In The Matter of York Street Mezzanine Pty Ltd (in liq) [2007] FCA 922

FEDERAL COURT OF AUSTRALIA

In The Matter of York Street Mezzanine Pty Ltd (in liq) [2007] FCA 922

BILLS OF EXCHANGE – promissory notes – payable on or before maturity date – whether uncertain or contingent – discharge of promissory note otherwise than by payment in cash – whether permissible – procedure when promissory note is lost CORPORATIONS – managed investment scheme – issue of promissory notes – whether subscription contract can be avoided pursuant to s 601MB – whether contract relates to the provision of a financial service – whether contract can be avoided under s 925A – whether exception in s 766C(4) applies – whether liquidation is a bar to rescission PRACTICE AND PROCEDURE – precedent – duty of single judge to follow decision of another single judges unless 'plainly wrong' Bills of Exchange Act 1909 (Cth) ss 16, 74, 75 Corporations Act 2001 (Cth) ss 601MB, 766C(4), 924A, 925A Actors & Announcers Equity Association of Australia v Fontana Films Pty Ltd (1982)150 CLR 169 ASIC v Emu Brewery Mezzanine Ltd (2004) 52 ACSR 168 [(2004) 187 FCR 270]; on appeal (2006) 57 ACSR 752 Australian Securities Commission Ltd v Marlborough Gold Mines Ltd (1993) 177 CLR 485 Awde v Dixon (1851) 5 Eq 512 [(1851) 155 ER 798] Callandar v Howard (1850) 19 LJ CP 312 [(1850) 138 ER 117) Carlos v Fancourt (1794)5 Term Rep 482; [(1794) 101 ER 272] Clarke v Dickson (1858) EB&E 148; [(1858) 120 ER 463] Claydon v Bradley [1987] 1 All ER 522 Crawley v Crowther (1702) 2 Freem 257 [(1702) 22 ER 1194] Creative Press Ltd v Harman [1973] IR (Irish) 313 Deputy Commissioner of Taxation (NSW) v P Iori & Sons Pty Ltd (1987) 15 FCR 363 Derry v Peek (1889) 14 App Cas 337 Equuscorp Pty Ltd v Glengallan Investments Pty Ltd (2004)218 CLR 471 Farah Constructions Pty Ltd v Say-Dee Pty Ltd [2007] HCA 22 Financial Industry Complaints Service Ltd v Deakin Financial Services Pty Ltd (2006) 60 ACSR 372 Gokal & Co (HK) Ltd v Rippleworth Ltd [1998] CLY 370 Gore v Octahim Wise Ltd [1995] 2 Qd R 242 Holliday v Atkinson (1826) 5 B & C 501 [(1826) 108 ER 187] John Burrows Ltd v Subsurface Surveys Ltd [1968] SCR 607 London Banking Corporation Ltd v Horsnail (1898) 3 Com Cas 105 Manzi v Smith (1975)132 CLR 671 Morley v Culverwell (1840) 7 M&W 174 [(1840) 151 ER 727] New Zealand Shipping Co Ltd v AM Satterthwaite & Co Ltd [1975] AC 154 Oakes vTurquand and Harding (1867) LR 2 HL 325 Pease v Hirst (1829) 10 B&C 122; [(1829) 109 ER 396] Philliskirk v Pluckwell (1814) 2 M&S 393 [(1814) 105 ER 427] Re Brashs Pty Ltd (1994) 15 ACSR 477 Redgrave v Hurd (1881) 20 Ch D 1 Roper v Bumford (1810) 3 Taunt 76; [(1810) 128 ER 31] Sargent v ASL Developments Ltd (1974) 131 CLR 634 Sentron Pty Ltd v Australian Securities and Investments Commission (2000) 158 FLR 147 Southern British National Trust Ltd (in liq) v Pither (1937) 57 CLR 89 Tennent v City of Glasgow Bank (1879) 4 App Cas 615 Walker v Midlink Nominees Pty Ltd (2000) 34 ACSR 210 [(2000) 22 WAR 318] Williamson v Rider [1963] 1 QB 89 Blackstone's Commentaries, (1st ed. 1766) vol 2 Byles on Bills of Exchange and Cheques (27th ed, 2002) Chalmers and Guest on Bills of Exchange and Cheques (16th ed, 2005) Chitty on Bills of Exchange (8th ed 1833) Chitty on Contracts (29th ed, 2004) vol 1 Morrison, The Principles of Rescission of Contracts (1st ed, 1916) Story's Commentaries on the Law of Promissory Notes (4th ed 1856) A.H. Hudson, Time and Promissory Notes (1962) 25 MLR 593