In the matter of Gerard Cassegrain & Co Pty Ltd (in liq) [2016] NSWSC 1502

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Gerard Cassegrain & Co Pty Ltd (in liq) [2016] NSWSC 1502 Hearing dates: 14 October 2016 Decision date: 25 October 2016 Jurisdiction: Equity - Corporations List Before: Black J Decision: The Court orders that the Plaintiffs' interlocutory application dated and filed 26 September 2016 be returnable instanter. The Court orders pursuant to s 477(2B) of the Corporations Act 2001 (Cth) that the First Plaintiff has approval nunc pro tunc to enter into and cause the Second Plaintiff to enter into the costs agreement dated 24 June 2014; the deed of indemnity dated 2 October 2014; and the costs agreement dated 9 October 2015. The Court orders pursuant to s 477(2B) of the Corporations Act that the First Plaintiff has approval to enter into and cause the Second Plaintiff to enter into the costs agreement with McCabes dated 12 February 2016. The Exhibits be returned, on condition that they be retained by the First plaintiff or his solicitors at least until completion of the liquidation. The First Plaintiff's costs of and incidental to this application be costs in the liquidation. Catchwords: CORPORATIONS — Winding up — Application for relief under ss 477(2B) and 479(3) of the Corporations Act 2001 (Cth) – where the liquidator of company had entered and caused the company to enter into various costs agreements and a deed of indemnity in relation to legal proceedings involving the company – where liquidator sought approval nunc pro tunc to enter and cause the company to enter into the costs agreements and the deed of indemnity – where liquidator sought direction to be made nunc pro tunc that he was justified in paying and causing the company to pay legal fees in relation to certain legal proceedings – whether entry into the costs agreements and the deed of indemnity by the liquidator was a proper exercise of power and not ill-advised or improper on the part of the liquidator – whether direction sought by liquidator ought be made in circumstances where it does not involve any particular legal issue and there is no attack on the propriety of the liquidator's decision. Legislation Cited: - Conveyancing Act 1919 (NSW), s 66G - Corporations Act 2001 (Cth), ss 477, 479 Cases Cited: - Onefone Australia Pty Ltd v One.Tel Pty Ltd [2010] NSWSC 498; (2010) 78 ACSR 163 - Re Ansett Australia Ltd and Korda [2002] FCA 90; (2002) 40 ACSR 433 - Re FAI Film Distribution Pty Ltd [2014] NSWSC 1904 - Re Gerard Cassegrain & Co Pty Limited (in liq) [2013] NSWSC 257 - Re Gerard Cassegrain & Co Pty Ltd (in liq) (Supreme Court (NSW), Black J, 8 November 2012, unrep) - Re Gerard Cassegrain & Co Pty Ltd (in liq) [2014] NSWSC 1292 - Re Kevin Jacobsen Pty Ltd (in liq) [2016] NSWSC 538; (2016) 113 ACSR 277 - Re McGrath (in their capacity as liquidators of HIH Insurance Ltd) [2010] NSWSC 404; (2010) 78 ACSR 405 Category: Procedural and other rulings 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 (Plaintiffs)