Equuscorp Pty Ltd (formerly Equus Financial Services Ltd) v Perpetual Trustees WA Ltd [1997] FCA 1366

FEDERAL COURT OF AUSTRALIA CORPORATIONS - notice of demand - application to set aside - genuine dispute - off-setting claim - substantial discrepancy between demand and substantiated amount - discretions to set aside or vary notice - relevant factors - costs - extension of time for compliance with notice - nature of proceedings generally. Corporations Law s 459H, s 459J, s 459C, s 459G, s 459F Clarke and Walker Pty Ltd v Thew (1967) 116 CLR 465 considered Re Willes Trading Pty Ltd [1978] 1 NSWLR 463 considered Re London and Paris Banking Corporation (1874) LR 19 Eq 444 considered Re Concrete Pipes and Cement Products Limited [1926] VLR 34 considered Cardiff preserved Coal and Coke Co v Norton (1867) 2 LR Ch App. 405 considered Re Fabo Pty Ltd [1989] VR 432 considered Re Gem Exports Pty Ltd (1984) 36 SASR 571 considered Re Pardoo Nominees [1987] Tas SR 1 considered Arafura Finance Corp Pty Ltd v Kooba Pty Ltd (1987) 88 FLR 79 considered Mine Exc Pty Ltd v Henderson Drilling Services Pty Ltd (in liq) (1989) 1 ACSR 118 considered Hassgill Investments Pty Ltd v Newman Air Charter Pty Ltd (1991) 9 ACLC 883 considered Processed Sand Pty Ltd v Thiess Contractors Pty Ltd (1983) 1 ACLC 1069 considered Wichita Pty Ltd v Elders IXL Ltd (1990) 8 ACLC 704 considered General Welding and Construction Co (Qld) Pty Ltd v International Rigging (Aust) [1983] 2 QD R 568 considered Ataxtin Pty Ltd v Gordon Pacific Developments Pty Ltd (1991) 29 FCR 564 considered Re Witan Nominees Pty Ltd (1993) 11 ACLC 56 considered Re Morris Catering (Australia) Pty Ltd (1993) 11 ACLC 919 considered Mann v Goldstein [1968] 1 WLR 1091 considered Fortuna Holdings Pty Ltd v Deputy Commission of Taxation (Cth) [1978] VR 83 considered Australian Mid-Eastern Club Ltd v Elbakht (1988) 13 NSWLR 697 considered Forsayth NL v Juno Securities Ltd (1991) 4 WAR 376 considered Forsayth NL v Silver (1990) 2 ACSR 595 considered Transport and Property Holdings Pty Ltd v Buntine (1982) 16 NTR 1 considered Felkro Nominees Pty Ltd v Austissue Pty Ltd (1993) 11 ACSR 607 considered Texel Pty Ltd v Commonwealth Bank of Australia (1993) 11 ACLC 1059 considered Re Morris Catering (Australia) Pty Ltd (1993) 11 ACSR 601 considered Chadwick Industries (South Coast) Pty Ltd v Condensing Vaporisers Pty Ltd (1994) 13 ACSR 37 considered Spencer Constructions Pty Ltd v G & M Aldridge Pty Ltd (Full Court, 29 July 1997, unreported) discussed First State Computing Pty Ltd v Kyling (1995) 13 ACLC 939 discussed Portrait Express (Sales) Pty Ltd v Kodak (Australasia) Pty Ltd (1996) 14 ACLC 1095 discussed John Shearer Ltd v Gehl Co. (1995) 60 FCR 136 discussed Mibor Investments Pty Ltd v Commonwealth Bank of Australia [1994] 2 VR 290 discussed Hannpost Pty Ltd v Mita Copiers Australia Pty Ltd (1996) 137 ALR 701 applied Vista Commercial Construction Pty Ltd v Deputy Commissioner of Taxation (Full Court, 5 November 1997, unreported) considered Graywinter Management Pty Ltd v Deputy Commissioner of Taxation (1996) ACSR 636 considered Graywinter Properties Pty Ltd v Dyer (1996) 112 ACLC 302 considered Livestock Traders International Pty Ltd v Thi Lam Bui (1996) 22 ACSR 51 considered David Grant & Co Pty Ltd v Westpac Banking Corporation Ltd (1995) 184 CLR 265 considered Equuscorp Pty Limited (formerly Equus Financial Services Limited) (ACN 006 012 344) v Perpetual Trustees WA Limited (ACN 004 431 827) VG 217 of 1997 FRENCH, KIEFEL and SUNDBERG JJ MELBOURNE 5 DECEMBER 1997