In re MF Global Australia Ltd (in liq) (No 2) [2012] NSWSC 1426

Supreme Court New South Wales

Medium Neutral Citation: In re MF Global Australia Ltd (in liq) (No 2) [2012] NSWSC 1426 Hearing dates: 10 October 2012 Decision date: 23 November 2012 Jurisdiction: Equity Division - Corporations List Before: Black J Decision: Parties to bring in agreed Short Minutes to give effect to judgment within 14 days or, if no agreement can be reached, their respective drafts of those Short Minutes and short submissions as to the differences between them. Catchwords: CORPORATIONS - Winding up - Costs - Costs relating to application for directions in relation to matters arising under winding up - Whether remuneration and expenses incurred by liquidators in respect of administration and liquidation should be paid solely from company's beneficial assets or from client segregated accounts and recoveries against counterparties - Whether liquidators' costs and expenses in relation to proceedings should be paid from company's beneficial assets or from client segregated accounts and recoveries against counterparties. Legislation Cited: - Civil Procedure Act 2005 (NSW) s 98 - Corporations Act 2001 (Cth) Pt 7.8 Div 2 Subdiv A, ss 479(3), 511, 1335, 1335(2) - Corporations Regulations 2001 (Cth) - Supreme Court Act 1970 (NSW) - Trustee Act 1925 (NSW) ss 63, 93, 95 - Uniform Civil Procedure Rules 2005 (NSW) rr 42, 42.25 Cases Cited: - 13 Coromandel Place Pty Ltd v CL Custodians Pty Ltd (in liq) [1999] FCA 144; (1999) 30 ACSR 377 - Abigroup Ltd v Sandtara Pty Ltd [2002] NSWCA 45 - Australian Securities and Investments Commission v Letten (No 14) [2011] FCA 1174 - Australian Securities and Investments Commission v Letten (No 17) [2011] FCA 1420; (2011) 87 ACSR 155 - BE Australia WD Pty Ltd (subject to a Deed of Company Arrangement) v Sutton [2011] NSWCA 414; (2011) 285 ALR 532; 86 ACSR 505 - Coad v Wellness Pursuit Pty Ltd (in liq) [2009] WASC 68; (2009) 40 WAR 53 - Farrow Finance Co Ltd (in liq) v ANZ Executors and Trustee Co Ltd (1997) 23 ACSR 521 - Gothard & Anor (as recs and mgrs of AFG Pty Ltd (in liq)) v Davey (No 2) [2011] FCA 59; (2011) 277 ALR 172 - Harris v Conway [1989] 1 Ch 32 - Hughes v NM Superannuation Pty Ltd (1993)29 NSWLR 653 - Milillo v Konnecke [2009] NSWCA 109 - Re Ansett Australia Ltd (admins apptd) (2002) 41 ACSR 598 - Re Application of Sutherland [2004] NSWSC 798; (2004) 50 ACSR 597 Re Berkeley Applegate (Investment Consultants) Ltd (in liq); Harris v Conway [1989] 1 Ch 32 - Re Buckton; Buckton v Buckton [1907] 2 Ch 406 - Re French Caledonia Travel Service Pty Ltd (in liq) [2003] NSWSC 1008; (2003) 59 NSWLR 361; 48 ACSR 97 - Re GB Nathan & Co Pty Ltd (in liq) (1991) 24 NSWLR 674 - Re Global Finance Group Pty Ltd (in liq); Ex parte Read [2002] WASC 63; (2002) 26 WAR 385 - Re Greater West Insurance Brokers Pty Ltd [2001] NSWSC 825; (2001) 39 ACSR 301