In the matter of Rubix Investments Group Pty Ltd (in liq) [2018] NSWSC 1184

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Rubix Investments Group Pty Ltd (in liq) [2018] NSWSC 1184 Hearing dates: 26 July 2018 Decision date: 02 August 2018 Before: Gleeson JA Decision: (1) Pursuant to s 477(2A) of the Corporations Act 2001 (Cth) (as applied by s 506(1A)), the applicants, David Nicholas Iannuzzi and Vincent Joseph Pirina, as liquidators of and on behalf of Rubix Investments Group Pty Ltd, have the approval of the Court to enter into the deed of settlement and release which is in or substantially to the effect of the form which is Annexure A to the affidavit of Adam John Lysle sworn 23 July 2018.

(2) Direct pursuant to s 90-15 of the Insolvency Practice Schedule (Corporations) the applicants, David Nicholas Iannuzzi and Vincent Joseph Pirina, as liquidators of and on behalf of Rubix Investments Group Pty Ltd, would be justified in entering into and performing, and causing Rubix Investments Group Pty Ltd to enter into and perform, the deed which is in or substantially to the effect of the form which is Annexure A to the said affidavit of Adam John Lysle.

(3) The applicants' costs of the application be costs in the liquidation of Rubix Investments Group Pty Ltd. Catchwords: CORPORATIONS – liquidators – compromise of debt – application by liquidators for approval of deed of compromise – Corporations Act 2001 (Cth), s 477(2A) – where the debt claimed by the company is more than $100,000 – Corporations Regulations 2001 (Cth), reg 5.4.02 – where there is no committee of inspection – where creditor approval of the deed not obtained - whether the deed is an appropriate compromise –Corporations Act, Sch 2 – Insolvency Practice Schedule (Corporations), s 90-15 – whether direction should be given that the liquidators would be justified in entering into and performing the deed Legislation Cited: Corporations Act 2001 (Cth), ss 447D, 477(2A), 479(3), 506(1A)(a), 553C, Pt 5.7B Sch 2- Insolvency Practice Schedule (Corporations), ss 90-15, 90-20 Corporations Regulations 2001 (Cth), reg 5.4.02 Cases Cited: Green v All Motors Limited [1917]1 KB 625 Keene v Thomas [1905] 1 KB 136 Re One.Tel Limited [2014] NSWSC 457 Re Ansett Australia Ltd (No 3) (2002) 115 FCR 409; [2002] FCA 90 Re HIH Insurance Ltd and related matters [2004] NSWSC 5 Re HIH Casualty & General Insurance Ltd (in liq) [2002] NSWSC 1036 Re FAI Traders Insurance Co Pty Ltd [2002] NSWSC 1080 Re GA Listing & Maintenance Pty Ltd (1994) 15 ACSR 308 Re GB Nathan & Co Pty Ltd (in liq) (1991) 24 NSWLR 674; (1991) 5 ACSR 673 Re Luxtrend Pty Ltd (in liq) (1996) 135 FLR 170; [1997] 2 Qd R 86 Re Spedley Securities Ltd (in liq) (1992) 9 ACSR 83 Re Tietyens Investments Pty Ltd (in liq) (rec and mgr apptd) [1999] FCA 206; (1999) 31 ACSR 1 Category: Principal judgment Parties: David Nicholas Iannuzzi (in capacity as liquidator of Rubix Investments Group Pty Ltd) (First Applicant) Vincent Joseph Pirina (in capacity as liquidator of Rubix Investments Group Pty Ltd) (Second Applicant) Gogetta Equipment Funding Pty Ltd (Cross-Defendant) Representation: Counsel: Mr J Rose (First and Second Applicants) Mr EAJ Hyde (Cross-Defendant)