In the matter of HIH Underwriting Insurance (Australia) Pty Ltd (in liquidation and subject to a scheme of arrangement) [2014] NSWSC 484

Supreme Court New South Wales

Medium Neutral Citation: In the matter of HIH Underwriting Insurance (Australia) Pty Ltd (in liquidation and subject to a scheme of arrangement) [2014] NSWSC 484 Hearing dates: 18 March 2014 (oral hearing); 16 April 2104 (further written submissions) Decision date: 29 April 2014 Jurisdiction: Equity Division - Corporations List Before: Black J Decision: Orders to be made under Corporations Act 2001 (Cth) s 562A(4). Parties to bring in short minutes of order to give effect to this judgment within 7 days. Catchwords: CORPORATIONS - winding up - winding up in insolvency - proceeds of contract of reinsurance - application for orders under Corporations Act 2001 (Cth) s 562A(4) -whether claims made under scheme of arrangement affect the characterisation of such claims as being claims to amounts payable under relevant contracts of insurance - whether "just and equitable" to make orders sought by plaintiffs. Legislation Cited: - Corporations Act 2001 (Cth) ss 411, 555, 556, 562A, 562A(1), 562A(2), 562A(3), 562A(4), 562A(5), 562A(5)(a), 562A(5)(d), 562A(7) - James Hardie Former Subsidiaries (Winding Up and Administration) Act 2005 (NSW) Cases Cited: Amaca Pty Ltd v McGrath as liquidators of HIH Underwriting & Insurance (Australia) Pty Ltd [2011] NSWSC 90; (2011) 82 ACSR 281 - Amaca Pty Ltd (under NSW administered winding up) v McGrath & Honey (as liquidators of the HIH Group of Companies) [2012] NSWSC 176; (2012) 87 ACSR 625 - Amaca Pty Ltd (under NSW administered winding up) v McGrath & Honey (as liquidators of HIH Group of Companies) [2012] NSWSC 1523; (2012) 92 ACSR 105 - AssetInsure Pty Ltd v New Cap Reinsurance Corporation Ltd (in liq) [2006] HCA 13; (2006) 225 CLR 331 - Cleaver v Delta American Reinsurance Co (in liq) [2001] UKPC 6; [2001] 2 AC 328 - Eddy Lau Constructions Pty Ltd v Transdevelopment Enterprise Pty Ltd [2004] NSWSC 273 - Re HIH Casualty & General Insurance Ltd [2005] NSWSC 1180; 56 ACSR 295 - Re HIH Casualty & General Insurance Ltd (in liq and subject to schemes of arrangement) [2013] NSWSC 741; (2013) 95 ACSR 1 Category: Principal judgment Parties: Amaca Pty Ltd (under NSW administered winding up) (First Plaintiff) Amaba Pty Ltd (under NSW administered winding up) (Second Plaintiff) ABN 60 Pty Ltd (under NSW administered winding up) (Third Plaintiff) Messrs A G McGrath & C J Honey as liquidators of the HIH Group of companies (First Defendant) HIH Underwriting & Insurance (Australia) Pty Ltd (in liquidation and subject to a scheme of arrangement (Second Defendant) Representation: Counsel: K Rees SC/T Hollo (Plaintiffs) R A Dick SC/R M Foreman (Defendants) Solicitors: Henry Davis York (Plaintiffs) Ashurst Australia (Defendants) File Number(s): 2013/378933