FEDERAL COURT OF AUSTRALIA Osric Investments Pty Limited v Clout (Liquidator) [2001] FCA 1545 OSRIC INVESTMENTS PTY LIMITED (ACN 010 175 050) v DAVID LEWIS CLOUT AS LIQUIDATOR OF WOBURN DOWNS PASTORAL PTY LTD (ACN 060 597 015), DAVID LEWIS CLOUT AS LIQUIDATOR OF WOBURN DOWNS MANAGEMENT PTY LTD (ACN 010 997 298), DAVID LEWIS CLOUT AS LIQUIDATOR OF HEATH CREDITS PTY LTD (ACN 010 997 289), ERNEST LESLIE SUARES, HEATHER RUSSELL SUARES, BENTONY PTY LTD (ACN 009 913 517) AND BRYAN WALTER LOUKS QG 75 OF 1996 DRUMMOND J 10 OCTOBER 2001 BRISBANE IN THE FEDERAL COURT OF AUSTRALIA QUEENSLAND DISTRICT REGISTRY QG 75 OF 1996 BETWEEN: OSRIC INVESTMENTS PTY LIMITED (ACN 010 175 050) APPLICANT AND: DAVID LEWIS CLOUT AS LIQUIDATOR OFWOBURN DOWNS PASTORAL PTY LTD (ACN 060 597 015) FIRST RESPONDENT DAVID LEWIS CLOUT AS LIQUIDATOR OF WOBURN DOWNS MANAGEMENT PTY LTD (ACN 010 997 298) SECOND RESPONDENT DAVID LEWIS CLOUT AS LIQUIDATOR OF HEATH CREDITS PTY LTD (ACN 010 997 289) THIRD RESPONDENT ERNEST LESLIE SUARES FOURTH RESPONDENT HEATHER RUSSELL SUARES FIFTH RESPONDENT BENTONY PTY LTD (ACN 009 913 517) SIXTH RESPONDENT BRYAN WALTER LOUKS SEVENTH RESPONDENT BENTONY PTY LTD (ACN 009 913 517) CROSS-CLAIMANT DAVID LEWIS CLOUT AS LIQUIDATOR OFWOBURN DOWNS PASTORAL PTY LTD (ACN 060 597 015) FIRST CROSS-CLAIMANT DAVID LEWIS CLOUT AS LIQUIDATOR OFWOBURN DOWNS MANAGEMENT PTY LTD (ACN 010 997 298) SECOND CROSS-CLAIMANT DAVID LEWIS CLOUT AS LIQUIDATOR OFHEATH CREDITS PTY LTD (ACN 010 997 289) THIRD CROSS-CLAIMANT ERNEST LESLIE SUARES FOURTH CROSS-CLAIMANT HEATHER RUSSELL SUARES FIFTH CROSS-CLAIMANT JUDGE: DRUMMOND J DATE OF ORDER: 10 OCTOBER 2001 WHERE MADE: BRISBANE THE COURT DECLARES THAT: 1. The Third Respondent has never advanced any money on behalf of the Applicant. 2. The Applicant is not indebted to the Third Respondent in any amount. THE COURT ORDERS THAT: 3. The Applicant have judgment against each of the First, Second, Third, Fourth, Fifth, Sixth and Seventh Respondents in the sum of $131,847.00 together with interest thereon at the rate of 10% per annum (such interest calculated in the sum of $94,580.40). 4. The Third Respondent's Cross-Claim against the Applicant is dismissed with costs. 5. Each of the First, Second, Third, Fourth, Fifth, Sixth and Seventh Respondents pay the Applicant's costs of and incidental to the proceedings to be taxed or agreed. 6. The First, Second, Third, Fourth and Fifth Respondents' Cross-Claim against the Sixth and Seventh Respondents is dismissed with costs. 7. The Sixth and Seventh Respondents' Cross-Claim against the First, Second, Third, Fourth and Fifth Respondents is dismissed with costs. 8. Leave is granted to the Applicant to apply on two days notice for an order for costs against the Liquidator of the First, Second, and Third Respondents (DAVID LEWIS CLOUT) in the event of the failure by the First, Second and Third Respondents to pay those costs within one month of demand. Note: Settlement and entry of orders is dealt with in Order 36 of the Federal Court Rules. IN THE FEDERAL COURT OF AUSTRALIA QUEENSLAND DISTRICT REGISTRY QG 75 OF 1996 BETWEEN: OSRIC INVESTMENTS PTY LIMITED (ACN 010 175 050) APPLICANT AND: DAVID LEWIS CLOUT AS LIQUIDATOR OFWOBURN DOWNS PASTORAL PTY LTD (ACN 060 597 015) FIRST RESPONDENT DAVID LEWIS CLOUT AS LIQUIDATOR OF WOBURN DOWNS MANAGEMENT PTY LTD (ACN 010 997 298) SECOND RESPONDENT DAVID LEWIS CLOUT AS LIQUIDATOR OF HEATH CREDITS PTY LTD (ACN 010 997 289) THIRD RESPONDENT ERNEST LESLIE SUARES FOURTH RESPONDENT HEATHER RUSSELL SUARES FIFTH RESPONDENT BENTONY PTY LTD (ACN 009 913 517) SIXTH RESPONDENT BRYAN WALTER LOUKS SEVENTH RESPONDENT BENTONY PTY LTD (ACN 009 913 517) CROSS-CLAIMANT DAVID LEWIS CLOUT AS LIQUIDATOR OF WOBURN DOWNS PASTORAL PTY LTD (ACN 060 597 015) FIRST CROSS-CLAIMANT DAVID LEWIS CLOUT AS LIQUIDATOR OF WOBURN DOWNS MANAGEMENT PTY LTD (ACN 010 997 298) SECOND CROSS-CLAIMANT DAVID LEWIS CLOUT AS LIQUIDATOR OF HEATH CREDITS PTY LTD (ACN 010 997 289) THIRD CROSS-CLAIMANT ERNEST LESLIE SUARES FOURTH CROSS-CLAIMANT HEATHER RUSSELL SUARES FIFTH CROSS-CLAIMANT JUDGE: DRUMMOND J DATE: 10 OCTOBER 2001 PLACE: BRISBANE REASONS FOR JUDGMENT 1 After publication of the Reasons, the Court was informed that the first, second and third respondents were in voluntary liquidation. Accordingly, final orders in the terms set out above were made. I certify that the preceding one (1) numbered paragraph is a true copy of the Reasons for Judgment herein of the Honourable Justice Drummond. Associate: Dated: 10 October 2001 Counsel for the applicant: Mr DR Cooper SC Solicitor for the applicant: Lees Marshall Warnick Counsel for the first, second, third, fourth and fifth respondents: Mr D Atkinson Solicitor for the first, second, third, fourth and fifth respondents: Johnsons, Solicitors & Attorneys Counsel for the sixth and seventh respondents: Mr MT Brady Solicitor for the sixth and seventh respondents: Minter Ellison, Lawyers Date of Hearing: 3 October 2001 Date of Judgment: 10 October 2001