McGrath and Anor re HIH Insurance Ltd and Ors
[2005] NSWSC 787
•4 August 2005
CITATION: McGrath & Anor re HIH Insurance Ltd & Ors [2005] NSWSC 787
HEARING DATE(S): 20/07/05
JUDGMENT DATE :
4 August 2005JURISDICTION: Equity Division
Corporations ListJUDGMENT OF: Barrett J
DECISION: See judgment
CATCHWORDS: CORPORATIONS - winding up - application by liquidators for approval under s.477(2B) to enter into contracts not to be performed within three months
LEGISLATION CITED: Corporations Act 2001 (Cth), s.477(2B)
CASES CITED: McGrath v HIH Insurance Ltd [2005] NSWSC 731,
PARTIES: Anthony Gregory McGrath and Christopher John Honey in their capacity as liquidators of HIH Insurance Ltd & Ors - Applicants
FILE NUMBER(S): SC 1799/01 ; 1805/01; 1808/01; 1810/01 ; 3753/02; 1798/01; 1800/01; 1803/01; 1804/01; 1806/01; 1807/01; 1809/01; 1811/01; 1812/01; 1813/01; 1814/01; 1815/01; 2650/01; 4727/01; 4913/01; 2601/02; 4096/02; 4098/02; 4472/02; 1348/03; 2419/03; 2421/03; 2422/03; 2423/03; 2424/-3; 2425/03; 2426/03; 4227/03; 4229/03; 4231/03; 4232/03; 4233/03; 4235/03; 4236/03; 4237/03
COUNSEL: Mr M.B. Oakes SC/Ms J.A. Soars - Applicants
SOLICITORS: Blake Dawson Waldron - Applicants
LOWER COURT JURISDICTION:
IN THE SUPREME COURT
OF NEW SOUTH WALES
EQUITY DIVISION
CORPORATIONS LIST
BARRETT J
THURSDAY, 4 AUGUST 2005
APPLICATIONS OF ANTHONY GREGORY McGRATH AND CHRISTOPHER JOHN HONEY IN THEIR CAPACITY AS LIQUIDATORS
OF EACH OF
1799/01 - HIH INSURANCE LTD
1805/01 - FAI INSURANCES LTD
1808/01 - FAI GENERAL INSURANCE CO LTD
1810/01 - HIH CASUALTY AND GENERAL INSURANCE LTD
3753/02 - HIH INVESTMENT HOLDINGS LTD
1798/01 - FAI TRADERS INSURANCE CO PTY LTD
1800/01 - WORLD MARINE AND GENERAL INSURANCES PTY LTD
1801/01 - HIH UNDERWRITING AND INSURANCE (AUS) PTY LTD
1803/01 - LANLEX NO. 65 PTY LTD
1804/01 - FAI LEASING FINANCE PTY LTD
1806/01 - CIC INSURANCE LTD.
1807/01 - FAI INVESTMENTS PTY LTD
1809/01 - FAI OVERSEAS INVESTMENTS PTY LTD
1811/01 - HIH OVERSEAS HOLDINGS LTD
1812/01 - FAI FINANCIAL SERVICES LTD
1813/01 - FAI OVERSEAS HOLDINGS PTY LTD
1814/01 - FAI REINSURANCES LTD
1815/01 - HIH UNDERWRITING AND AGENCY SERVICES LTD
2650/01 - HANNAN & CO PTY LTD
4727/01 - NOTESTIR PTY LTD
4913/01 - FIRST MENTOR GROUP PTY LTD
2601/02 - WORLDWIDE WEATHER UNDERWRITING AGENCIES (AUS) PTY LTD
4096/02 - HIH COMPANY LTD
4098/02 - ACN 006 495 987 PTY LTD (FORMERLY INDUSTRIAL REHABILITATION SERVICES PTY LTD)
4472/02 - CIC GENERAL INSURANCE HOLDINGS LTD
1348/03 - FAI HOME SECURITY HOLDING PTY LTD
2419/03 - ACN 005 312 345 PTY LTD (FORMERLY READY PLAN ASIA PACIFIC PTY LTD)
2421/03 - FAI FILM DISTRIBUTION PTY LTD
2422/03 - FAI WORKERS' COMPENSATION (VIC) PTY LTD
2423/03 - HIH (REAL ESTATE) PTY LTD
2424/03 - INTEGRATED COMMERCIAL FINANCE PTY LTD
2425/03 - INNES OWENS PTY LTD
2426/03 - RISKCORP AUSTRALIA PTY LTD
4227/03 - ACN 006 584 103 LTD (FORMERLY READY PLAN GROUP LTD)
4229/03 - MARINE AND AVIATION MANAGEMENT SERVICES LTD ACN 006 385 584
4231/03 - CIC WORKERS' COMPENSATION (NSW) LTD
4232/03 - CIC INVESTMENTS LTD ACN 004 766 081
4233/03 - PEMBROKE SECURITIES LTD ACN 002 799 546
4235/03 - LAKE CRACKENBACK RESORT PTY LTD ACN 003 379 708
4236/03 - 422 COLLINS STREET PTY LTD ACN 005 807 036
4237/03 - FAI FINANCE CORPORATION PTY LTD ACN 053 262 561
JUDGMENT
1 For separate reasons consisting of 53 paragraphs, a copy of which I now deliver to the applicants in the absence of the public, I decline at this point to grant the approvals under s.477(2B) of the Corporations Act 2001 (Cth) and related relief sought by them. The interlocutory process in each of the 41 proceedings will be stood over to a date to be fixed for directions as to the filing of such further evidence as the applicants may wish to adduce.
2 Because the interlocutory processes were heard in the absence of the public pursuant to an order under s.80 of the Supreme Court Act 1970 (see McGrath re HIH Insurance Ltd [2005] NSWSC 731), I order that, until further order, the separate reasons a copy of which I now deliver to the applicants in the absence of the public remain in a sealed envelope in the court file and not be accessed by any person except with the leave of a judge and with 48 hours prior notice to Blake Dawson Waldron. I direct that those separate reasons not be posted on the Caselaw New South Wales website while the immediately preceding order remains in force.
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