Anstella Nominees Pty Ltd v St George Motor Finance Ltd [2003] FCA 466

Anstella Nominees Pty Ltd v St George Motor Finance Ltd [2003] FCA 466

The liquidator was granted approval to enter into a litigation funding agreement as the claims were found to have reasonable prospects, the revised agreement avoided impermissible surrender of statutory powers or disproportionate benefits to the funder, and there was no opposition by creditors or respondents after...

Source-derived case information.

Jurisdiction
Australia
Judgment Date
14 May 2003
Procedural Posture
Corporations Liquidation Application / Interlocutory Application for Approval of Funding Agreement Under Corporations Act
Outcome
Application granted
Legal Topics
["liquidator's Powers" 'litigation Funding' 'assignment of Proceeds' 'maintenance and Champerty' 'approval of Funding Agreements']
['corporations Law' 'insolvency' 'civil Procedure'] ["liquidator's Powers" 'litigation Funding' 'assignment of Proceeds' 'maintenance and Champerty' 'approval of Funding Agreements']

Source-derived case record

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Procedural Posture

Corporations Liquidation Application / Interlocutory Application for Approval of Funding Agreement Under Corporations Act

Legal Issues

  1. 1 ['Whether the liquidator should be granted approval to enter into a litigation funding agreement pursuant to ss 477(2B) and 479(3) of the Corporations Act 2001 (Cth)' 'Whether the terms of the funding agreement are appropriate, particularly concerning surrender of statutory powers and disproportionate benefit to the funder' "Whether maintaining confidentiality of the agreement and creditor's interests is warranted"]

Ratio Decidendi

The liquidator was granted approval to enter into a litigation funding agreement as the claims were found to have reasonable prospects, the revised agreement avoided impermissible surrender of statutory powers or disproportionate benefits to the funder, and there was no opposition by creditors or respondents after concerns were addressed.

Court Disposition

Application granted

Orders

  • ['The liquidator of Irlmond Pty Ltd (in liquidation) has power to enter into the funding agreement in the terms attached to the supplementary submissions.' 'Approval is given under s 477(2B) of the Corporations Act 2001 (Cth) for the liquidator to enter into the funding agreement.' 'The funding agreement will remain...