In the matter of ACN 152 546 453 Pty Ltd (formerly Hemisphere Technologies Pty Ltd) (in liq) [2018] NSWSC 1224

Supreme Court New South Wales

Medium Neutral Citation: In the matter of ACN 152 546 453 Pty Ltd (formerly Hemisphere Technologies Pty Ltd) (in liq) [2018] NSWSC 1224 Hearing dates: 30 July 2018 Date of orders: 30 July 2018 Decision date: 30 July 2018 Before: Gleeson JA Decision: (1) Pursuant to s 477(2B) of the Corporations Act 2001 (Cth) that approval be given nunc pro tunc for Mr Giles Geoffrey Woodgate, in his capacity as special purpose liquidator of ACN 152 546 453 (formerly Hemisphere Technologies Pty Ltd) (in liq) (the company) to enter into the funding deed in the terms of Confidential Exhibit L1.

(2) Pursuant to s 477(2B) of the Corporations Act 2001 (Cth) that approval be given for Mr Woodgate, in his capacity as special purpose liquidator of the company, to enter into a costs agreement in or substantially in the same terms as the costs agreement at Annexure C of the affidavit of Mr Woodgate sworn 9 July 2018. Catchwords: CORPORATIONS – external administration – application by special purpose liquidator for approval to enter into contracts likely to be of more than three months duration – Corporations Act 2001 (Cth), s 477(2B) – where special purpose liquidator has entered into a funding deed subject to a suspensory condition – where special purpose liquidator proposes to enter into retainer with solicitors – factors relevant to grant of approval Legislation Cited: Corporations Act 2001 (Cth), ss 477, 506 (1A) Cases Cited: Empire (Aust) Nominees Pty Ltd v Vince [2000] VSC 324; (2000) 18 ACLC 738 Re 777 389 30144 Pty Ltd (in liq) (formerly Commercial Indemnity Pty Ltd) [2017] NSWSC 452 Re ACN 076 673 875 Ltd (rec'r & mgr apptd) (in liq) [2002] NSWSC 578; (2002) 42 ACSR 296 Re FAI Traders Insurance Co Pty Ltd [2002] NSWSC 1080 Re GA Listing & Maintenance Pty Ltd (1994) 15 ACSR 308 Re HIH Casualty & General Insurance Ltd [2002] NSWSC 1036 Re HIH Insurance Group Ltd [2001] NSWSC 308; (2001) 19 ACLC 1102 Re HIH Insurance Ltd and related matters [2004] NSWSC 5 Re HIH Overseas Holdings Ltd (in prov liq) [2001] NSWSC 426 Re Leigh [2006] NSWSC 315 Re Spedley Securities Ltd (in liq) (1992) 9 ACSR 83 State Bank of NSW v Turner Corporation Ltd (prov liq apptd) (1994) 14 ACSR 480 Stewart, in the matter of Newtronics Pty Ltd [2007] FCA 1375 Category: Procedural and other rulings Parties: Mr Giles Woodgate (Special Purpose Liquidator) (Applicant) Kaspersky Lab UK Ltd (Plaintiff / First Respondent) Riad Tayeh (First Defendant) Suelen McCallum (Second Defendant) Representation: Counsel: Mr P Santucci (Applicant / Special Purpose Liquidator) Mr JR Anderson (Plaintiff / First Respondent (Kaspersky Labs)) Mr N Chase-Berry (Second/Third Respondents (General Liquidators – Riad Tayeh/Suelen McCallum))