In the Matter of Australian Coal Technology Pty Ltd (In Liq) [2012] NSWSC 1214

Supreme Court New South Wales

Medium Neutral Citation: In the Matter of Australian Coal Technology Pty Ltd (In Liq) [2012] NSWSC 1214 Hearing dates: 26 September 2012 Decision date: 26 September 2012 Jurisdiction: Equity Division - Corporations List Before: Brereton J Decision: Order that the Plaintiffs are justified in prosecuting proceedings to the completion of service of evidence and disclosure Catchwords: CORPORATIONS - external administration - application by liquidators for judicial advice - Corporations Act s 511 - whether liquidators justified in pursuing legal action on behalf of the company - where prosecution is not certain to improve position of company and creditors - where prosecution will assist in resolution of proceedings essential to completion of the winding up Legislation Cited: (Cth) Corporations Act 2001, s 511 (Cth) Insurance Contracts Act 1984, s 21 Category: Interlocutory applications Parties: Sule Arnautovic & Roderick Mackay Sutherland (plaintiffs) Ex parte Representation: C N Bova Middletons (Plaintiff) File Number(s): 12/ 301119

Judgment (ex tempore) 1HIS HONOUR: By originating process filed in court today, the plaintiffs Sule Arnautovic and Roderick Mackay Sutherland, who are the liquidators of the company Australian Coal Technology Pty Ltd (In Liq), seek the advice of the Court pursuant to (Cth) Corporations Act 2001, s 511, as to whether they would be justified in prosecuting the hearing of separate questions ordered to be determined by Hammerschlag J on 9 August 2012 in proceedings in which the company is the defendant and cross-claimant, the plaintiff is Millennium Coal Pty Ltd ("Millennium"), and the cross-defendant is Liberty Mutual Insurance Company ("Liberty").