Macintosh v Turner Corporation Ltd (In liq) [1995] FCA 602

CATCHWORDS CORPORATIONS - liquidation - charges - assignment of contractual rights prohibited by agreement - distinction between prohibition of assignment of accrued benefits to third parties and charge over moneys actually received pursuant to contract - whether floating charge covers assets acquired after charge converted into fixed charge. CORPORATIONS - liquidation - Corporations Law does not affect secured creditor's proprietary interest. Corporations Law, ss 479(3) Linden Gardens Trust Ltd v Lenesta Sludge Disposals Ltd [1994] 1 AC 85. Ferrier v Bottomer (1972) 126 CLR 597. Mineral & Chemical Traders Pty Ltd v T. Tymczyszyn Pty Ltd (in liq.) (1994) 15 ACSR 398. Re Rex Developments Pty Ltd (in liq.) (1994) 13 ACSR 485. Ayerst v C. & K. (Construction) Ltd [1976] AC 167. IN THE MATTER OF TURNER CORPORATION LIMITED (IN LIQ.): MACINTOSH v TURNER CORPORATION LIMITED (IN LIQ.) NG 3090 of 1994 Sackville J. Sydney 11 August, 1995

IN THE FEDERAL COURT OF AUSTRALIA) NEW SOUTH WALES DISTRICT REGISTRY) No. NG 3090 of 1994 GENERAL DIVISION ) IN THE MATTER OF TURNER CORPORATION LIMITED (IN LIQUIDATION) (A.C.N. 001 120 278) ALEXANDER ROBERT MACKAY MACINTOSH Applicant TURNER CORPORATION LIMITED (IN LIQUIDATION) First Respondent STATE BANK OF NEW SOUTH WALES LIMITED (A.C.N. 003 963 228) Second Respondent PROGARD FIRE PROTECTION CO PTY LIMITED (A.C.N. 001 367 148) Third Respondent CORAM: SACKVILLE J. PLACE: SYDNEY DATE: 11 AUGUST, 1995 MINUTES OF ORDER THE COURT DIRECTS THAT: 1. The applicant is justified in paying to the State Bank of New South Wales the balance of the sum of $1,525,000 together with interest thereon, now standing to the credit of an account in the name of the first respondent in account No. 000 156 629 60 with the said Bank, after payment of his proper costs and fees and the expenses of this Application. NOTE: Settlement and entry of orders is dealt with in Order 36 of the Federal Court Rules.