An exchange of emails purporting to accept a settlement offer in complex litigation involving liquidators does not necessarily give rise to a binding agreement where significant matters remain unresolved. The more numerous and significant the unresolved matters, and the more complex the underlying proceeding, the less likely a court will conclude that the parties intended to be immediately bound without execution of a formal deed of settlement. The statutory duties of liquidators and the need for creditor or court approval of certain transactions are relevant contextual factors.
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