In the matter of New Cap Reinsurance Corporation Limited (in liquidation) (subject to a Scheme of Arrangement) [2013] NSWSC 1170

Supreme Court New South Wales

Medium Neutral Citation: In the matter of New Cap Reinsurance Corporation Limited (in liquidation) (subject to a Scheme of Arrangement) [2013] NSWSC 1170 Hearing dates: 24 June 2013; 3 July 2013 Decision date: 26 August 2013 Jurisdiction: Equity Division - Corporations List Before: Bergin CJ in Eq Decision: Plaintiff entitled to treat claim as invalid. Catchwords: [CORPORATIONS] - [SCHEMES OF ARRANGEMENT] - Where question arising in winding up of a company - where claim in Scheme of Arrangement non-compliant with Scheme requirements - whether non compliance a procedural irregularity - whether Scheme Administrator entitled to treat claim as invalid Legislation Cited: Corporations Act 2001 (Cth) Corporations Regulations 2001 (Cth) Cases Cited: Cordiant Communications (Australia) Pty Ltd v The Communications Group Holdings Pty Ltd (2005) 194 FLR 322; 55 ACSR 185 Dean-Willcocks v Soluble Solution Hydroponics Pty Ltd (1997) 42 NSWLR 209 at 212 Gibbons as liquidator of New Cap Reinsurance Corporation Ltd [2008] NSWSC 385 Kempe v Ambassador Insurance Company (In liq) [1998] 1 WLR 271 Onefone Australia Pty Ltd v One.Tel Limited (2010) 80 ACSR 11 Owners of the Ship "Shin Kobe Maru" v Empire Shipping Co Inc (1994) 181 CLR 404 Re AGL Gas Networks Ltd (2001) 160 FLR 269; 37 ACSR 441 Re Golden Gate Petroleum Ltd (2010) 77 ACSR 17 Weinstock v Beck [2013] HCA 14; (2013) 87 ALJR 554 Winpar Holdings Ltd v Goldfields Kalgoorlie Ltd (2001) 166 FLR 144; 40 ACSR 221 Category: Principal judgment Parties: New Cap Reinsurance Corporation Limited (in liquidation) (subject to a Scheme of Arrangement) (First Plaintiff) John Raymond Gibbons in his capacity as Liquidator of New Cap Reinsurance Corporation Limited (in liquidation) (subject to a Scheme of Arrangement (Second Plaintiff) John Raymond Gibbons in his capacity as Scheme Administrator of the Scheme of Arrangement in respect of New Cap Reinsurance Corporation Limited (in liquidation) (subject to a Scheme of Arrangement) Representation: Counsel: JL Chambers (Plaintiffs) Solicitors: Henry Davis York (Plaintiffs) File Number(s): 2013/168577