In the matter of AE&E Australia Pty Ltd (in liquidation) [2017] NSWSC 950

Supreme Court New South Wales

Medium Neutral Citation: In the matter of AE&E Australia Pty Ltd (in liquidation) [2017] NSWSC 950 Hearing dates: 7 March 2017 Decision date: 07 March 2017 Jurisdiction: Equity - Corporations List Before: Black J Decision: The Court holds that it should make directions to the liquidators and directs the liquidators to bring in orders to give effect to its judgment. Catchwords: CORPORATIONS — Winding up — Conduct of liquidation — Application for directions – where cost of proceedings brought by company would be borne by priority creditor for potential benefit of general body of creditors – whether liquidators would be justified in paying security for costs – whether liquidators would be justified in using the company's funds to pay costs of proceedings if litigation funding not available on reasonably appropriate terms Legislation Cited: - Corporations Act 2001 (Cth), ss 479, 511, 556(1)(e) - Corporations and Other Legislation Amendment (Insolvency Law Reform) Regulation 2016 (Cth) - Corporations Regulations 2001 (Cth), reg 10.25.02(3) - Insolvency Law Reform Act 2016 (Cth) Cases Cited: - Re Ansett Australia Ltd (No 3) [2002] FCA 90; (2002) 115 FCR 409; 40 ACSR 433 - Re Great Southern Managers Australia Ltd (in liq) [2014] WASC 312 - Re Idylic Solutions Pty Ltd [2016] NSWSC 907; (2016) 114 ACSR 230 Category: Principal judgment Parties: Peter Paul Krejci and Martin Green as liquidators of AE&E Australia Pty Ltd (in liquidation) Representation: Counsel: C Harris SC (Plaintiff)