Jarido Holdings Pty Ltd v Dorcon Constructions Pty Ltd [1984] FCA 280

CATCHWORDS

Companies - Winding up - Companies Act (N.T.) s.227 - Application to validate disposition of company's property pending hearing of petition - Whether grant

of mortgage could advance interests of company's general

body of creditors.

Companies Act (N.T.), s.227

JARDIO HOLDINGS PTY. LIMITED v. DORCON CONSTRUCTION PTY. LIMITED

No. NTG6 of 1984

Woodward, Neaves and Beaumont, JJ.

24 August 1984. Darwin.

IN THE FEDERAL COURT OF AUSTRALIA

) ) NORTHERN TERRITORY DISTRICT ) ) )

REGISTRY GENERAL DIVISION No. NT G6 of 1984

ON APPEAL from the Supreme Court of the Northern Territory of Australia

BETWEEN: JARDIO HOLDINGS PTY. LIMITED Appellant AND: DORCON CONSTRUCTION PTY. LIMITED Respondent ORDER Judges making orders: Woodward, Neaves and Beaumont, Date orders made: 24 August 1984. Where made: Darwan

THE COURT ORDERS THAT:

1. The appeal be dismissed.

2. The appellant pay the respondent's costs of the

appeal.

Jd.

IN THE FEDERAL COURT OF AUSTRALIA

NORTHERN TERRITORY DISTRICT

REGISTRY GENERAL DIVISION No. NT G6 of 1984

ON APPEAL from the Supreme Court of the Northern Territory of

Australia BETWEEN: JARDIO HOLDINGS PTY. LIMITED Appellant AND: DORCON CONSTRUCTION PTY. LIMITED Respondent CORAM: Woodward, Neaves and Beaumont, JJ.

DATED: 24 August 1984.

REASONS FOR JUDGMENT

THE COURT: This 1S an appeal from a judgment of a single judge of the Supreme Court of the Northern Territory refusing to validate, pursuant to s.227(1) of the Companies Act, (N.T.), an equitable mortgage dated 9 September 1982 granted by the respondent as mortgagor to the appellant as mortgagee.

Section 227 provides:

"(1) Any disposition of the property of the company, including things in action, and any transfer of shares or alteration in the status of the members of the company made after the commencement of the winding up by the Court is, unless the Court otherwise orders, void.