Milburn v Pivot Ltd [1997] FCA 1039

FEDERAL COURT OF AUSTRALIA CORPORATIONS LAW - Prohibition against the giving of financial assistance by a corporation for or in connection with acquisition of its own shares - whether terms of dividend reinvestment plan amounted to the giving of financial assistance to the underwriter of the plan - whether the relevant test requires there to be a diminution of the assets of the corporation - whether disclosure of relevant particulars of and reasons for financial assistance - whether Court should approve of the giving of financial assistance - whether any material prejudice to the interests of the members or creditors of the corporation. Corporations Law: s 205(1), s 205(10), s 205(12)(f), s 205(13) Burton v Palmer [1980] 2 NSWLR 878 Charter House Investment Trust Ltd v Tempest Diesels Ltd [1986] BCLC 1 Dempster v National Companies and Securities Commission (1993) 10 ACSR 297 EH Dey Pty Ltd (In Liquidation) v Dey [1966] VR 464 Wallersteiner v Moir [1974] 1 WLR 991 Darvall v North Sydney Brick & Tile Co Ltd (1989) 16 NSWLR 260 Re National Mutual Royal Bank Ltd (1990) 3 ACSR 94 Independent Steels Pty Ltd v Ryan [1990] VR 247 Rossfield Group Operations Pty Ltd v Austral Group Limited (1981) Qd R 279 Belmont Finance Corporation v William Furniture Ltd (No 2) [1980] 1 All ER 393 Jury v Vogt (1993) 10 ACSR 718 Saltergate Insurance Co Ltd v Knight (1982) 1 NSWLR 369 Cashmere Pacific Ltd (In Receivership and Liquidation) v NZ Dairy Board (1996) 1 NZLR 218 Catley v Herbert [1988] 1 NZLR 606 Alexander v Simpson [1889] 43 Ch D 139 Devereaux Holdings Pty Ltd v Pelsart Resources NL (No 2) (1985) 9 ACLR 956 DAVID GEORGE MILBURN & ORS v PIVOT LIMITED No VG 3592 of 1996 GOLDBERG J MELBOURNE 8 OCTOBER 1997

IN THE FEDERAL COURT OF AUSTRALIA ) ) VICTORIA DISTRICT REGISTRY ) No VG 3592 of 1996 ) GENERAL DIVISION )