In the matter of Mustang Marine Australia Services Pty Limited [2012] NSWSC 620

In the matter of Mustang Marine Australia Services Pty Limited [2012] NSWSC 620

Approval granted as terms of funding and indemnity deed are advantageous, pose no disadvantage to creditors, and the retainer with solicitors is reasonable; confidentiality orders appropriate for identified documents; application costs to be costs of the winding up.

Parties
Applicant: Mitchell Ball; Defendant: Mustang Marine Australia Services Pty Limited
Jurisdiction
Australia
Judgment Date
28 May 2012
Procedural Posture
Interlocutory Application / Application for Court Approval of Liquidator's Litigation Funding and Retainer Arrangements
Outcome
Application allowed. Approval for funding agreement and solicitor retainer granted. Confidentiality orders made. Costs ordered as costs of the winding up.
Legal Topics
Liquidator Approval, Litigation Funding, Confidentiality Orders, Retainer of Solicitors
Corporations Law Insolvency Liquidator Approval Litigation Funding Confidentiality Orders Retainer of Solicitors

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Parties

Mitchell Ball

Applicant

Mustang Marine Australia Services Pty Limited

Defendant

Procedural Posture

Interlocutory Application / Application for Court Approval of Liquidator's Litigation Funding and Retainer Arrangements

Legal Issues

  1. 1 Whether the liquidator should be granted court approval to enter into a deed of funding and indemnity under s 477(2B) Corporations Act 2001 (Cth)
  2. 2 Whether retrospective approval should be granted for retaining solicitors
  3. 3 Whether confidentiality orders should be made for certain documents

Ratio Decidendi

Approval granted as terms of funding and indemnity deed are advantageous, pose no disadvantage to creditors, and the retainer with solicitors is reasonable; confidentiality orders appropriate for identified documents; application costs to be costs of the winding up.

Court Disposition

Application allowed. Approval for funding agreement and solicitor retainer granted. Confidentiality orders made. Costs ordered as costs of the winding up.

Orders

  • Order under section 477(2B) of the Corporations Act approving Mr Mitchell Ball entering into a Deed of Funding and Indemnity with Abacus Funds Management Limited.
  • Order approving nunc pro tunc the retainer of Paul Bard Lawyers as solicitors for the Liquidator in proposed proceedings.