Something is better than nothing: court approval of liquidator entering litigation funding agreement

This week’s TGIF considers In re City Pacific Limited in which the NSW Supreme Court considered whether to approve a liquidator entering into a litigation funding agreement under which the funder would receive a premium of at least 50% of any judgment or settlement achieved.

WHAT HAPPENED?

In late 2009, two related companies were wound up and the same liquidator was appointed. The liquidator instituted two proceedings in the NSW Supreme Court:

Filed under:
Australia, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth, Liquidation, Bad faith, Liquidator (law), New South Wales Supreme Court
Authors:
David Abernethy , Kirsty Sutherland , Mark Wilks , Matthew Critchley , Sam Delaney , Estelle Blewett , Michelle Dean
Location:
Australia
Firm:
Corrs Chambers Westgarth