50 The position of Youma is more difficult. Youma is not a party and I have not received any submissions by it on discretionary issues. I have therefore given consideration to the question whether steps should be taken to give it the opportunity to be heard, so as to ensure procedural fairness, having regard to the principles enunciated in such cases as BP Australia Ltd v Brown (2003) 58 NSWLR 322. In this case Youma has the contractual arrangement with Mr Bungey that I have described, under which he is obliged to prosecute the winding up proceeding. Further, according to the evidence before me, a barrister representing Youma was in court for at least part of the hearing (Transcript, page 13). I infer that Youma, by its agent, was aware of the fact and nature of the hearing when it was taking place. It was aware, therefore, that the hearing was partly the hearing of an application for the winding up of a company in insolvency, at which the exercise of the court's discretion under s 467 would arise. Youma has made no application to be joined as a party, or to intervene in any other way. In my opinion, in the particular circumstances of this case it was permissible and appropriate for me to proceed to exercise my discretion without any formal notification of Youma or other procedural step.