Krejci, in the matter of Greatcell Solar Limited (in liq) [2022] FCA 67

Krejci, in the matter of Greatcell Solar Limited (in liq) [2022] FCA 67

Approval nunc pro tunc for entry into the funding and costs agreements was granted as the agreements enable the investigation of potential claims for the benefit of creditors, the terms are reasonable and not prejudicial to creditors, and no evidence of bad faith, error of law or impropriety was found. Confidentiality orders were made to prevent prejudice to justice and the administration of liquidation.

Parties
Plaintiff, Liquidator: Peter Paul Krejci; Plaintiff, Liquidator: Andrew John Cummins; Company in Liquidation: Greatcell Solar Limited (in liquidation) ACN 111 723 883; Company in Liquidation: Greatcell Solar Australia Pty Ltd (in liquidation) ACN 131 374 064; Funder: Commonwealth of Australia (acting through the Attorney-General's Department ABN 92 661 124 436); Legal Adviser: Colin Biggers & Paisley Lawyers (CBP)
Jurisdiction
Australia
Judgment Date
03 February 2022
Procedural Posture
Originating Application / Judgment on Application for Approval and Confidentiality Orders
Outcome
Application successful
Legal Topics
Liquidator's Powers, Funding Agreements, Costs Agreements, Confidentiality Orders
Corporations Law Insolvency Law Liquidator's Powers Funding Agreements Costs Agreements Confidentiality Orders

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Parties

Peter Paul Krejci

Plaintiff, Liquidator

Andrew John Cummins

Plaintiff, Liquidator

Greatcell Solar Limited (in liquidation) ACN 111 723 883

Company in Liquidation

Greatcell Solar Australia Pty Ltd (in liquidation) ACN 131 374 064

Company in Liquidation

Commonwealth of Australia (acting through the Attorney-General's Department ABN 92 661 124 436)

Funder

Colin Biggers & Paisley Lawyers (CBP)

Legal Adviser

Procedural Posture

Originating Application / Judgment on Application for Approval and Confidentiality Orders

Legal Issues

  1. 1 Whether approval should be given nunc pro tunc for entry into funding and costs agreements under s 477(2B) of the Corporations Act 2001 (Cth)
  2. 2 Whether confidentiality orders should be made under s 37AF of the Federal Court of Australia Act 1976 (Cth)

Ratio Decidendi

Approval nunc pro tunc for entry into the funding and costs agreements was granted as the agreements enable the investigation of potential claims for the benefit of creditors, the terms are reasonable and not prejudicial to creditors, and no evidence of bad faith, error of law or impropriety was found. Confidentiality orders were made to prevent prejudice to justice and the administration of liquidation.

Court Disposition

Application successful

Orders

  • Approval nunc pro tunc for entry into funding agreement dated 3 December 2021 for Greatcell Solar Limited (in liquidation) under s 477(2B) of the Corporations Act 2001 (Cth)
  • Approval nunc pro tunc for entry into funding agreement dated 3 December 2021 for Greatcell Solar Australia Pty Ltd (in liquidation) under s 477(2B)