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

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

The approval sought is in the interests of creditors, the funding deed terms are fair and standard, Kaspersky's funding premium is reasonable and notably lower than market, there is no creditor or ASIC objection, and the conditions for approval under s 477(2B) are met. Retrospective approval (nunc pro tunc) is appropriate given the circumstances explained.

Jurisdiction
Australia
Judgment Date
30 July 2018
Procedural Posture
Procedural Application in Liquidation / Application for Court Approval to Enter Funding Deed and Costs Agreement
Outcome
Approval granted for entry into funding deed and costs agreement, nunc pro tunc.
Legal Topics
['external Administration' 'special Purpose Liquidator' 'funding Deed Approval' 'costs Agreement Approval' 's 477(2 B) Corporations Act']
['corporations'] ['external Administration' 'special Purpose Liquidator' 'funding Deed Approval' 'costs Agreement Approval' 's 477(2 B) Corporations Act']

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Procedural Posture

Procedural Application in Liquidation / Application for Court Approval to Enter Funding Deed and Costs Agreement

Legal Issues

  1. 1 ['Whether approval should be granted under s 477(2B) Corporations Act 2001 (Cth) for the special purpose liquidator to enter into a funding deed and costs agreement likely to be of more than three months duration.']

Ratio Decidendi

The approval sought is in the interests of creditors, the funding deed terms are fair and standard, Kaspersky's funding premium is reasonable and notably lower than market, there is no creditor or ASIC objection, and the conditions for approval under s 477(2B) are met. Retrospective approval (nunc pro tunc) is appropriate given the circumstances explained.

Court Disposition

Approval granted for entry into funding deed and costs agreement, nunc pro tunc.

Orders

  • ['Pursuant to s 477(2B) of the Corporations Act 2001 (Cth), approval is given nunc pro tunc for Mr Giles Geoffrey Woodgate, as special purpose liquidator of ACN 152 546 453 (formerly Hemisphere Technologies Pty Ltd) (in liq), to enter into the funding deed in the terms of Confidential Exhibit L1.' 'Pursuant to s...