In the matter of Kimberley Diamonds Limited (in liquidation) [2018] NSWSC 1106

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Kimberley Diamonds Limited (in liquidation) [2018] NSWSC 1106 Hearing dates: 11 July 2018 Date of orders: 11 July 2018 Decision date: 11 July 2018 Jurisdiction: Equity - Corporations List Before: Black J Decision: The liquidators are authorised to enter into the relevant agreements nunc pro tunc under s 477(2A)-(2B) of the Corporations Act 2001 (Cth). Direction made under s 90-15 of the Insolvency Practice Schedule (Corporations) that the liquidators would be justified in performing obligations under agreement. Catchwords: CORPORATIONS – winding up – conduct of liquidation – application for approval under ss 477(2A) and 477(2B) of the Corporations Act 2001 (Cth) to enter into relevant agreements nunc pro tunc – whether entry into transaction is a proper exercise of the liquidators' powers – application for direction under s 90-15 of the Insolvency Practice Schedule (Corporations) – whether liquidators would be justified in performing obligations under agreement. Legislation Cited: - Corporations Act 2001 (Cth) ss 477, 479, 511, 1322 - Personal Property Securities Act 2009 (Cth) ss 164, 165 Cases Cited: - Auburn Shopping Village Pty Ltd v Nelmeer Hoteliers Pty Ltd [2017] NSWSC 1230 - Re MF Global Australia Ltd (in liq) [2012] NSWSC 994; (2012) 267 FLR 27 - Re Octaviar Ltd (in liq); In the matter of Octaviar Administration Pty Ltd (in liq) [2016] NSWSC 16 - Re One.Tel Ltd [2014] NSWSC 457 Category: Principal judgment Parties: Katherine Elizabeth Barnet and Hugh Armenis in their capacity as joint and several liquidators of Kimberley Diamonds Limited (in liquidation) (First Plaintiff) Kimberley Diamonds Limited (in liquidation) (Second Plaintiff) Representation: Counsel: R Glasson (Plaintiffs) C J M Palmer (Interested Party)