Kogan, in the matter of Rogulj Enterprises Pty Ltd (in liq) [2021] FCA 856

Kogan, in the matter of Rogulj Enterprises Pty Ltd (in liq) [2021] FCA 856

The Court approved, nunc pro tunc, the liquidators entering into the funding agreement under s 477(2B) of the Corporations Act 2001 (Cth), finding the agreement reasonable, commercially justified, and not prejudicial to creditors. Confidentiality orders were made under ss 37AF and 37AG of the Federal Court of Australia Act due to the commercial sensitivity of the material in question and to avoid prejudicing the administration and possible future recoveries.

Jurisdiction
Australia
Judgment Date
23 July 2021
Procedural Posture
Corporations – Application by Liquidators for Approval to Enter Into a Funding Agreement / Application for Approval and Confidentiality Orders
Outcome
Application granted
Legal Topics
['liquidator’s Powers' 'litigation Funding' 'retrospective Approval' 'confidentiality Orders']
['corporations Law' 'insolvency'] ['liquidator’s Powers' 'litigation Funding' 'retrospective Approval' 'confidentiality Orders']

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Procedural Posture

Corporations – Application by Liquidators for Approval to Enter Into a Funding Agreement / Application for Approval and Confidentiality Orders

Legal Issues

  1. 1 ['Whether the liquidators should be granted approval by the Court under s 477(2B) of the Corporations Act 2001 (Cth) to enter the funding agreement (including nunc pro tunc)' 'Whether confidentiality orders should be made in respect of certain materials']

Ratio Decidendi

The Court approved, nunc pro tunc, the liquidators entering into the funding agreement under s 477(2B) of the Corporations Act 2001 (Cth), finding the agreement reasonable, commercially justified, and not prejudicial to creditors. Confidentiality orders were made under ss 37AF and 37AG of the Federal Court of Australia Act due to the commercial sensitivity of the material in question and to avoid prejudicing the administration and possible future recoveries.

Court Disposition

Application granted

Orders

  • ['Plaintiffs granted approval nunc pro tunc under s 477(2B) Corporations Act 2001 (Cth) to enter the funding agreement.' 'Confidentiality orders made under ss 37AF and 37AG Federal Court of Australia Act 1976 (Cth) over specified exhibits and affidavits until conclusion of external administration or further order.']