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 1523

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 1523 Hearing dates: 6 and 22 November 2012 Decision date: 11 December 2012 Jurisdiction: Equity Division - Corporations List 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(2)-(3), 562A(3), 562A(4), 562A(5), 562A(5)(a), 562A(5)(d) Cases Cited: - Amaca Pty Ltd v McGrath [2012] NSWSC 176; (2012) 87 ACSR 625 - 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 - Eddy Lau Constructions Pty Ltd v Transdevelopment 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 - McGrath & Anor; Re HIH Insurance Ltd [2008] NSWSC 9 - New Cap Reinsurance Corporation Ltd v Faraday Underwriting Ltd [2003] NSWSC 842 - New South Wales v Bujdoso [2007] NSWCA 44; (2007) 69 NSWLR 302 - Smith v Federal Commissioner of Taxation [1987] HCA 48; (1987) 164 CLR 513 - Technical Products Pty Ltd v State Government Insurance Office (Qld) [1989] HCA 24; (1989) 167 CLR 45 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 scheme of arrangement) (Second Defendant) Representation: Counsel: K. Rees SC (Plaintiffs) R. M. Foreman (Defendants) Solicitors: Henry Davis York (Plaintiffs) Ashurst (Defendants) File Number(s): 12/277122