Nation Energy (Australia) Pty Ltd v Paltar Petroleum Ltd (Administrators Appointed) (No 2) [2020] FCA 271

Nation Energy (Australia) Pty Ltd v Paltar Petroleum Ltd (Administrators Appointed) (No 2) [2020] FCA 271

Leave to discontinue the proceeding is granted as discontinuance serves the interests of the company, the relief sought is no longer viable, and all parties consent with no adverse costs consequences.

Jurisdiction
Australia
Judgment Date
05 March 2020
Procedural Posture
Derivative Proceeding / Application for Leave to Discontinue Settled Proceeding
Outcome
Leave granted to settle and discontinue proceeding as between applicant and remaining respondents with no order as to costs; all existing costs orders vacated.
Legal Topics
['derivative Proceedings' 'discontinuance' 'settlement' 'costs']
['corporations'] ['derivative Proceedings' 'discontinuance' 'settlement' 'costs']

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 1 Authorities cited 2 Party arguments 2 Amounts and remedies 1
Sign in to unlock

Procedural Posture

Derivative Proceeding / Application for Leave to Discontinue Settled Proceeding

Legal Issues

  1. 1 ['Whether leave should be granted under s 240 of the Corporations Act 2001 (Cth) to settle and discontinue the proceeding' 'Whether discontinuance serves the interests of the company']

Ratio Decidendi

Leave to discontinue the proceeding is granted as discontinuance serves the interests of the company, the relief sought is no longer viable, and all parties consent with no adverse costs consequences.

Court Disposition

Leave granted to settle and discontinue proceeding as between applicant and remaining respondents with no order as to costs; all existing costs orders vacated.

Orders

  • ['Leave granted under s 240 Corporations Act 2001 (Cth) to settle and discontinue proceeding with second, third and fourth respondents with no order as to costs; previous costs orders vacated.' 'Leave granted to file notice of discontinuance dated 18 February 2020.' 'No order as to costs in entire proceeding...