In the matter of Gerard Cassegrain & Co Pty Limited (in liquidation) [2013] NSWSC 257

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Gerard Cassegrain & Co Pty Limited (in liquidation) [2013] NSWSC 257 Hearing dates: 18 February 2013 Decision date: 18 February 2013 Jurisdiction: Equity Division - Corporations List Before: Black J Decision: Orders made in accordance with short minutes of order. Approval granted under s 477(2B) Corporations Act 2001 (Cth) for entry into litigation funding agreement. Catchwords: CORPORATIONS - Winding up - Litigation funding agreement - Orders sought under s 477(2B) Corporations Act 2001 (Cth) approving entry into litigation funding agreement - Whether entry into the agreement is a proper exercise of liquidator's power - Whether appropriate to give direction under s 479(3) Corporations Act protecting liquidator from claim of breach of duty in respect of the funding agreement. Cases Cited: - Empire (Aust) Nominees Pty Ltd v Vince [2000] VSC 324; (2000) 35 ACSR 167 - Fortress Credit Corporation (Aust) II Pty Ltd v Fletcher [2011] FCAFC 89; (2011) 85 ACSR 38 - Onefone Australia Pty Ltd v One.Tel Ltd [2010] NSWSC 498; (2010) 78 ACSR 163 - Pascoe; Re Matrix Group Ltd (in liq) [2011] FCA 1117 - Re Addstone Pty Ltd (in liq) (1997) 25 ACSR 357 - Re Ansett Australia Ltd (admins apptd) v Korda [2002] FCA 90; (2002) 115 FCR 409; (2002) 40 ACSR 433 - Re HIH Insurance Ltd [2001] NSWSC 308; (2001) 19 ACLC 1102 - Re G B Nathan & Co Pty Ltd (in liq) (1991) 24 NSWLR 674; (1991) 5 ACSR 673 - Re Leigh; AP and PJ King Pty Ltd (in liq) [2006] NSWSC 315 - Re McGrath & Anor (in their capacity as liquidators of HIH Insurance Ltd) [2010] NSWSC 404; (2010) 78 ACSR 405 Category: Interlocutory applications Parties: Christopher Mel Chamberlain in his capacity as Liquidator of Gerard Cassegrain & Co Pty Limited (in liquidation) (First Plaintiff) Gerard Cassegrain & Co Pty Limited (in liquidation) (Second Plaintiff) Representation: Counsel: M. Ashhurst SC (Plaintiffs) Solicitors: McCabes (Plaintiffs) File Number(s): 2012/344260