Perpetual Trustees WA Limited v Elderslie Finance Corporation Limited [2008] FCA 1068

FEDERAL COURT OF AUSTRALIA

Perpetual Trustees WA Limited v Elderslie Finance Corporation Limited [2008] FCA 1068

CORPORATIONS – application by trustee for debenture holders under s 283HB of Corporations Act 2001 (Cth) for an order that security (floating charge) for the debentures be enforceable immediately – borrower corporation insolvent – some doubt or question whether trustee entitled under terms of debenture trust deed to appoint receiver or receiver and manager immediately – consideration of circumstances relevant to exercise of Court's discretion whether to make order. Held: Order made as sought. Corporations Act 2001 (Cth) ss 283HA, 283HB PERPETUAL TRUSTEES WA LIMITED (ACN 008 666 886) v ELDERSLIE FINANCE CORPORATION LIMITED (ACN 008 678 233)

NSD 830 of 2008

LINDGREN J

2 JULY 2008

SYDNEY IN THE FEDERAL COURT OF AUSTRALIA

NEW SOUTH WALES DISTRICT REGISTRY NSD 830 of 2008

BETWEEN: PERPETUAL TRUSTEES WA LIMITED (ACN 008 666 886)

Plaintiff

AND: ELDERSLIE FINANCE CORPORATION LIMITED

(ACN 008 678 233)

Defendant

JUDGE: LINDGREN J DATE OF ORDER: 2 JULY 2008

WHERE MADE: SYDNEY

THE COURT ORDERS THAT:

1. Pursuant to s 283HB(1)(c) of the Corporations Act 2001 (Cth) the security created by cl 11(b) of Debenture Trust Deed dated 7 December 1992 between the defendant and the plaintiff allotted number 462028 by the Australian Securities and Investments Commission be immediately enforceable, including, not withstanding cl 21 of the Deed, by the appointment of a receiver or receiver and manager pursuant to cl 17 of the Deed. 2. Order 1 be entered forthwith. Note: Settlement and entry of orders is dealt with in Order 36 of the Federal Court Rules. IN THE FEDERAL COURT OF AUSTRALIA

NEW SOUTH WALES DISTRICT REGISTRY NSD 830 of 2008

BETWEEN: PERPETUAL TRUSTEES WA LIMITED (ACN 008 666 886)