Vickers, in the matter of J M Kelly Builders Pty Ltd (in liquidation) (No 2) [2019] FCA 1789

Vickers, in the matter of J M Kelly Builders Pty Ltd (in liquidation) (No 2) [2019] FCA 1789

Having regard to the prior approval of the funding agreement, the nature of the proposed variations, the committee of inspection's approval for JMK Builders, the liquidators' considered judgment that the amendment deed would aid the just and beneficial winding up, and the absence of reason to doubt that judgment for bad faith, error of law or principle, or lack of prudence, the Court was satisfied that orders should be made approving the second to thirteenth applicants' entry into the amendment deed. The Court was also satisfied that confidentiality orders were necessary to prevent prejudice to the proper administration of justice because the information was sensitive and disclosure may...

Jurisdiction
Australia
Judgment Date
31 October 2019
Procedural Posture
Application Under S 477(2 B) of the Corporations Act 2001 (cth) for Approval to Enter Into a Deed of Amendment to a Funding Agreement, and Application Under S 37 AF of the Federal Court of Australia Act 1976 (cth) for Confidentiality Orders / Interlocutory Process Filed on 22 October 2019; Judgment and Orders Made on 31 October 2019
Outcome
Application granted.
Legal Topics
["liquidators' Powers" 'court Approval Under S 477(2 B)' 'funding Agreement Amendment' 'confidentiality Orders' 'winding Up']
['corporations' 'corporate Insolvency'] ["liquidators' Powers" 'court Approval Under S 477(2 B)' 'funding Agreement Amendment' 'confidentiality Orders' 'winding Up']

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 1 Authorities cited 2 Party arguments 1 Amounts and remedies 1
Sign in to unlock

Procedural Posture

Application Under S 477(2 B) of the Corporations Act 2001 (cth) for Approval to Enter Into a Deed of Amendment to a Funding Agreement, and Application Under S 37 AF of the Federal Court of Australia Act 1976 (cth) for Confidentiality Orders / Interlocutory Process Filed on 22 October 2019; Judgment and Orders Made on 31 October 2019

Legal Issues

  1. 1 ['Whether the second to thirteenth applicants should be granted approval under s 477(2B) of the Corporations Act 2001 (Cth) to enter into the amendment deed to the funding agreement.' 'Whether confidentiality orders should be made under s 37AF of the Federal Court of Australia Act 1976 (Cth) to prevent prejudice to the proper administration of justice.']

Ratio Decidendi

Having regard to the prior approval of the funding agreement, the nature of the proposed variations, the committee of inspection's approval for JMK Builders, the liquidators' considered judgment that the amendment deed would aid the just and beneficial winding up, and the absence of reason to doubt that judgment for bad faith, error of law or principle, or lack of prudence, the Court was satisfied that orders should be made approving the second to thirteenth applicants' entry into the amendment deed. The Court was also satisfied that confidentiality orders were necessary to prevent prejudice to the proper administration of justice because the information was sensitive and disclosure may...

Court Disposition

Application granted.

Orders

  • ['Pursuant to s 477(2B) of the Corporations Act 2001 (Cth), the second to thirteenth applicants be granted approval on behalf of the companies in respect of which they are appointed joint and several liquidators to enter into the amendment deed at annexure "DCV-1" to the affidavit of Derrick Craig Vickers sworn on...