BANKRUPTCY AND INSOLVENCY – application by liquidator under s 477(2B) of Corporations Act 2001 (Cth) for retrospective approval of funding agreements – funding to litigate impugned transactions of former directors – obligations under funding agreements to extend past three months – no evidence that agreements entered improperly or without good faith – agreements advance creditors’ interests in seeking pecuniary relief – claims appear reasonably arguable – terms of funding agreements commercially sound – delay in application owing to lack of funds, change of solicitors, intervention application by some creditors – approval retrospectively granted – disclosure of funding terms possibly prejudicial to conduct of liquidator – confidentiality orders made
Original article available at: https://www.judgments.fedcourt.gov.au/judgments/Judgments/fca/single/2023/2023fca0173
For more information, see the original judgement.
