Hird (Liquidator), in the matter of Allmine Group Limited (in liq) [2018] FCA 781

Hird (Liquidator), in the matter of Allmine Group Limited (in liq) [2018] FCA 781

The Court approved the liquidator's entry into the litigation funding agreement nunc pro tunc under s 477(2B) because it was a proper exercise of power, in the interests of creditors, terms were reasonable, no substantive work had occurred prior to approval, no evidence of bad faith or prejudice, and delay in seeking approval was excused due to circumstances.

Jurisdiction
Australia
Judgment Date
26 April 2018
Procedural Posture
Application / Approval of Liquidator's Entry Into Litigation Funding Agreement
Outcome
Application granted
Legal Topics
["liquidator's Powers" 'litigation Funding Agreement' 'approval Nunc Pro Tunc' 'confidentiality Orders']
['corporations Law' 'insolvency' 'bankruptcy'] ["liquidator's Powers" 'litigation Funding Agreement' 'approval Nunc Pro Tunc' 'confidentiality Orders']

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Procedural Posture

Application / Approval of Liquidator's Entry Into Litigation Funding Agreement

Legal Issues

  1. 1 ["Should the Court approve nunc pro tunc the liquidator's entry into a litigation funding agreement under s 477(2B) of the Corporations Act 2001 (Cth)?" 'Should confidentiality orders be made regarding the funding agreement documents?']

Ratio Decidendi

The Court approved the liquidator's entry into the litigation funding agreement nunc pro tunc under s 477(2B) because it was a proper exercise of power, in the interests of creditors, terms were reasonable, no substantive work had occurred prior to approval, no evidence of bad faith or prejudice, and delay in seeking approval was excused due to circumstances.

Court Disposition

Application granted

Orders

  • ['Documents relating to funding agreement to be marked confidential until Allmine Group Ltd liquidation and related litigation concludes.' "Persons with sufficient interest may apply regarding confidentiality order on 3 days' notice." 'Period for making application under s 477(2B) extended to 26 April 2018.'...