Sons of Gwalia Limited (Administrator Appointed) (ACN 008 994 287) v Margaretic [2005] FCA 1305

FEDERAL COURT OF AUSTRALIA

Sons of Gwalia Limited (Administrator Appointed) (ACN 008 994 287) v Margaretic [2005] FCA 1305 CORPORATIONS –company in administration –whether member's claim against company in connection with acquisition of shares in the company is a debt owed to member in capacity as a member –whether such claim would be provable under proposed deed of company arrangement –whether such claim should be postponed until all other debts not owed to members in capacity as members have been satisfied– whether for the purposes of administration member is entitled to be treated as a creditor of the company in respect of such claim Australian Securities and Investments Commission Act 2001(Cth), ss12DA, 12GF and 12GM Corporations Act 2001 (Cth), ss 435C, 436A, 436B, 436C, 437A, 437B, 437C, 439A, 439B, 439C, 478, 514, 515, 516, 553, 553A, 554, 555, 556, 558, 559, 560, 561, 562, 562A, 563, 563AA, 563A, 563AAA, 674, 1041H, 1041I Corporations Regulations 2001 (Cth), r5.6.39, 5.6.47, 5.6.48, 5.6.50, 5.6.53, 5.6.53, 5.6.58, 5.6.60, 5.6.62, 5.6.63, 5.6.71, 5.6.72 Federal Court Rule, O 6 r13 Trade Practices Act 1974 (Cth), ss52, 58 Oakes v Turquand (1867) LR 2 HL 325- discussed Webb Distributors (Aust) Pty Ltd v The State of Victoria (1993) 179 CLR 15- discussed SONS OF GWALIA LIMITED (ADMINISTRATOR APPOINTED) (ACN 008 994 287) v MARGARETIC NSD1099 of 2005 EMMETT J 15 SEPTEMBER 2005 SYDNEY

IN THE FEDERAL COURT OF AUSTRALIA

NEW SOUTH WALES DISTRICT REGISTRY NSD 1099 OF 2005

BETWEEN: SONS OF GWALIA LIMITED (ADMINISTRATOR APPOINTED) (ACN 008 994 287)

APPLICANT

AND: LUKA MARGARETIC

FIRST RESPONDENT

ING INVESTMENT MANAGEMENT LLC

SECOND RESPONDENT

LUKA MARGARETIC

CROSS-CLAIMANT

SONS OF GWALIA LTD (ADMINISTRATOR APPOINTED)