Cornelius v Coplex Resources NL [2002] FCA 1378

Cornelius v Coplex Resources NL [2002] FCA 1378

Balancing discretionary factors and interests of beneficiaries, it is appropriate to grant approval under s 477(2B) to enter the litigation funding agreement as proposed by the liquidator, given explanation for not seeking alternative funders, market conformity of terms, and protections against financier interference.

Jurisdiction
Australia
Judgment Date
18 October 2002
Procedural Posture
Corporations Liquidation Approval of Litigation Funding Agreement / Motion on Notice for Approval Under S 477(2 B) Corporations Act 2001 (cth)
Outcome
Orders granted approving entry into the funding agreement under s 477(2B) Corporations Act 2001 (Cth).
Legal Topics
['liquidation' 'litigation Funding' 'approval of Funding Agreement']
['corporations' 'insolvency'] ['liquidation' 'litigation Funding' 'approval of Funding Agreement']

Case Brief

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Procedural Posture

Corporations Liquidation Approval of Litigation Funding Agreement / Motion on Notice for Approval Under S 477(2 B) Corporations Act 2001 (cth)

Legal Issues

  1. 1 ['Whether it is appropriate for the court to approve entry into a litigation funding agreement under s 477(2B) of the Corporations Act 2001 (Cth)']

Ratio Decidendi

Balancing discretionary factors and interests of beneficiaries, it is appropriate to grant approval under s 477(2B) to enter the litigation funding agreement as proposed by the liquidator, given explanation for not seeking alternative funders, market conformity of terms, and protections against financier interference.

Court Disposition

Orders granted approving entry into the funding agreement under s 477(2B) Corporations Act 2001 (Cth).

Orders

  • ['Approval given to Mr Garry John Trevor, liquidator of Coplex Resources NL, to enter into the funding agreement as annexed to the affidavit sworn 7 October 2002.' "Liquidator's costs of application to be paid out of the assets of the Company." "Affidavit to be sealed and only opened by a Judge or pursuant to a...