In the matter of Accord Pacific Land Pty Limited (in liquidation) [2013] NSWSC 728

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Accord Pacific Land Pty Limited (in liquidation) [2013] NSWSC 728 Hearing dates: 11 April 2013 Decision date: 11 April 2013 Jurisdiction: Equity Division - Corporations List Before: Black J Decision: Approval granted for entry into funding agreement. Approval granted for entry into costs agreement. Liquidator's costs of and incidental to the application be costs of the winding up. Catchwords: CORPORATIONS - winding up - liquidators - liquidator seeks directions approving entry into a funding agreement and a costs agreement - whether entry into the agreement is a proper exercise of power - whether entry into the funding agreement is in the interests of creditors - whether there is a risk of duplication with other proceedings where litigation has been commenced by the proposed funder against the proposed defendant to the proceedings. Legislation Cited: Corporations Act 2001 (Cth) ss 477, 477(2B), 506, 511 Cases Cited: - Deloughery v Weston [2010] NSWCA 148; (2010) 79 ACSR 180 - Empire (Aust) Nominees Pty Ltd v Vince (2000) 35 ACSR 167 - Fortress Credit Corporation (Aust) II Pty Ltd v Fletcher [2011] FCAFC 89 - 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 appt) v Korda [2002] FCA 90; (2002) 49 ACSR 433 - Re G B Nathan & Co Pty Ltd (in liq) (1991) 24 NSWLR 674 - Re Harris Scarfe Ltd (in liq) [2007] SASC 209 - Re Leigh, A P and P J 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: Bruce Gleeson (Applicant) Accord Pacific Land Pty Limited (in liquidation) (Respondent) Representation: Counsel: S. Golledge (Applicant) Solicitors: Gillis Delaney Lawyers (Applicant) File Number(s): 11/85485