Gusdote Pty Limited v North Queensland Land Development Pty Limited (No 2) [2011] FCA 608

FEDERAL COURT OF AUSTRALIA

Gusdote Pty Limited v North Queensland Land Development Pty Limited (No 2) [2011] FCA 608 Citation: Gusdote Pty Limited v North Queensland Land Development Pty Limited (No 2) [2011] FCA 608

Parties: GUSDOTE PTY LIMITED (ADMINISTRATOR APPOINTED) ACN 089 937 253 v NORTH QUEENSLAND LAND DEVELOPMENT PTY LIMITED (IN LIQUIDATION) ACN 125 265 358

File number: NSD 1496 of 2010

Judge: EMMETT J

Date of judgment: 30 May 2011

Date of hearing: 30 May 2011

Place: Sydney

Division: GENERAL DIVISION

Category: No catchwords

Number of paragraphs: 5

Counsel for the plaintiff: V. R. Gray

Solicitor for the plaintiff: Corporate and Civil Legal

Counsel for the defendant: M. A. Jonsson

Solicitor for the defendant: Preston Law

IN THE FEDERAL COURT OF AUSTRALIA NEW SOUTH WALES DISTRICT REGISTRY GENERAL DIVISION NSD 1496 of 2010

BETWEEN: GUSDOTE PTY LIMITED

Plaintiff

AND: NORTH QUEENSLAND LAND DEVELOPMENT PTY LIMITED

Defendant

JUDGE: EMMETT J DATE OF ORDER: 30 MAY 2011 WHERE MADE: SYDNEY

THE COURT ORDERS THAT:

1. As soon as practicable and in any event within 90 days from today, an account be taken under the supervision of a registrar of the Queensland District Registry of the Court of all benefits received by the defendant and all outgoings and expenses, including purchase price, incurred or paid by the defendant since 17 May 2007 in connection with the acquisition and holding of lot 400 on SP223926, title reference 50771526 (the Land). 2. If on the taking of such account it be found: 2.1 that the benefits received by the defendant exceed the outgoings and expenses incurred or paid by the defendant, the defendant transfer legal title to the Land to the plaintiff and pay the amount of such excess to the plaintiff within 14 days of the registrar certifying the amount of such excess; 2.2 that the outgoings and expenses incurred or paid by the defendant exceed the benefits received by the defendant, the defendant transfer legal title to the Land to the plaintiff within 14 days after the plaintiff pays to the defendant the amount certified by the registrar to be the amount of such excess; or 2.3 that the benefits received by the defendant are equal to the outgoings and expenses incurred or paid by the defendant, the defendant transfer legal title to the Land to the plaintiff within 14 days of the registrar certifying to that effect. 3. Liberty be reserved to either party to apply in relation to any matter arising in the taking of the account, or to request the registrar to refer to a judge of the Court any such matter, or to apply in relation to the implementation of these orders. 4. The question of the costs of the proceeding be reserved pending the taking of the said account. 5. The proceeding be listed for directions at 9.30am on Friday, 30 September 2011. Note: Settlement and entry of orders is dealt with in Order 36 of the Federal Court Rules. The text of entered orders can be located using Federal Law Search on the Court's website.