The court confirmed that approval under s 477(2A) and s 477(2B) may be granted nunc pro tunc where the settlement deed is conditional on court approval. Directions under s 479(3) are essentially prospective in nature and should not purport to validate past conduct. Where a liquidator holds settlement funds on trust rather than in the capacity of liquidator, the court may direct the manner of investment as part of its supervisory jurisdiction.
The full text is available to signed-in members, including the 28 later cases that cite this judgment.
2 of the 28 citing cases carry a classified treatment. How each court treated it is available to signed-in members.