In the matter of Gerard Cassegrain & Co Pty Ltd (in liquidation) [2013] NSWSC 1293

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Gerard Cassegrain & Co Pty Ltd (in liquidation) [2013] NSWSC 1293 Hearing dates: 16 April 2013 Decision date: 16 April 2013 Jurisdiction: Equity Division - Corporations List Before: Black J Decision: Orders made approving entry into 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 proper exercise of the 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. Legislation Cited: Corporations Act 2001 (Cth) ss 477(2B), 479(3) Cases Cited: - Deloughery v Weston [2010] NSWCA 148 - 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 - Pascoe; Re Matrix Group Ltd (in liq) [2011] FCA 117 - Re Gerard Cassegrain & Co Pty Ltd (in liq) [2013] NSWSC 257 - Re Leigh; AP & 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