NSW Caselaw
Supreme Court New South Wales
Medium Neutral Citation: In the matter of City Pacific Limited [2017] NSWSC 784 Hearing dates: 16 May 2017 Date of orders: 18 May 2017 Decision date: 18 May 2017 Jurisdiction: Equity - Corporations List Before: Brereton J Decision: See [30]. Catchwords: CORPORATIONS – liquidators – approval to enter into litigation funding agreement under (CTH) Corporations Act 2001, s 477(2B) – standing of target of funding agreement to oppose approval – construction of s 477(2B) – some prospect that funding agreement may benefit creditors – no detriment in pursuing that prospect – held, liquidator permitted to enter into funding agreement. Legislation Cited: (CTH) Corporations Act 2001 ss 477(2B), 479(3) Cases Cited: Bell Group Ltd, Re [2009] WASC 235 Fortress Credit Corporation (Australia) II Pty Ltd v Fletcher & Barnet & Ors [2015] NSWCA 85 HIH Insurance Ltd, Re [2004] NSWSC 5 Letten v Templeton [2014] FCAFC 131 Martha Cove Marina Pty Ltd, Re [2015] NSWSC 2049 OneTel Ltd, Re (2014) 99 ACSR 247; [2014] NSWSC 457 Opel Networks Pty Ltd, Re [2013] NSWSC 1245 Stewart Newtronics Pty Ltd, Re [2007] FCA 1375 Category: Principal judgment Parties: Simon Cathro (applicant) City Pacific Ltd (first respondent) Martha Cove Marina Pty Ltd (second respondent) Representation: Counsel: E Hyde (applicant) P King (respondents)
Solicitors: Squire Patton Boggs (applicant) Bransgrove Lawyers (respondents) File Number(s): 2017/136035
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