Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Huntley Management Limited v Timbercorp Securities Limited [2010] FCA 576 Citation: Huntley Management Limited v Timbercorp Securities Limited [2010] FCA 576
Parties: HUNTLEY MANAGEMENT LIMITED ACN 089 240 513 and FOOD AND BEVERAGE AUSTRALIA LIMITED ACN 007 996 081 v TIMBERCORP SECURITIES LIMITED ACN 092 311 469 (IN LIQUIDATION) and MARK ANTONY KORDA AND LEANNE KYLIE CHESSER AS LIQUIDATORS OF TIMBERCORP SECURITIES LIMITED ACN 092 311 469 (IN LIQUIDATION)
File number: NSD 198 of 2010
Judge: RARES J
Date of judgment: 8 June 2010
Catchwords: CORPORATIONS – STATUTORY INTERPRETATION – CONTRACTS - managed investment scheme – change of responsible entity – construction of agreements in relation to managed investment scheme – whether rights, obligations and liabilities in agreements with investors and third parties expressed to be held by former responsible entity "in its personal capacity" are "rights, obligations and liabilities of the former responsible entity in relation to the scheme" within the meaning of s 601FS(1) of the Corporations Act 2001 (Cth) that become rights of new responsible entity – parties' characterisation of relationship in agreement not determinative – agreements integral to the scheme – commercially inconvenient result if words "in its personal capacity" construed to allow former responsible entity to retain status as beneficial owner of leaseholds and other ongoing rights in relation to scheme CORPORATIONS – STATUTORY INTERPRETATION – whether ss 601FS and 601FT of the Corporations Act 2001 (Cth) enable new responsible entity to step into shoes of former – purpose to facilitate change of responsible entity without scheme being disrupted – construction of "rights, obligations and liabilities" under Div 3 Pt 5C.2 of the Act – construction of "in relation to the scheme" in ss 601FS(1) and 601FT(1) of the Act – broad construction favoured to give effect to legislative purpose – language of section is that of novation not merely assignment
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