In the matter of HIH Underwriting and Insurance (Australia) Pty Limited (in liquidation and subject to a scheme of arrangement) [2013] NSWSC 2014

In the matter of HIH Underwriting and Insurance (Australia) Pty Limited (in liquidation and subject to a scheme of arrangement) [2013] NSWSC 2014

Given the identical structure and arrangements of the reinsurance contracts and absence of substantive risk undertaken by the HIH Group in respect of the policy, the proceeds of reinsurance, including from UAR, should be allocated to the plaintiffs consistent with previous findings and orders made under s 562A(4).

Jurisdiction
Australia
Judgment Date
20 December 2013
Procedural Posture
Corporations Interlocutory Application / Application for Orders Under Corporations Act 2001 (cth) S 562 A(4)
Outcome
Orders made under Corporations Act 2001 (Cth) s 562A(4) allocating $38,882.28 of reinsurance proceeds in favour of the plaintiffs.
Legal Topics
['winding Up' 'reinsurance Proceeds' 'orders Under Corporations Act 2001 (cth) S 562 A(4)']
['corporations Law' 'insolvency'] ['winding Up' 'reinsurance Proceeds' 'orders Under Corporations Act 2001 (cth) S 562 A(4)']

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Procedural Posture

Corporations Interlocutory Application / Application for Orders Under Corporations Act 2001 (cth) S 562 A(4)

Legal Issues

  1. 1 ['Whether it is just and equitable to make orders for distribution of reinsurance proceeds under Corporations Act 2001 (Cth) s 562A(4) in favour of the plaintiffs in respect of proceeds received from UAR']

Ratio Decidendi

Given the identical structure and arrangements of the reinsurance contracts and absence of substantive risk undertaken by the HIH Group in respect of the policy, the proceeds of reinsurance, including from UAR, should be allocated to the plaintiffs consistent with previous findings and orders made under s 562A(4).

Court Disposition

Orders made under Corporations Act 2001 (Cth) s 562A(4) allocating $38,882.28 of reinsurance proceeds in favour of the plaintiffs.

Orders

  • ['Orders made in accordance with the short minutes of order initialled by Black J and placed with the file.']