Hurst, in the matter of Liquor National Pty Ltd (in liq) [2019] FCA 1581

Hurst, in the matter of Liquor National Pty Ltd (in liq) [2019] FCA 1581

The Court was satisfied that entering into the funding agreement was a proper exercise of the liquidator's powers and that no grounds existed for suspecting lack of good faith, error of law, or imprudence; therefore, approval was granted under s 477(2B) of the Corporations Act, and confidentiality orders were made to protect commercially sensitive material.

Jurisdiction
Australia
Judgment Date
16 August 2019
Procedural Posture
Application / Judgment on Approval of Entry Into Litigation Funding Agreement
Outcome
application granted
Legal Topics
["liquidators' Powers" 'litigation Funding Agreement' 'approval Under S 477(2 B) Corporations Act' 'confidentiality Orders']
['corporations' 'insolvency'] ["liquidators' Powers" 'litigation Funding Agreement' 'approval Under S 477(2 B) Corporations Act' 'confidentiality Orders']

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Procedural Posture

Application / Judgment on Approval of Entry Into Litigation Funding Agreement

Legal Issues

  1. 1 ['Whether the plaintiffs should be authorised to enter into the litigation funding deed under s 477(2B) of the Corporations Act 2001 (Cth)' 'Whether confidentiality orders should be made under s 37AF of the Federal Court of Australia Act 1976 (Cth)']

Ratio Decidendi

The Court was satisfied that entering into the funding agreement was a proper exercise of the liquidator's powers and that no grounds existed for suspecting lack of good faith, error of law, or imprudence; therefore, approval was granted under s 477(2B) of the Corporations Act, and confidentiality orders were made to protect commercially sensitive material.

Court Disposition

application granted

Orders

  • ['The originating process filed be made returnable instanter.' 'Pursuant to s 477(2B) Corporations Act 2001 (Cth), first plaintiff authorised to enter into the litigation funding deed on behalf of the other plaintiffs.' 'Pursuant to s 37AF Federal Court of Australia Act 1976 (Cth), specified documents to be kept...