Federal Court of Australia
Federal Court of Australia
Kidd v Kwek [2022] FCA 1298 File number(s): VID 321 of 2021
Judgment of: MCEVOY J
Date of judgment: 19 October 2022
Date of publication of reasons: 31 October 2022
Catchwords: CORPORATIONS – application for derivative leave made under s 237(2) of the Corporations Act 2001 (Cth) – where first to third respondents initially opposed the application on grounds that the application was not made in good faith, was not in the best interests of the company, there was no serious question to be tried and notice requirement was not properly met – opposition to the application was subsequently withdrawn – determined that it is probable that the company will not bring proceedings itself, application made in good faith, in the best interests of the company, a serious question to be tried and notice requirement met – criteria in s 237(2) satisfied – leave to bring a derivative claim on behalf of the fourth respondent company granted – leave to file proposed amended originating application and concise statement granted – applicant to have the costs of the application
Legislation: Corporations Act 2001 (Cth) ss 232, 233, 234 and 237(2) Federal Court of Australia Act 1976 (Cth) s 37M and s 37N Federal Court Rules 2011 (Cth) r 8.21 and r 8.23(2)
Cases cited: Swansson v RA Pratt Properties Pty Ltd (2002) 42 ACSR 313; [2020] NSWSC 583
Division: General Division
Registry: Victoria
National Practice Area: Commercial and Corporations
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