J P Morgan Portfolio Services Limited v Deloitte Touche Tohmatsu [2008] FCA 433

FEDERAL COURT OF AUSTRALIA

J P Morgan Portfolio Services Limited v Deloitte Touche Tohmatsu [2008] FCA 433

CORPORATIONS LAW – reinstatement of the registration a company – whether re-registration automatically reinstates previous liquidator of the company – whether a liquidator's multiple roles in the proceeding involve him in a potential conflict Corporations Act 2001 (Cth) ss 532, 601AH Australian Competition and Consumer Commission v Australian Securities and Investments Commission (2000) 174 ALR 688 cited Brownlie v TTPM Pty Ltd (2003) 21 ACLC 1204 considered Donmastry Pty Ltd v Albarran (2004) 49 ACSR 745 considered National Australia Bank Ltd v Market Holdings Pty Ltd (in liq) (2001) (2001) 161 FLR 1cited Ramantanis v G & M Excavations (2004) 22 ACLC 22 considered A R Keay, McPherson: The Law of Company Liquidation 4th ed, 1999 J P MORGAN PORTFOLIO SERVICES LIMITED AND WESTPAC BANKING CORPORATION v DELOITTE TOUCHE TOHMATSU, MOXLABIA PTY LTD, GREENWOOD CHALLONER & CO, ALLAN MARTIN DELANEY AND A M DELANEY NOMINEES PTY LTD NSD 1790 OF 2004

STONE J

25 MARCH 2008

SYDNEY IN THE FEDERAL COURT OF AUSTRALIA

NEW SOUTH WALES DISTRICT REGISTRY NSD 1790 OF 2004

BETWEEN: J P MORGAN PORTFOLIO SERVICES LIMITED

First Applicant

WESTPAC BANKING CORPORATION

Second Applicant

AND: DELOITTE TOUCHE TOHMATSU

First Respondent

MOXLABIA PTY LTD

Second Respondent

GREENWOOD CHALLONER & CO

Third Respondent

ALLAN MARTIN DELANEY

Fourth Respondent

A M DELANEY NOMINEES PTY LTD

Fifth Respondent

JUDGE: STONE J

DATE OF ORDER: 25 MARCH 2008

WHERE MADE: SYDNEY

THE COURT ORDERS THAT:

1. The Australian Securities & Investments Commission reinstate the registration of GC & Associates Pty Ltd ACN 001 504 490 pursuant to section 601AH(2) of the Corporations Act 2001 (Cth). 2. The Court notes that upon the reinstatement of the registration of GC & Associates Pty Ltd, GC & Associates Pty Ltd continues in liquidation. 3. Subject to the Australian Securities & Investments Commission reinstating GC & Associates Pty Ltd John Frederick Taylor be appointed as liquidator of GC & Associates Pty Ltd. 4. Leave be granted to amend the Amended Cross-Claim in accordance with the draft annexed and marked "A". 5. Subject to the Australian Securities & Investments Commission reinstating GC & Associated Pty Ltd, leave be granted to join GC & Associates Pty Ltd as a Cross-Claimant to the proposed Further Amended Cross-Claim. 6. Direct the Cross Respondent to file and serve any application for GC & Associates Pty Ltd to furnish security for costs on or before 4.00 pm on Thursday 27 March 2008. 7. In the event that the Cross Respondent does not file and serve any application for security for costs in accordance with order 6 above, direct the Cross Respondent to file and serve a defence to the Further Amended Cross-Claim on or before 31 March 2008. 8. In the event that the Cross Respondent does not file and serve any application for security for costs in accordance with order 6 above, direct the Cross Claimant to file and serve any reply to the Defence to the Further Amended Cross-Claim on or before 7 April 2008. 9. Direct that these orders may be entered forthwith. Note: Settlement and entry of orders is dealt with in Order 36 of the Federal Court Rules.