In the matter of ACN 152 546 453 Pty Ltd (Formerly Hemisphere Technologies Pty Ltd (In Liq)) [2020] NSWSC 270

In the matter of ACN 152 546 453 Pty Ltd (Formerly Hemisphere Technologies Pty Ltd (In Liq)) [2020] NSWSC 270

Given the evidence of prospective claims for the benefit of the Company, the absence of opposition, and the necessity for further investigation, funding, and protection of confidential material, it was appropriate to grant orders extending the Special Purpose Liquidator's powers, extend the time for commencing voidable transaction proceedings, approve the entry into the funding deed, and make suppression orders.

Jurisdiction
Australia
Judgment Date
16 March 2020
Procedural Posture
Corporations Winding Up Liquidators Powers / Interlocutory Application for Extension of Powers, Extension of Time, and Funding Approval
Outcome
Orders made as sought by the Special Purpose Liquidator.
Legal Topics
["liquidators' Powers" 'litigation Funding' 'investigation of Voidable Transactions' 'extension of Time to Commence Proceedings' 'suppression and Confidentiality Orders']
['corporations Law' 'insolvency' 'equity'] ["liquidators' Powers" 'litigation Funding' 'investigation of Voidable Transactions' 'extension of Time to Commence Proceedings' 'suppression and Confidentiality Orders']

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Procedural Posture

Corporations Winding Up Liquidators Powers / Interlocutory Application for Extension of Powers, Extension of Time, and Funding Approval

Legal Issues

  1. 1 ["Whether the Special Purpose Liquidator's powers should be extended to investigate and pursue certain claims" 'Whether the time for commencing proceedings under s 588FF of the Corporations Act 2001 (Cth) should be extended' 'Whether approval should be given under s 477(2B) for entry into a litigation funding deed' 'Whether suppression/non-publication orders should be made regarding confidential documents']

Ratio Decidendi

Given the evidence of prospective claims for the benefit of the Company, the absence of opposition, and the necessity for further investigation, funding, and protection of confidential material, it was appropriate to grant orders extending the Special Purpose Liquidator's powers, extend the time for commencing voidable transaction proceedings, approve the entry into the funding deed, and make suppression orders.

Court Disposition

Orders made as sought by the Special Purpose Liquidator.

Orders

  • ["Order nunc pro tunc extending the Special Purpose Liquidator's powers for specific investigations and legal actions as set out in the judgment pursuant to s 90-15 of the Insolvency Practice Schedule (Corporations) of the Corporations Act 2001 (Cth)." "Variation of previous orders restricting defendants' exercise...