Super Art Australia Pty Ltd v Foden [2014] FCA 1168

FEDERAL COURT OF AUSTRALIA

Super Art Australia Pty Ltd v Foden [2014] FCA 1168 Citation: Super Art Australia Pty Ltd v Foden [2014] FCA 1168

Parties: SUPER ART AUSTRALIA PTY LTD (IN LIQUIDATION), MORGAN LANE AS JOINT AND SEVERAL LIQUIDATORS OF SUPER ART AUSTRALIA PTY LTD (IN LIQUIDATION) ACN 099 614 294 and MICHAEL PELDAN AS JOINT AND SEVERAL LIQUIDATORS OF SUPER ART AUSTRALIA PTY LTD (IN LIQUIDATION) ACN 099 614 294 v JEFFREY HENRY FODEN

File number: VID 1024 of 2011

Judge: DAVIES J

Date of judgment: 6 November 2014

Catchwords: CORPORATIONS – application for Court to make orders about voidable transactions pursuant to s 588FF of the Corporations Act 2001 (Cth) – whether certain transactions were uncommercial transactions, insolvent transactions, unreasonable director-related transactions, unfair loans or circulating security interests for the purposes of ss 588FE and F885J of the Corporations Act 2001 (Cth) – whether defence in s 588FG of the Corporations Act 2001 (Cth) applies in relation to any of the transactions

Legislation: Corporations Act 2001 (Cth) ss 9, 266, 588FA, 588FB, 588FC, 588FD, 588FDA, 588FE, 588FF, 588FG, 588FJ, 513A, 1504

Cases cited: Tosich Construction Pty Ltd (in liq) v Tosich (1997) 78 FCR 363 Demondrille Nominees Pty Ltd v Shirlaw (1997) 25 ACSR 535; [1997] FCA 1220 Buzzle Operations Pty Ltd (in liq) v Apple Computer Australia Pty Ltd (2010) 238 FLR 384; [2010] NSWSC 233 Austin Australia Pty Ltd v De Martin & Gasparini Pty Ltd [2007] NSWSC 1238 Re Damilock Pty Ltd (in liq); Lewis and Carter as liquidators of Damilock Pty Ltd (in liq) v VISA Australia Pty Ltd (2008) ALR 533; [2008] FCA 1801 Crema (Vic) Pty Ltd v Land Mark Property Developments (Vic) Pty Ltd (2006) 58 ACSR 631; [2006] VSC 338 Australian Securities and Investments Commission v Plymin (2003) 175 FLR 124; [2003] VSC 123 Cussen v Sultan (2009) 74 ACSR 494; [2009] NSWSC 1114 Queensland Bacon Pty Ltd v Rees (1966) 115 CLR 266