Blairgowrie Trading Ltd v Allco Finance Group Ltd (Receivers & Managers Appointed) (In Liq) (No 3) [2017] FCA 330

Blairgowrie Trading Ltd v Allco Finance Group Ltd (Receivers & Managers Appointed) (In Liq) (No 3) [2017] FCA 330

The settlement and the distribution scheme, as modified to allow claims from late-registering unregistered group members and to implement a common fund order with a 30% commission on net proceeds, are fair, reasonable and in the interests of all group members, and the court approves the settlement under s 33V and the associated orders.

Jurisdiction
Australia
Judgment Date
31 March 2017
Procedural Posture
Representative Proceedings (class Action) / Settlement Approval Under S 33 V of the Federal Court of Australia Act 1976 (cth)
Outcome
Settlement approved; orders made as per published reasons and orders.
Legal Topics
['representative Proceedings' 'settlement Approval' 'litigation Funding' 'common Fund Order' 'class Action Procedure' 'shareholder Class Actions']
['commercial Law' 'corporations Law' 'civil Procedure'] ['representative Proceedings' 'settlement Approval' 'litigation Funding' 'common Fund Order' 'class Action Procedure' 'shareholder Class Actions']

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Procedural Posture

Representative Proceedings (class Action) / Settlement Approval Under S 33 V of the Federal Court of Australia Act 1976 (cth)

Legal Issues

  1. 1 ['Whether the proposed settlement is fair and reasonable as between group members and the respondents' 'Whether the proposed distribution scheme is fair and reasonable between group members' 'How to treat claims of unregistered group members' 'Whether a common fund order should be made and at what commission rate']

Ratio Decidendi

The settlement and the distribution scheme, as modified to allow claims from late-registering unregistered group members and to implement a common fund order with a 30% commission on net proceeds, are fair, reasonable and in the interests of all group members, and the court approves the settlement under s 33V and the associated orders.

Court Disposition

Settlement approved; orders made as per published reasons and orders.

Orders

  • ['Settlement of the proceeding approved pursuant to ss 33V and 33ZF of the Federal Court of Australia Act 1976 (Cth) on the terms of the Deed of Settlement dated 28 November 2016 and the Settlement Distribution Scheme as amended.' 'Settlement Distribution Scheme modified with Expiry Date fixed as noon on 31 March...