In the matter of HIH Insurance Limited (in liquidation) ACN 008 636 575; In the matter of FAI General Insurance Company Ltd (in liquidation and subject to a scheme of arrangement) ACN 000 327 855; In the matter of HIH Casualty and General Insurance Limited (in liquidation and subject to schemes of arrangement) ACN 008 482 291 [2018] NSWSC 1886

Supreme Court New South Wales

Medium Neutral Citation: In the matter of HIH Insurance Limited (in liquidation) ACN 008 636 575; In the matter of FAI General Insurance Company Ltd (in liquidation and subject to a scheme of arrangement) ACN 000 327 855; In the matter of HIH Casualty and General Insurance Limited (in liquidation and subject to schemes of arrangement) ACN 008 482 291 [2018] NSWSC 1886 Hearing dates: 4 December 2017 Date of orders: 07 December 2018 Decision date: 07 December 2018 Jurisdiction: Equity - Corporations List Before: Brereton J Decision: Judicial advice given: see [72]-[78]. Applicants to bring in short minutes to give effect thereto. Catchwords: CORPORATIONS – External Administration – Liquidation – liquidator's applications – directions and judicial advice – where application made after 1 September 2017 in substantive proceedings commenced before that date – whether governed by Insolvency Practice Schedule or the "old Act" – held, the "old Act" applies – where, as a result of earlier proceedings, liquidators are on notice of potential damages claims by shareholders who have not proved – whether liquidators should admit such claims – held, they should – where potential claims are numerous and relatively small and applicants are better positioned than claimants to identify and quantify them – held, applicants would be justified in admitting claims as identified by them and notified to shareholders in the absence of timely objection - where schemes do not permit discretionary extension of time for claims by scheme administrators – held, applicants would be justified in distributing without making provision for any liability in respect of the shareholding of any current or former shareholder who does not have an Acknowledged Creditor Claim, save for such as make a timely application to Court under Corporations Act s 1322 for an extension of time.