Law NEWS - Derivative actions on behalf of companies in liquidation
Litigation Update - In This Update:
Derivative actions on behalf of companies in liquidation.
When a company is in liquidation, is it possible for a person (other than the liquidator) to bring a derivative action on its behalf? This question has arisen in several recent cases. The outcome, it appears, is that the statutory procedure in Part 2F.1A of the Corporations Act 2001 (Cth) is not available, but that the courts retain an inherent jurisdiction to permit a derivative action to be brought by a creditor or contributory.
View this article - http://www.blakedawson.com/Templates/Publications/x_publication_content_page.aspx?id=52617