MF Global (Australia) Limited Winding Up Proceedings (2012)

In re MF Global Australia Ltd (in liq) [2012] NSWSC 994

Acted for Contracts for Difference (CFD) clients of MF Global (Australia) Limited, and as contradictor to competing claim by Deutsche Bank AG and by MF Global (Singapore) Pte Ltd (in liq), leading Trent Glover (in all interlocutory hearings), led by John Sheahan SC (final hearing), instructed by Arnold Bloch Liebler.

CORPORATIONS - Winding up - Corporations Act 2001 (Cth) ss 479(3) and 511 - liquidation of Australian arm of global financial services provider with funds under management of approx. $380 million - application for directions in relation to matters arising under winding up - Pooling - Whether liquidators can pool all or some of client segregated accounts - Foreign currency - Whether foreign currency should be converted to Australian dollars for pooling - Entitlement - Basis for client entitlement to be paid money from client segregated accounts - Recovered funds - Where recovered funds should be deposited.

Acts Interpretation Act 1901 (Cth) ss 22(2),15AA23
Australian Securities and Investments Commission Act 2001 (Cth)
Corporations Act 2001 (Cth) Ch 7, Pts 5.67.87.8 Div 2, 7.8 Div 2 Subdiv A, ss 9436A479479(3), 506(1)(b), 511554(1), 554C760A(a), 761A761D761E(4), 761E(5), 763B763C763D764A(1), 912A(1)(a), 912A(1)(aa), 981A-981H981A981A(1), 981A(1)(a), 981A(1)(a)(i), 981A(1)(b)(i), 981A(1)(b)(ii), 981A(1)(b)(iii), 981A(2), 981A(2)(a), 981A(2)(b), 981A(2)(c)981A(3), 981A(4), 981B981B(1), 981B(1)(c), 981B(2), 981C981D981D(a), 981D(b), 981E981E(2), 981F981H981H(1), 981H(1)(c), 981H(3), 981H(3)(a), 981H(3)(b), 1012D
- Corporations Law ss 865-878, 1209, 1209(5)(b), 1224-1227
Corporations Regulations 2001 (Cth) regs 7.8.01-7.8.05, 7.8.01(2), 7.8.01(4), 7.8.01(5), 7.8.01(5)(c), 7.8.01(8), 7.8.01(11), 7.8.01(14), 7.8.02(1)(a), 7.8.02(1)(c), 7.8.02(2), 7.8.02(3), 7.8.02(7), 7.8.03, 7.8.03(1), 7.8.03(2), 7.8.03(3), 7.8.03(4)-(5), 7.8.03(4), 7.8.03(5), 7.8.03(6), 7.8.03(6)(a), 7.8.03(6)(b)-(c), 7.8.03(6)(d), 7.8.03(6)(e), 7.8.03(7)
Financial Services Reform Act 2001 (Cth)
Futures Industry Act 1986 (Cth) ss 86101-104
Insurance (Agents and Brokers) Act 1984 (Cth) ss 2628
Judiciary Act 1903 (Cth)
Securities Industry Act 1980 (Cth) ss 73-7483-86
Trustee Act 1925 (NSW) s 63
Uniform Civil Procedure Rules 2005 (NSW) rr 7.6, 7.7

In re MF Global Australia Ltd (in liq) (No 2) [2012] NSWSC 1426

Acted for all clients of MF Global Australia Ltd (in liq), leading Trent Glover, instructed by Arnold Bloch Liebler.

INSOLVENCY - Winding up - liquidation of Australian arm of global financial services provider with funds under management of approx. $380 million - costs relating to application for directions in relation to matters arising under winding up - Whether remuneration and expenses incurred by liquidators in respect of administration and liquidation should be paid solely from company's beneficial assets or from client segregated accounts and recoveries against counterparties - Whether liquidators' costs and expenses in relation to proceedings should be paid from company's beneficial assets or from client segregated accounts and recoveries against counterparties.

Civil Procedure Act 2005 (NSW) s 98 
Corporations Act 2001 (Cth) Pt 7.8 Div 2 Subdiv A, ss 479(3)51113351335(2)
Corporations Regulations 2001 (Cth) 
Supreme Court Act 1970 (NSW) 
Trustee Act 1925 (NSW) ss 639395 
Uniform Civil Procedure Rules 2005 (NSW) rr 42, 42.25