In the matter of HIH Insurance Limited (in liq); In the matter of FAI General Insurance Company Ltd (in liquidation and subject to a scheme of arrangement); In the matter of HIH Casualty and General Insurance Limited (in liquidation and subject to schemes of arrangement) [2019] NSWSC 1873

Supreme Court New South Wales

Medium Neutral Citation: In the matter of HIH Insurance Limited (in liq); In the matter of FAI General Insurance Company Ltd (in liquidation and subject to a scheme of arrangement); In the matter of HIH Casualty and General Insurance Limited (in liquidation and subject to schemes of arrangement) [2019] NSWSC 1873 Hearing dates: 17 December 2019 Decision date: 20 December 2019 Jurisdiction: Equity - Corporations List Before: Black J Decision: Orders made in the form sought by the liquidators. Catchwords: CORPORATIONS – winding up – application for directions to pay dividends to shareholders – where interested parties claim authority to receive payment through purported Forms 550 – whether forms are in substantial compliance with Form 550 – whether directions sought by liquidators should be given. Legislation Cited: - Acts Interpretation Act 1901 (Cth) s 25C - Corporations Act 2001 (Cth) ss 411, 479, 479(3), 544; Sch 2 Insolvency Practice Schedule (Corporations) ss 90-15, 90-20 - Corporations Regulations 2001 (Cth) reg 5.6.70 - Legal Profession Uniform General Rules 2015 (NSW) r 35 - Supreme Court (Corporations) Rules 1999 (NSW) r 2.13 Cases Cited: - Bendigo Bank Ltd v Williams [2000] FCA 482; (2000) 173 ALR 175 - Farrugia v Farrugia [2000] FCA 385; (2000) 99 FCR 16 - Lion Energy Ltd v Tulloch Lodge Ltd (in liq) [2014] FCA 259 - Perth Freight Lines Pty Ltd v BM2008 Pty Ltd (in liq) [2011] VSCA 62 - Re Asset Risk Management Ltd (1995) 59 FCR 254 - Re HIH Insurance Ltd (in liq) [2018] NSWSC 1886 - Re Octaviar Administration Pty Ltd (in liq) [2017] NSWSC 1556 - Re Whitting; Ex parte Hall (1879) 10 Ch D 615 - Re Williams [1917] 1 Ch 1 - Yilmaz v Minister for Immigration and Multicultural Affairs (2000) 100 FCR 495 Category: Procedural and other rulings Parties: Proceedings 2001/58663 Anthony Gregory McGrath and Jason Preston in their capacity as liquidators of HIH Insurance Limited (in liq) (Applicants) Bookarelli Pty Ltd and Mr Marcel Joukhador (First Interested Party) DC Legal Pty Ltd and Mr Bruce Dennis (Second Interested Party)