Anstella Nominees Pty Ltd v St George Motor Finance Ltd [2003] FCA 466

FEDERAL COURT OF AUSTRALIA

Anstella Nominees Pty Ltd v St George Motor Finance Ltd [2003] FCA 466

CORPORATIONS – winding up – liquidator – agreement to fund litigation – assignment of proceeds of litigation – maintenance and champerty – whether approval to make agreement should be granted – factors to be taken into account – liquidator giving up statutory powers –whether party providing funding receiving a disproportionate benefit Corporations Act 2001 (Cth) ss 477(2B), 479(3)

Trendtex Trading Corporation v Credit Suisse [1982] AC 679 cited UTSA Pty Ltd (in liq) v Ultra Tune Australia Pty Ltd [1997] 1 VR 667 cited Glegg v Bromley [1912] 3 KB 474 applied Magic Menu Systems Pty Ltd v AFA Facilitation Pty Ltd (1996) 137 ALR 260 cited Re Tosich Construction Pty Ltd (1997) 73 FCR 219 cited Grovewood Holdings Plc v James Capel & Co Ltd [1995] Ch 80 approved Re Movitor Pty Ltd (in liq) (1996) 64 FCR 380 doubted

ANSTELLA NOMINEES PTY LTD, ANTHONY PATRICK SPALLA,

STELLA MARIE SPALLA, ANDREW DAVID BENTLEY STILL and IRLMOND PTY LTD (RECEIVERS AND MANAGERS APPOINTED) (IN LIQUIDATION) v ST GEORGE MOTOR FINANCE LTD, ST GEORGE WHOLESALE FINANCE PTY LTD, ANDREW WILLIAM BECK, ANDREW STEWART HOME, DELOITTE TOUCHE TOHMATSU, PETER JOHN CARROLL, CORRS CHAMBERS WESTGARTH and WAYNE STEPHEN PHILLIPS V 3203 of 2002 FINKELSTEIN J 14 MAY 2003 MELBOURNE

IN THE FEDERAL COURT OF AUSTRALIA

VICTORIA DISTRICT REGISTRY V 3203 of 2002

BETWEEN: ANSTELLA NOMINEES PTY LTD,

ANTHONY PATRICK SPALLA,

STELLA MARIE SPALLA,

ANDREW DAVID BENTLEY STILL and

IRLMOND PTY LTD (RECEIVERS AND MANAGERS APPOINTED) (IN LIQUIDATION)

Applicants

AND: ST GEORGE MOTOR FINANCE LTD,

ST GEORGE WHOLESALE FINANCE PTY LTD,

ANDREW WILLIAM BECK,