Nipps, in the matter of i-Prosperity Pty Ltd (in liq)

The liquidators of i-Prosperity Pty Ltd (in liq) sought an extension of time to make claims under section 588FF of the Corporations Act 2001 (Cth) against identified parties, as well as a "shelf order" allowing them to make claims against yet-to-be-identified parties. Some interested parties opposed the application and sought to be excluded from the extensions. The court had to decide whether to grant the liquidators' application in full or in part, and whether to exclude certain parties from the extensions. The court noted that the liquidators had experienced significant delays in their investigations due to the complex nature of the companies' affairs, unreliable records, and lack of cooperation from the directors. However, the court also noted that the liquidators had prioritised other work over investigating some of the parties opposing the application. The court found that it was fair and just to grant the liquidators' application in more limited terms, allowing them to make claims against the parties listed in two annexures to the judgment, but not against the parties who opposed the application. The court also ordered that certain affidavits and annexures be marked as confidential.

The final orders of the court were that the time for making claims in respect of the transactions listed in Annexure A be extended until 15 March 2025, and in respect of the transactions listed in Annexure B be extended until 15 July 2025. The unredacted version of the affidavit sworn by Jeremy Joseph Nipps on 13 June 2023 and marked on its face as “confidential” and the annexures thereto are to be marked “confidential” and not made available for inspection until the termination of the liquidations of those companies the subject of this application and to which the applicants are appointed as liquidators (Companies), or until further order. The applicants’ costs of this application be costs in the windings up of the Companies.