City of Swan v Lehman Bros Australia Ltd (No 2) [2009] FCA 1160

City of Swan v Lehman Bros Australia Ltd (No 2) [2009] FCA 1160

Following the Full Court's answer that the deed of company arrangement was void, there being no administration on foot, and in light of public interest and insolvency, Lehman Brothers Australia Limited must be wound up with liquidators appointed.

Jurisdiction
Australia
Judgment Date
02 October 2009
Procedural Posture
Corporations Law Application / Post Trial (orders and Reasons Delivered)
Outcome
Deed of company arrangement declared void; First defendant ordered to be wound up; Liquidators appointed; Interlocutory process and cross claim dismissed; Orders made for submissions on costs; ASIC excused from further attendance.
Legal Topics
['deed of Company Arrangement' 'winding Up' 'liquidators' 'judicial Powers on Reserved Questions']
['corporations Law' 'insolvency'] ['deed of Company Arrangement' 'winding Up' 'liquidators' 'judicial Powers on Reserved Questions']

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Procedural Posture

Corporations Law Application / Post Trial (orders and Reasons Delivered)

Legal Issues

  1. 1 ['Whether the deed of company arrangement dated 12 June 2009 is void' 'Who is in control of Lehman Brothers Australia Limited after the deed is declared void' 'Whether Lehman Brothers Australia Limited should be wound up and by whom']

Ratio Decidendi

Following the Full Court's answer that the deed of company arrangement was void, there being no administration on foot, and in light of public interest and insolvency, Lehman Brothers Australia Limited must be wound up with liquidators appointed.

Court Disposition

Deed of company arrangement declared void; First defendant ordered to be wound up; Liquidators appointed; Interlocutory process and cross claim dismissed; Orders made for submissions on costs; ASIC excused from further attendance.

Orders

  • ['Deed of company arrangement dated 12 June 2009 declared void.' 'First defendant to be wound up by the Court.' 'Neil Singleton and Stephen Parbery appointed as liquidators of the first defendant.' 'Compliance with r 5.6(1) of Federal Court (Corporations) Rules 2000 dispensed with.' 'Interlocutory process filed by...