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Banksia Securities Ltd v Insurance House Pty Ltd (Settlement Approval) [2020] VSC 123

PRACTICE AND PROCEDURE
Supreme Court of Victoria
Division: 
Commercial Court
Judge(s): 
John Dixon J
Parties: 

In the matter of Lindholm, John Ross & Mccluskey, Peter Damien in their capacity as joint & several special purpose receivers of Banksia Securities Ltd (receivers & managers appointed) (in liquidation) ACN 004 736 458; Banksia Securities Ltd (receivers & managers appointed) (in liquidation) ACN 004 736 458 Bolitho, Laurence John v Banksia Securities Ltd (receivers & managers appointed) (in liquidation) ACN 004 736 458 v The Insurance House P/L (ACN 006 500 072)

Judgment Date: 
24 March 2020
Catchwords: 

PRACTICE AND PROCEDURE - Special purpose receivers appointed to corporation - Group proceeding commenced against corporation - Compromise of third party claim brought in group proceeding by corporation - Whether special purpose receivers have power to and are justified in compromising third party claim - Whether third party claim constitutes a group proceeding requiring approval - Corporations Act 2001 (Cth) s 283HB; Supreme Court Act 1986 (Vic), Part 4A.

PRACTICE AND PROCEDURE - Group proceeding - Litigation funder - Whether entitled to funding commission arising from compromise by defendant of third party claim.

Citation: