In the matter of bCode Pty Limited

The matter involved an application by bCode Pty Limited for an injunction to prevent its liquidator from selling certain assets. The applicant sought to have the liquidator's decision to reject a proposal for a deed of company arrangement as final relief reversed. The application was heard in the Federal Court of Australia. The primary legal issues before the court were whether there was a seriously arguable case for final relief reversing the liquidator's decision, and whether there was a seriously arguable case that the liquidator acted in bad faith in the conduct of the sale.

The court considered the relevant statutory provisions and case law in determining whether the applicant had established a seriously arguable case for final relief. It found that the applicant had not demonstrated that the liquidator's decision was plainly wrong, nor that there were any significant issues of law or fact that required resolution at a final hearing. The court also considered the question of bad faith on the part of the liquidator, and found that the applicant had not made out a case of bad faith on the part of the liquidator in the conduct of the sale. The court held that the applicant had not established a seriously arguable case for final relief, and dismissed the application.

The court ordered that the applicant pay the liquidator's costs of the application on an indemnity basis. The court held that the liquidator had acted reasonably and in good faith in rejecting the proposal for a deed of company arrangement, and in conducting the sale of the assets. The court found that the applicant had not established a seriously arguable case for final relief, and that there was no basis for an injunction to restrain the liquidator from selling the assets. The court dismissed the application and made the appropriate orders for costs.