Where a court has refused approval of a liquidator's funding agreement under s 477(2B) on the basis that the agreement compromises the liquidator's independence (rather than on abuse of process grounds), creditor approval of a subsequent agreement addresses those concerns and renders further court approval unnecessary. A funder's right to consent to proceedings and to terminate a funding agreement does not, without more, improperly compromise a liquidator's independence or constitute an abuse of process. The degree of control such provisions confer is unexceptional and consistent with the protections any litigation funder would be entitled to expect.
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