In the matter of Cannuli Holdings Pty Ltd (in liq) [2018] NSWSC 638

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Cannuli Holdings Pty Ltd (in liq) [2018] NSWSC 638 Hearing dates: 9 May 2018 Decision date: 09 May 2018 Jurisdiction: Equity Before: Leeming JA Decision: (1) Direct pursuant to s 479(3) of the Corporations Act that Mr Smith is justified in compromising the claim of Cannuli Holdings Pty Ltd for indemnification out of the assets of the Cannuli Family Trust in the manner contemplated by the consent orders dated 9 May 2018 which I have initialled and placed with the papers. (2) Mr Smith is discharged from any remaining obligation as receiver appointed by the Court on 15 August 2016. (3) Reserve liberty to the creditors to apply within seven days in the event that they wish to be heard about orders 1 or 2 above. Catchwords: CORPORATIONS - liquidators - direction that liquidator justified in compromising litigation - Corporations Act 2001 (Cth) s 479 Legislation Cited: Corporations Act 2001 (Cth), s 479 Duties Act 1997 (NSW), ss 210, 211 Insolvency Law Reform Act 2016 (Cth), s 1617 Uniform Civil Procedure Rules 2005, r 31.13 Cases Cited: Cosmoluce Pty Ltd (Receivers and managers appointed) (in liq) v Tsagaris [2010] NSWSC 1115 In re Spedley Securities Ltd (in liq) (1992) 9 ACSR 83 Lemery Holdings Pty Ltd v Reliance Financial Services Pty Ltd (2008) 74 NSWLR 550; [2008] NSWSC 1344 Category: Procedural and other rulings Parties: Michael John Morris Smith as liquidator of Cannuli Holdings Pty Ltd (Applicant on the application under s 479 of the Corporations Act/Respondent to the interlocutory process filed 24 July 2017)