Yelena Primavera v Tanya Bakos & Anor [2018] NSWSC 142

Yelena Primavera v Tanya Bakos & Anor [2018] NSWSC 142

Approval under s 477(2B) Corporations Act was required and proper for the liquidator's entry into the Deed of Settlement and Assignment, as the agreement imposed obligations extending beyond three months; application could be made by the counterparty as the liquidator had entered the transaction; the transaction was prudent given the circumstances of unfunded liquidation and inability to otherwise pursue assigned claims; leave was also granted nunc pro tunc for procedural regularity.

Jurisdiction
Australia
Judgment Date
07 February 2018
Procedural Posture
Corporations Winding Up Interlocutory Application / Interlocutory Application for Leave and Approval Under S 471 B and S 477(2 B) Corporations Act
Outcome
Application granted
Legal Topics
['winding Up' "liquidators' Powers" 'assignment of Claims' 'court Approval Under S 477(2 B) Corporations Act']
['corporations Law' 'equity'] ['winding Up' "liquidators' Powers" 'assignment of Claims' 'court Approval Under S 477(2 B) Corporations Act']

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Procedural Posture

Corporations Winding Up Interlocutory Application / Interlocutory Application for Leave and Approval Under S 471 B and S 477(2 B) Corporations Act

Legal Issues

  1. 1 ['Whether leave under s 471B of the Corporations Act 2001 (Cth) should be granted to commence or continue proceedings in respect of property of a company in liquidation' 'Whether the Court should grant approval, nunc pro tunc, under s 477(2B) of the Corporations Act 2001 (Cth) for the liquidator to enter into a Deed of Settlement and Assignment' 'Whether a party other than the liquidator may seek s 477(2B) approval' 'Appropriate considerations for granting leave nunc pro tunc']

Ratio Decidendi

Approval under s 477(2B) Corporations Act was required and proper for the liquidator's entry into the Deed of Settlement and Assignment, as the agreement imposed obligations extending beyond three months; application could be made by the counterparty as the liquidator had entered the transaction; the transaction was prudent given the circumstances of unfunded liquidation and inability to otherwise pursue assigned claims; leave was also granted nunc pro tunc for procedural regularity.

Court Disposition

Application granted

Orders

  • ['Plaintiff granted leave to proceed in relation to the property of Best In Pressure Care Pty Ltd (In Liq).' 'Mr Andrew Wily nunc pro tunc granted leave to enter into the Deed of Settlement and Assignment Agreement dated March 2014 on behalf of BIPC, under s 477(2B) Corporations Act 2001.' 'Parties to submit draft...