Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
CORPORATIONS – transfer of business between companies – sale of shares – covenant by new company to pay old company's debt to vendor shareholder – whether sham – whether financial assistance in connection with acquisition of company's share Corporations Law s 205 Scott v Commissioner of Taxation (Cth) (No 2) (1966) 40 ALJR 265 applied Snook v London & West Riding Investments Ltd [1967] 2 QB 786 applied Sharrment Pty Ltd v Official Trustee in Bankruptcy (1988) 18 FCR 449 applied Charter House Investment Trust Limited v Tempest Diesels Ltd [1986] BCLC 1 applied Milburn v Pivot Ltd (1997) 149 ALR 439 applied Cashmere Pacific Ltd v New Zealand Dairy Board [1996] 1 NZLR 218 applied Independent Steels Pty Ltd v Ryan [1990] VR 247 applied Burton v Palmer [1980] 2 NSWLR 878 applied E H Dey Pty Ltd (in liquidation) v Dey [1966] VR 464 mentioned Jury v Vogt (1993) 10 ACSR 718 mentioned Trevor v Whitworth (1887) 12 App Cas 409 mentioned
STERILEAIR PTY LIMITED v GEORGE RALPH PAPALLO and CATHERINE ANNE PAPALLO
NO. NG 278 of 1998
HEEREY, TAMBERLIN and HELY JJ
16 NOVEMBER 1998
SYDNEY
IN THE FEDERAL COURT OF AUSTRALIA
NEW SOUTH WALES DISTRICT REGISTRY NG 278 of 1998
BETWEEN: STERILEAIR PTY LIMITED
AppELLANT
AND: GEORGE RALPH PAPALLO
FIRST RESPONDENT
CATHERINE ANNE PAPALLO
second Respondent
JUDGES: HEEREY, TAMBERLIN AND HELY JJ
DATE OF ORDER: 16 novemer 1998
WHERE MADE: sydney
THE COURT ORDERS THAT: 1. The appeal is dismissed. 2. The appellant pay the costs of the respondents, including reserved costs. Note: Settlement and entry of orders is dealt with in Order 36 of the Federal Court Rules.
IN THE FEDERAL COURT OF AUSTRALIA
NEW SOUTH WALES DISTRICT REGISTRY NG 278 of 1998
BETWEEN: STERILEAIR PTY LIMITED
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