Babcock and Brown Limited

Background information

Babcock & Brown Limited ("BBL") is the ultimate holding company of the Babcock & Brown Group. BBL is a shareholder of Babcock & Brown International Pty Limited ("BBIPL"), the intermediate holding company. All assets of the Group are held by BBIPL and its subsidiaries.

Deloitte Partners David Lombe and Simon Cathro were appointed Voluntary Administrators of Babcock & Brown Limited on 13 March 2009.

BBL's Second Meeting of Creditors was held on 24 August 2009 and creditors resolved for BBL to be wound up. David Lombe and Simon Cathro were appointed the Joint Liquidators pursuant to Section 446A of the Corporations Act 2001. Mr Cathro resigned as liquidator of BBL on 9 August 2011, and David Lombe is the sole Liquidator of BBL.

Current Update 

Further to the Babcock & Brown Limited (In Liquidation) Annual Report to Creditors and Noteholders dated 16 November 2017, in which the Liquidator indicated that the Court had foreshadowed delivering judgment in the Masters, Broome and Wilhelm proceedings in late November 2017, we were subsequently advised by the Court that judgement would be handed down in January 2018, then postponed to February 2018 and further postponed to the second half of May 2018. We have now been advised that the Court expects to deliver judgment in mid-August 2018.

A further update and indicative timeline of the Liquidation will be provided to creditors once the judgement has been delivered.