Re Bell Group NV (in Liq)

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.