Meadow Springs Fairway Resort Ltd (In Liq) (ACN 084 358 592) v Balanced Securities Ltd (ACN 083 514 685) [2007] FCA 1443

FEDERAL COURT OF AUSTRALIA

Meadow Springs Fairway Resort Ltd (In Liq) (ACN 084 358 592) v Balanced Securities Ltd (ACN 083 514 685) [2007] FCA 1443

CORPORATIONS – insolvency – voluntary winding up – dispute between creditors about entitlement to proceeds of settlement of litigation - liquidator's application for questions to be determined – parties affected by questions – competing claims and priorities to funds – need for expedition in determination of application – need for resolution of disputes between parties – whether substantive relief can be claimed in liquidator's application – whether appropriate – desirability of procedural flexibility – directions for filing of cross-claims in liquidator's application naming liquidator and other relevant parties as defendants – trial to be on agreed documents and facts so far as possible and limited oral evidence Corporations Act 2001 (Cth) s 511, s 479(3), s 1337B(1) Federal Court of Australia Act 1976 (Cth) s 23 Joint Stock Companies Winding Up Act 1848 (UK) Australian Securities Commission v Melbourne Asset Management Pty Ltd (Receiver and Manager Appointed) (1994) 49 FCR 334 cited Deane-Willcocks v Soluble Solution Hydroponics Pty Ltd (1997) 42 NSWLR 209 cited Equity Funds of Australia (In Liq) (1977-78) CLC 40-303 cited Re GB Nathan & Co Pty Ltd (In liq) (1991) 24 NSWLR 674 cited Re JW Murphy and PC Allen (1996) 19 ACSR 569 cited Wallace and Young, Australian Company Law and Practice (Law Book Co, 1965)

MEADOW SPRINGS FAIRWAY RESORT LTD (IN LIQ) (ACN 084 358 592) v BALANCED SECURITIES LTD (ACN 083 514 685), WESTRALIAN CAPITAL HOLDINGS PTY LTD (IN LIQ) (ACN 083 526 630), KNIGHTSBRIDGE MANAGED FUNDS (IN LIQ) (ACN 089 532 169) AND KNIGHTSBRIDGE FINANCE PTY LTD (IN LIQ) (ACN 008 716 872), HURLY INVESTMENTS PTY LTD (ACN 082 972 067) AND TIMOTHY JOSEPH CASEY AND IMF (AUSTRALIA) LTD (ACN 067 298 088) WAD 150 OF 2007