In this case, Vero attacked a deed of company arrangement executed by a developer, Ungul Properties Pty Limited (Ungul). Vero had sued Ungul under its rights of subrogation to recover, amongst other things, amounts paid by Vero under seven certificates of insurance issued in relation to
the construction of seven strata units at 120-122 Ocean Parade, Blue Bay by Lusted Pty Limited on behalf of Ungul.