In the matter of Property Builders (Constructions) Pty Ltd (In Liquidation) [2013] NSWSC 711

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Property Builders (Constructions) Pty Ltd (In Liquidation) [2013] NSWSC 711 Hearing dates: 24 May 2013 Decision date: 24 May 2013 Jurisdiction: Equity Division - Technology and Construction List Before: Hammerschlag J Decision: Under s 477 (2B) of the Corporations Act 2001 (Cth) the entry into of the Settlement Deed on 23 May 2013 between Neil Robert Cussen in his capacity as the liquidator of Property Builders (Constructions) Pty Limited (in liquidation) (ACN 089 023 423), Elli Phontos, Michael Phontos and DR Formwork Pty Limited is approved. The applicant/first defendant (Elli Phontos) is authorised to carry on the company's proceedings by way of the cross-claim in case number 2009/298902 and on the company's behalf to defend all claims against it in those proceedings. Catchwords: CORPORATIONS - Corporations Act 2001 (Cth) ss 477(2B), 477(6), 511, 564 -where creditor agrees with liquidator to fund proceedings being brought by a company in liquidation which is unable to fund them itself - where the agreement will be in force for more than three months - agreement requires approval of the Court - Court has power to authorise the creditor to use the name of the company to commence and prosecute proceedings - agreement approved and orders authorising the creditor to carry on the proceedings made Legislation Cited: Corporations Act 2001 (Cth) Cases Cited: Australian Capital Territory Commissioner for Revenue v Slaven [2009] FCA 744 Category: Principal judgment Parties: Neil Robert Cussen - Plaintiff Elli Phontos - First Defendant Michael Phontos - Second Defendant Representation: Counsel: R.D. White - Plaintiff R.P.V. Carey - First Defendant Solicitors: Champion Legal - Plaintiff Hugh Ford Solicitor - First Defendant File Number(s): 2011/401779