Naxatu Pty Limited v Perpetual Trustee Company Limited; In the Matter of Sterling Estates Development Corporation Pty Ltd (Receivers and Managers Appointed) (Subject to a Deed of Company Arrangement) [2009] FCA 867

FEDERAL COURT OF AUSTRALIA

Naxatu Pty Limited v Perpetual Trustee Company Limited; In the Matter of Sterling Estates Development Corporation Pty Ltd (Receivers and Managers Appointed) (Subject to a Deed of Company Arrangement) [2009] FCA 867

Corporations Act 2001 (Cth), s 423 IN THE MATTER OF STERLING ESTATES DEVELOPMENT CORPORATION PTY LTD (ACN 083 002 171) (RECEIVERS AND MANAGERS APPOINTED) (SUBJECT TO A DEED OF COMPANY ARRANGEMENT) NAXATU PTY LTD (ACN 002 197 131) v PERPETUAL TRUSTEE COMPANY LIMITED (ACN 000 001 007)

NSD 493 of 2009

FOSTER J

11 AUGUST 2009

SYDNEY IN THE FEDERAL COURT OF AUSTRALIA

NEW SOUTH WALES DISTRICT REGISTRY

general division NSD 493 of 2009

IN THE MATTER OF STERLING ESTATES DEVELOPMENT CORPORATION PTY LTD (ACN 083 002 171) (RECEIVERS AND MANAGERS APPOINTED) (SUBJECT TO A DEED OF COMPANY ARRANGEMENT) BETWEEN: NAXATU PTY LTD (ACN 002 197 131)

Plaintiff

AND: PERPETUAL TRUSTEE COMPANY LIMITED (ACN 000 001 007)

Defendant

JUDGE: FOSTER J

DATE OF ORDER: 11 AUGUST 2009

WHERE MADE: SYDNEY

THE COURT:

1. DIRECTS the plaintiff to file and serve by no later than 21 August 2009 a document in which the plaintiff: (a) sets out the duties which it alleges were breached by the defendant; (b) specifies the source of or basis upon which such duties are said to be owed by the defendant to the plaintiff; (c) specifies the breach or breaches of such duties upon which it intends to rely at the hearing with sufficient particularity to enable the defendant and the Court to understand precisely what conduct, either by act or omission, is said to constitute each alleged breach of duty; and (d) as clearly and precisely as is presently possible, specifies the financial consequence of each such breach as far as the plaintiff is concerned. 2. DIRECTS that the proceeding stand over for directions to 27 August 2009 at 9.30 am before Foster J. 3. ORDERS that the Notice of Motion filed by the defendant on 31 July 2009 be dismissed. 4. ORDERS that the defendant pay the plaintiff's costs of and incidental to that Notice of Motion.