In the matter of FAI Traders Insurance Co Pty Ltd; In the matter of HIH Insurance Ltd (in liq); In the matter of HIH Underwriting & Agency Services Ltd; In the matter of CIC Insurance Ltd; In the matter of FAI General Insurance Co Ltd; In the matter of Christopher John Honey & Anthony Gregory McGrath – as liquidators of HIH Underwriting & Insurance (Australia) Pty Ltd (in liq) ACN 004 906 110; In the matter of HIH Overseas Holdings Ltd; In the matter of HIH Underwriting & Insurance (Australia) Pty Ltd; In the matter of FAI Insurances Ltd; In the matter of HIH Insurance Ltd (in liq); In the matter of HIH Underwriting & Agency Services Ltd (in liq); In the matter of ACN 005 312 345 Pty Limited; In the matter of ACN 006 584 103 Ltd; In the matter of HIH Legal Services Pty Ltd; In the matter of HIH Holdings Pty Ltd; In the matter of HIH Underwriting Holdings Pty Ltd; In the matter of HIH Travel (Australia) Pty Ltd; HIH Underwriting Holdings Pty Ltd v FAI (CTP) Pty Ltd [2015] NSWSC 2137

Supreme Court New South Wales

Medium Neutral Citation: In the matter of FAI Traders Insurance Co Pty Ltd; In the matter of HIH Insurance Ltd (in liq); In the matter of HIH Underwriting & Agency Services Ltd; In the matter of CIC Insurance Ltd; In the matter of FAI General Insurance Co Ltd; In the matter of Christopher John Honey & Anthony Gregory McGrath – as liquidators of HIH Underwriting & Insurance (Australia) Pty Ltd (in liq) ACN 004 906 110; In the matter of HIH Overseas Holdings Ltd; In the matter of HIH Underwriting & Insurance (Australia) Pty Ltd; In the matter of FAI Insurances Ltd; In the matter of HIH Insurance Ltd (in liq); In the matter of HIH Underwriting & Agency Services Ltd (in liq); In the matter of ACN 005 312 345 Pty Limited; In the matter of ACN 006 584 103 Ltd; In the matter of HIH Legal Services Pty Ltd; In the matter of HIH Holdings Pty Ltd; In the matter of HIH Underwriting Holdings Pty Ltd; In the matter of HIH Travel (Australia) Pty Ltd; HIH Underwriting Holdings Pty Ltd v FAI (CTP) Pty Ltd [2015] NSWSC 2137 Hearing dates: 12 November 2015 Date of orders: 12 November 2015 Decision date: 12 November 2015 Jurisdiction: Equity - Corporations List Before: Brereton J Decision: Replacement liquidator appointed. Catchwords: CORPORATIONS – liquidators – resignation of one of multiple liquidators – appointment of replacement co-liquidator – desirability of second liquidator following resignation of former liquidator – jurisdiction to appoint replacement liquidator following resignation of former co-liquidator – construction of (CTH) Corporations Act 2001, s 473(7) – Court as exclusive repository of power to appoint liquidator where former court-appointed liquidator resigns – alternative source of jurisdiction to appoint additional liquidator under s 472(1) – extensions and abridgement of time for lodging of accounts by retiring and incoming liquidators. Legislation Cited: (CTH) Corporations Act 2001, s 463, s 472(1), s 473(7), s 473(8), s 489EC, s 495(3), s 499(5), s 502, s 530, s 539(1), s 1322(4) Cases Cited: Condon v Watson [2009] FCA 11; (2009) 174 FCR 314; (2009) 69 ACSR 350 In the matter of Bridgewater Investments Pty Limited and other Companies referred to in Schedules A and G to the Amended Originating Process [2013] NSWSC 426 In the matter of Nixon [2015] FCA 976 McGrath as Liquidators of HIH Insurance Ltd (in liq) [2005] NSWSC 506; (2005) 54 ACSR 55 Re Equiticorp Australia Limited [2011] NSWSC 1368 Re Free [2010] NSWSC 1079 Re Obie Pty Ltd (in liq) (No 4) (1984) 8 ACLR 967 Re Spedley Securities Ltd (in liq) (1991) 4 ACSR 555 Re Thomas [2013] NSWSC 2016 Walker re One.Tel Limited [2009] NSWSC 1172; (2009) 262 ALR 150 Category: Procedural and other rulings Parties: In proceedings 2001/58663: HIH Insurance Limited (In Liquidation) ACN 008 636 575 (applicant)