Onefone Australia Pty Ltd v One.Tel Ltd [2010] NSWSC 498

Onefone Australia Pty Ltd v One.Tel Ltd [2010] NSWSC 498

The special purpose liquidator is justified in entering agreements pursuant to s 477(2B) Corporations Act with only court approval, and is not required to obtain or seek the approval of, or provide the identities of third parties to, the committee of inspection or creditors.

Jurisdiction
Australia
Judgment Date
20 May 2010
Procedural Posture
Corporations Winding Up / Interlocutory Application by Special Purpose Liquidator for Directions and Approval Under Corporations Act
Outcome
Directions granted as per paragraph 17; special purpose liquidator justified in entering agreements with only court approval and without further approvals or disclosure.
Legal Topics
['winding Up' 'creditors Voluntary Winding Up' 'special Purpose Liquidator' "liquidator's Approval – S 477(2 B)" 'court Directions – S 511']
['corporations Law' 'insolvency'] ['winding Up' 'creditors Voluntary Winding Up' 'special Purpose Liquidator' "liquidator's Approval – S 477(2 B)" 'court Directions – S 511']

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Procedural Posture

Corporations Winding Up / Interlocutory Application by Special Purpose Liquidator for Directions and Approval Under Corporations Act

Legal Issues

  1. 1 ["Whether liquidator may enter agreements under s 477(2B) Corporations Act by court approval only, without committee of inspection or creditors' approval or notice" 'Whether liquidator required to consult or inform the committee of inspection or creditors as to agreement details']

Ratio Decidendi

The special purpose liquidator is justified in entering agreements pursuant to s 477(2B) Corporations Act with only court approval, and is not required to obtain or seek the approval of, or provide the identities of third parties to, the committee of inspection or creditors.

Court Disposition

Directions granted as per paragraph 17; special purpose liquidator justified in entering agreements with only court approval and without further approvals or disclosure.

Orders

  • ['Directions pursuant to s 511(1)(a) and s 511(2) that the special purpose liquidator is justified in entering into the subject agreements without prior approval of the committee of inspection or creditors and in not providing to them details of the identity of other parties (apart from One.Tel and the SPL).']