquidators of Mariners on the Water Pty Ltd (In Liq) ACN 003 964 109 Murray Campbell Smith in his Capacity as Liquidator of FAI Properties (Qld) Pty Limited (In Liq) ACN 010 511 583 Anthony Gregory McGrath And Christopher John Honey in their Capacity as Liquidators of Re FAI Property Services Pty Ltd (In Liq) ACN 003 387 719 Murray Campbell Smith in his Capacity as Liquidator of Sailport Pty Ltd (In Liq) ACN 010 590 208 Anthony Gregory McGrath and Christopher John Honey in their Capacity as Liquidators of Bingaton Pty Ltd (In Liq) ACN 003 444 344 Anthony Gregory McGrath and Christopher John Honey in their Capacity as Liquidators of Worldwide Weather Underwriting Agencies (Australia) Pty Limited (In Liq) ACN 059 209 175 Representation: Counsel: Mr Scarcella (Solicitor) (Applicants) Solicitors: Ashurst - Australia File Number(s): 1. 2004 / 182140