In the matter of DH International Pty Ltd (in liq) [2017] NSWSC 870

Supreme Court New South Wales

Medium Neutral Citation: In the matter of DH International Pty Ltd (in liq) [2017] NSWSC 870 Hearing dates: 26 April 2017 Date of orders: 30 June 2017 Decision date: 30 June 2017 Jurisdiction: Common Law Before: Gleeson JA Decision: (1) Pursuant to s 511 of the Corporations Act 2001 (Cth) and the inherent jurisdiction of the Court, and subject to the conditions stated in (2) below, grant the plaintiff leave and authority to initiate and continue proceedings in the name of DH International Pty Ltd (in liq) (the Company) against the defendants in relation to the facts and circumstances referred to in the draft points of claim annexed to the affidavit of Darren George Challis sworn 4 July 2016.

(2) The conditions of the grant of leave referred to in order 1 above are:

(a) that the plaintiff file and serve an affidavit deposing that he, the Company and the liquidators of the Company have entered into an agreement containing terms in or substantially to the effect set out in the Schedule below (the Agreement);

(b) that the entry by the liquidators of the Company into the Agreement is approved by either the Court or by a resolution of creditors of the Company pursuant to s 477(2B) of the Corporations Act;

(c) that the entry by the plaintiff into the Agreement is approved by the Court pursuant to s 551(1)(c) of the Corporations Act, or alternatively the plaintiff file and serve an affidavit confirming that he is no longer a member of the committee of inspection of the Company;

(d) that the plaintiff file and serve an affidavit confirming that the plaintiff and the liquidators have entered into an agreement with respect to the provision of security by the plaintiff by way of bank guarantee in favour of the Company on the terms set out at [131] of the reasons for judgment;