In the matter of ACN 004 410 833 Limited (formerly Arrium Limited) (subject to deed of company arrangement) & the companies listed in Schedule 1 to the Interlocutory Process [2018] NSWSC 747

In the matter of ACN 004 410 833 Limited (formerly Arrium Limited) (subject to deed of company arrangement) & the companies listed in Schedule 1 to the Interlocutory Process [2018] NSWSC 747

The Court gave directions permitting access because the materials would facilitate identification and pursuit of potential causes of action available to the lenders, assist creditor committee members in consulting with the deed administrators about claims potentially available to a liquidator, promote informed decision-making in the administration, and avoid confining the lenders to inspection of the written record given the volume of documents and length of the examinations. There was no suggestion of improper purpose or abuse of process, and it was appropriate to limit use of documents produced by third parties under compulsion to the purposes of the proceeding.

Jurisdiction
Australia
Judgment Date
24 May 2018
Procedural Posture
Application Under S 596 F(1)(e) of the Corporations Act 2001 (cth) for Directions About Access to Records of Public Examinations / Interlocutory Process Filed 17 May 2018; Reasons for Orders Made on 17 May 2018
Outcome
Disclosure of documents permitted, on terms.
Legal Topics
['public Examinations' 'access to Records of Examination' 'deed of Company Arrangement' 'creditors' 'legal Professional Privilege']
['corporations Law'] ['public Examinations' 'access to Records of Examination' 'deed of Company Arrangement' 'creditors' 'legal Professional Privilege']

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Procedural Posture

Application Under S 596 F(1)(e) of the Corporations Act 2001 (cth) for Directions About Access to Records of Public Examinations / Interlocutory Process Filed 17 May 2018; Reasons for Orders Made on 17 May 2018

Legal Issues

  1. 1 ['Whether the Court should permit nominated creditors to access, uplift and copy documents marked for identification and/or produced to examinees during public examinations and transcripts of those examinations under s 596F(1)(e) of the Corporations Act 2001 (Cth).' 'Whether access should be subject to limits on use of documents produced by third parties under compulsion.' 'Whether creditor access was justified by the facilitation of potential claims and consultation with deed administrators.']

Ratio Decidendi

The Court gave directions permitting access because the materials would facilitate identification and pursuit of potential causes of action available to the lenders, assist creditor committee members in consulting with the deed administrators about claims potentially available to a liquidator, promote informed decision-making in the administration, and avoid confining the lenders to inspection of the written record given the volume of documents and length of the examinations. There was no suggestion of improper purpose or abuse of process, and it was appropriate to limit use of documents produced by third parties under compulsion to the purposes of the proceeding.

Court Disposition

Disclosure of documents permitted, on terms.

Orders

  • ['Subject to order 2, pursuant to section 596F(1)(e) of the Corporations Act 2001 (Cth), the entities set out in Schedule 2 be permitted to access, uplift and make a copy of the bundles of documents marked "MFI-1" and "MFI-2" in the proceeding, any document or bundle of documents subsequently marked for...