In the matter of Opel Networks Pty Limited [2013] NSWSC 1245

In the matter of Opel Networks Pty Limited [2013] NSWSC 1245

Approval is granted as the only contributories wish the proceedings to be brought, the liquidators support the application, there are reasonable prospects of success, and the agreements' impact on the liquidation's duration aligns with the legislative focus of s 477(2B).

Jurisdiction
Australia
Judgment Date
02 September 2013
Procedural Posture
Corporations Insolvency and Winding Up / Application for Approval of Litigation Funding and Retainer
Outcome
Application granted; approval and orders made as sought
Legal Topics
['insolvency' 'winding Up' 'litigation Funding' 'liquidator Powers']
['corporations'] ['insolvency' 'winding Up' 'litigation Funding' 'liquidator Powers']

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Procedural Posture

Corporations Insolvency and Winding Up / Application for Approval of Litigation Funding and Retainer

Legal Issues

  1. 1 ['Whether approval should be granted to liquidators for entry into litigation funding agreement and retainer under s 477(2B) of the Corporations Act 2001 (Cth)']

Ratio Decidendi

Approval is granted as the only contributories wish the proceedings to be brought, the liquidators support the application, there are reasonable prospects of success, and the agreements' impact on the liquidation's duration aligns with the legislative focus of s 477(2B).

Court Disposition

Application granted; approval and orders made as sought

Orders

  • ['Approval of first plaintiffs as liquidators of the second plaintiff entering into the agreements referred to in the schedule on behalf of the second plaintiff, pursuant to s 477(2B) Corporations Act 2001 (Cth).' "Liquidators' costs and expenses of this application to be costs and expenses in the liquidation."...