In the matter of Ulan Stone Pty Limited [2020] NSWSC 937

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Ulan Stone Pty Limited [2020] NSWSC 937 Hearing dates: 29 May 2020 Date of orders: 29 May 2020 Decision date: 29 May 2020 Jurisdiction: Equity - Corporations List Before: Black J Decision: Applicant granted leave under s 237 to bring proceedings on behalf of the Plaintiff. Creditor's statutory demand dated 11 June 2019 set aside. First and Second Defendants to pay costs of Interlocutory Process and Originating Process as agreed or as assessed. Third Defendant to pay costs of Interlocutory Process from date joined as party. Catchwords: CORPORATIONS — Statutory derivative action — Application to bring proceedings on behalf of company — Where leave was not obtained within the 21 day period for setting aside demand specified in s 459G of the Corporations Act 2001 (Cth) — Whether requirements for granting leave under s 237 of the Corporations Act 2001 (Cth) are met. CORPORATIONS — Winding up — Application to set aside creditor's statutory demand under ss 459H and 459J of the Corporations Act 2001 (Cth) – Where there is genuine dispute as to construction of loan documentation. Legislation Cited: - Corporations Act 2001 (Cth), ss 236, 237, 459G, 459H, 459J Supreme Court (Corporations) Rules 1999 (NSW), r 2.13 Cases Cited: - Gladstone Pacific Nickel Ltd (2011) 86 ACSR 432 - Grandview Australia Pty Ltd v Budget Demolitions Pty Ltd [2019] NSWCA 60 - Maylord Equity Management Pty Limited as Trustee of the Batterham Retirement Fund v Nauer [2017], NSWSC 634 - Nece Pty Limited v Ritek Incorporation (1997) 24 ACSR 38 - Re Linton Developments (Qld) Pty Ltd [2017] NSWSC 336 - Re Universal Property Group Pty Ltd [2019] NSWSC 796 - Rinfort Pty Limited v Arianna Holdings Pty Limited [2016] NSWSC 251; (2016) 306 FLR 413 - Spencer Constructions Pty Ltd v G & M Aldridge Pty Ltd (1997) 76 FCR 452 - Swansson v RA Pratt Properties Pty Ltd (2002) 42 ACSR 313 Category: Principal judgment Parties: Ulan Stone Pty Ltd (Plaintiff) Christopher John Thomas Rose and Heather June Rose as Trustees for the Heaven Sent Superannuation Fund (First and Second Defendants) Danny John Hardy (Third Defendant) Representation: Counsel: E Ball (Plaintiff) M R Cairns/A Reid (First and Second Defendants) L E Hulmes (Third Defendant)