In the matter of Alphena Pty Limited (in liquidation) [2012] NSWSC 536

In the matter of Alphena Pty Limited (in liquidation) [2012] NSWSC 536

Approval is granted for the liquidator to enter into an agreement (without an uplift fee provision) because court approval is required under s 477(2B) and the agreement may be discharged by performance more than three months after its entry.

Jurisdiction
Australia
Judgment Date
26 March 2012
Procedural Posture
Corporations Matter / Application for Court Approval of Liquidator's Agreement
Outcome
Approval granted for entry into agreement by liquidator without uplift provision.
Legal Topics
["liquidator's Powers" 'approval of Agreements' 'conditional Costs Agreements' 'uplift Fees']
['corporations Law'] ["liquidator's Powers" 'approval of Agreements' 'conditional Costs Agreements' 'uplift Fees']

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Procedural Posture

Corporations Matter / Application for Court Approval of Liquidator's Agreement

Legal Issues

  1. 1 ['Whether court approval should be granted for liquidator to enter into a retainer agreement with solicitors' 'Whether the retainer agreement constitutes a conditional costs agreement contrary to the Legal Profession Act 2004 (NSW)']

Ratio Decidendi

Approval is granted for the liquidator to enter into an agreement (without an uplift fee provision) because court approval is required under s 477(2B) and the agreement may be discharged by performance more than three months after its entry.

Court Disposition

Approval granted for entry into agreement by liquidator without uplift provision.

Orders

  • ['Pursuant to s 477(2B) of the Corporations Act 2001 (Cth), approval is granted for the entry into by the first plaintiff as liquidator of the second plaintiff an agreement in the form which is part of exhibit B to the affidavit of Charly Tannous sworn 23 March 2012.' "Subject to any further order of the Court, the...