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 (May 2019) 

At the time of preparing our Annual Report to Creditors dated 27 September 2018, the Court had advised that judgment in the Masters, Broome and Wilhelm proceedings would be delayed with Justice Foster unable to finalise his judgment due to serious illness.

We have now been informed that we can expect to receive judgement for the Masters, Broome and Wilhelm proceedings in early August 2019.

Subsequent to this report, BBL has been joined in a new set of legal proceedings (Pain proceedings) following the Liquidator's decision to reject a new tranche of shareholder proofs of debt regarding further shareholder claims. A case management hearing was held on 7 March 2019 where the Pain proceedings were adjourned to 11 July 2019 awaiting the judgement in the Masters, Broome and Wilhelm proceeding. We will provide a further update to these proceedings as it will be necessary to appear before the Court on 11 July 2019 to seek a further adjournment to the time when the court hands down its judgement in the Masters, Broome and Wilhelm proceedings.