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Re Bell Group NV (in Liq)

Re Bell Group NV (in Liq)

Case [2009] WASC 309 29 October 2009

Winding Up & Liquidation

Corporate Law & Governance

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RE BELL GROUP NV (IN LIQ); EX PARTE TROIKA HOLDING BV [2009] WASC 309

Jurisdiction:	SUPREME COURT OF WESTERN AUSTRALIA	Citation No:	[2009] WASC 309
Case No:	COR:57/1996	Heard:	25 SEPTEMBER 2009
Coram:	SIMMONDS J	Delivered:	29/10/09
No of pages:	21	Judgment Part:	1 of 1
Result:	Application granted
Category:	B
PDF Version

Parties:	TROIKA HOLDING BV WESTPAC BANKING CORPORATION COOPERS AND LYBRAND
Catchwords:	Corporations Winding up Application to court to approve liquidator entering into agreement with obligations that may be discharged more than three months after it is entered into Creditor and liquidator enter into agreement for funding of appeal Relevant considerations in determining whether court should approve liquidator entering agreement Practice and procedure Winding up Application by liquidator for approval of agreement to fund appeal Whether public should be excluded from hearing Whether documents in hearing should be treated as confidential Whether disclosure or publication of any report of the hearing or the documents should be prohibited Whether matter should be heard and determined ex parte
Legislation:	Corporations Act 2001 (Cth), s 477 (2B)
Case References:	BL & GY International Co Ltd v Hypec Electronics Pty Ltd (in liq) [2008] NSWSC 856 Corporate Affairs Commission v ASC Timber Pty Ltd (1998) 29 ACSR 109 Re ACN 076 673 875 Ltd [2002] NSWSC 578; (2002) 42 ACSR 296 Re Addstone Pty Ltd (in liq) (1998) 83 FCR 583 Re Bromfield; Ex parte West Australian Newspapers Ltd (1991) 6 WAR 153 Re HIH Insurance Ltd; Ex parte McGrath [2005] NSWSC 731 Re Imobridge Pty Ltd (in liq) (No 2) [1999] QSC 342; [2000] 2 Qd R 280 Re Newtronics Pty Ltd; Ex parte Stewart [2007] FCA 1375 Re Robins SM; Ex parte West Australian Newspapers Ltd [1999] WASCA 16; (1999) 20 WAR 511 Re Spedley Securities Ltd (in liq) (1992) 9 ACSR 83 Re The Bell Group Ltd (in liq) (ACN 008 666 993); Ex parte West Australian Newspapers Ltd [2000] WASC 94 Re The Bell Group Ltd (in liq); Ex parte Woodings [2009] WASC 235 Scott v Scott [1913] AC 417 Southern Cross Pipelines Australia Pty Ltd v Michael [2002] WASC 171 The Bell Group Ltd (in liq) v Westpac Banking Corporation [No 10] [2009] WASC 107 The Bell Group Ltd (in liq) v Westpac Banking Corporation [No 9] [2008] WASC 239 TK v Australian Red Cross Society (1989) 1 WAR 335

JURISDICTION : SUPREME COURT OF WESTERN AUSTRALIA

IN CHAMBERS

CITATION : RE BELL GROUP NV (IN LIQ); EX PARTE TROIKA HOLDING BV [2009] WASC 309 CORAM : SIMMONDS J HEARD : 25 SEPTEMBER 2009 DELIVERED : 29 OCTOBER 2009 FILE NO/S : COR 57 of 1996 MATTER : Section 583 of the Corporations Law

Bell Group NV

EX PARTE

TROIKA HOLDING BV

Applicant

AND

WESTPAC BANKING CORPORATION

First Respondent

COOPERS AND LYBRAND

Second Respondent

Catchwords:

Corporations - Winding up - Application to court to approve liquidator entering into agreement with obligations that may be discharged more than three months after it is entered into…

Grounds of appeal

[14] The appellant contends that the primary judge erred in finding that the respondent had discharged the onus of establishing the matters required under the relevant provision.

[15] It was submitted that his Honour failed to give adequate weight to the evidence of the second witness, and that the findings of fact were not reasonably open on the material before the Court.

[16] The respondent, for its part, submits that no error is disclosed, and that the conclusions reached were well within the range of outcomes available to the primary judge.

Consideration

[17] It is convenient to deal first with the question of construction, as the resolution of that issue informs the remaining grounds advanced by the appellant.

[18] For the reasons that follow, we are of the view that the appeal should be allowed in part and the matter remitted for further determination.

Continue reading Re Bell Group NV (in Liq)

Details

AGLC: Re Bell Group NV (in Liq) [2009] WASC 309
Case: [2009] WASC 309
Decision Date

CaseChat Overview and Summary

The Supreme Court of Western Australia was asked to grant approval for the liquidator of Bell Group NV (BGNV), a foreign company, to enter into a funding agreement with a creditor for the purpose of funding appeal proceedings. The liquidator sought other orders, including that the matter be heard ex parte and that the proceedings be confidential and non-reportable. The court considered the nature of the appeal proceedings, the liquidator's prospects of success, and the terms of the funding agreement. The court found that the liquidator's proposal did not involve an error of law or bad faith and that there was no good reason to intervene in the winding up. The court granted the approval sought and made the other orders.

Orders