CORPORATIONS – winding up – application by minority shareholders to wind up a company under s 461(1)(k) of the Corporations Act 2001 (Cth) – majority shareholder caused whole of company’s funds to be transferred to accounts controlled by him – non-compliance with subsequent order requiring company’s funds to be paid into court – no issue of principle
Jennifer Mee represented the Applicants.
Reasons for the decision can be found here.
Security interests registered by reference to grantors’ Australian Business Number rather than Australian Company Number – inadvertence – evidence of solvency of grantors – secured creditors not affected by order sought – unsecured creditors affected – whether Guardian Securities condition appropriate – principles at [16]-[20] – grantors include publicly listed company – uncertainty inherent in such a condition unhelpful and unwarranted – condition not imposed.
Tim Castle represented the Plaintiff.
Reasons for the decision can be found here.
CORPORATIONS — Dissolution — Reinstatement — Where company twice deregistered administratively for non-payment of fees — Company holds real property — Company solvent — Corporations Act 2001 (Cth) s 601AH(3)(d) — Scope of Court’s power — Orders made for re-organisation of shareholding and officeholding to reflect parties’ dealings.
K J Young represented the Plaintiff.
Reasons for the decision can be found here.
BANKRUPTCY AND INSOLVENCY - application for judicial advice as to conduct of liquidation - where liquidator seeks order pursuant to s 488(2) Corporations Act 2001 (Cth) to distribute surplus - whether to grant special leave - leave granted.
Dr Christos Mantziaris represented the Plaintiff.
Reasons for the decision can be found here.
Corporations - Receivers and managers - Retention of moneys by former receivers and managers - Potential liability under s 433 Corporations Act 2001 (Cth) - Application made by current receiver and manager against former receivers and managers for transfer of retention fund - Proper construction of s 433 - Equitable lien.
Tim Castle and Chris Pearce represented the Plaintiff.
Reasons for the decision can be found here.
COSTS – application by the defendants for an order that the plaintiff provide security for costs – application brought under s 1335 of the Corporations Act 2001 (Cth) and r 19.01 of the Federal Court Rules 2011 (Cth) – where principal order sought by the defendants is that the plaintiff provide security for costs in a fixed amount or some other amount as is determined by the Court – where defendants seek a further order that the proceeding be stayed until the amount sought is paid into Court and an order that if that is not done, the proceeding be dismissed with costs – whether power to order security for costs under s 1335(1) of the Corporations Act is engaged because there is credible evidence which establishes that there “is reason to believe that the corporation will be unable to pay the costs of the defendant if successful in his, her or its defence” – consideration of the timing of defendants’ application for security for costs – preliminary consideration of the merits of the plaintiff’s claim –whether plaintiff’s present impecuniosity is due to the defendants’ failure to pay – whether proceeding will be stifled if security is ordered.
Tim Castle represented the Plaintiff.
Reasons for the judgement can be found here.
CONTRACT – construction – whether the Court can have regard to prior negotiations which indicate parties’ subjective intention in construing contract – implied terms – whether term is necessary for business efficacy or so obvious that it goes without saying – whether term is to be implied into the contract.
CONTRACT – repudiation – whether party has indicated a refusal to perform the contract – whether acceptance of repudiation was communicated to the promisor.
CORPORATIONS – management and administration – duties and liabilities of officers of corporation – claim for breach of statutory duties under Corporations Act 2001 (Cth) ss 180, 181, 182 and 183 – duty of care and diligence – duty to act in good faith in the company's best interests – duty to not improperly use position to gain advantage or cause detriment to company – duty to avoid improper use of information – where several expenses not apportioned between group companies in inter-company loan account – whether expenses paid by company in breach of duty – whether conduct of Defendants amounted to breach of statutory duties.
EQUITY – general principles – fiduciary obligations – where business venture has been consensually terminated – whether parties to venture owe fiduciary duties to one another – where several expenses not apportioned between group companies in inter-company loan account – whether expenses paid by company in breach of duty – whether director of company breached no conflict and no profit duties – whether director of company breached best interests and proper purposes duties – whether director of company breached equitable duty of confidentiality.
TRADE PRACTICES – application of Restraints of Trade Act 1976 (NSW) s 4 – where contractual restraint of trade in broad terms – whether restraint of trade is void for breach of public policy.
TRADE PRACTICES – misleading or deceptive conduct claim under s 18 of the Australian Consumer Law – whether representations made are misleading or deceptive – whether representations among directors of a company are made in trade or commerce.
Jennifer Mee was one of the counsel representing the Defendants.
Reasons for the decision can be found here.
Liability limited pursuant to a scheme approved under Professional Standards Legislation.