In the matter of Golden Sands Hospitality Pty Ltd (in liquidation) (No 2) [2017] NSWSC 450

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Golden Sands Hospitality Pty Ltd (in liquidation) (No 2) [2017] NSWSC 450 Hearing dates: 13 April 2017 Date of orders: 13 April 2017 Decision date: 13 April 2017 Before: Gleeson JA Decision: (1) Direct that Mark Robinson and David Webb be added as plaintiffs in place of Stephen John Parbery.

(2) Direct the new plaintiffs to file an amended originating process within 7 days.

(3) Pursuant to the s 477(2B) of the Corporations Act 2001 (Cth) approval be given to the liquidators of the defendant, Mark Robinson and David Webb entering into a deed of indemnity and funding in or substantially to the effect of the deed that is annexure A to the affidavit of Sophie Jeliba sworn 13 April 2017.

(4) The liquidators' costs of the proceedings be costs in the winding up of the defendant.

(5) Direct these orders be entered forthwith. Catchwords: CORPORATIONS – external administration – application by liquidators for approval of entry into contract potentially of more than three months duration under Corporations Act s 477(2B) – where proceedings now properly constituted by current liquidators – whether appropriate to allow liquidators to enter into deed of indemnity and funding with creditor, shareholder and director of the company. Legislation Cited: Corporations Act 2001 (Cth), s 477, 477(2B), 564, 556 Cases Cited: Re G A Listing & Maintenance Pty Ltd (1994) 15 ACSR 308 Re HIH Insurance Ltd [2004] NSWSC 5 Re HIH Overseas Holdings Ltd (in prov liq) [2001] NSWSC 426 Re Spedley Securities Ltd (in liq) (1992) 9 ACSR 83 State Bank (NSW) v Turner Corporation Ltd (1994) 14 ACSR 480 at 483 Category: Principal judgment Parties: Mark Robinson (First Plaintiff) David Webb (Second Plaintiff) Golden Sands Hospitality Pty Ltd (in liq) (Defendant) Representation: Counsel: A D'Arville (Plaintiff)