In the matter of Ter Wisscha Holdings Pty Ltd [2021] NSWSC 1447

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Ter Wisscha Holdings Pty Ltd [2021] NSWSC 1447 Hearing dates: 21 September 2021 Date of orders: 21 September 2021 Decision date: 21 September 2021 Jurisdiction: Equity - Corporations List Before: Rees J Decision: Refuse leave to bring derivative suit. Costs payable forthwith. Catchwords: CORPORATIONS – leave to bring derivative action – company's only asset is shares in trading company – derivative suit seeks to appoint liquidator to trading company – trading company profitable – family dispute – not satisfied as to good faith – not satisfied in best interests of company – value destructive of sole asset – oppression suit on foot – issues may be ventilated in existing proceedings. Legislation Cited: Corporations Act 2001 (Cth), ss 233, 236, 237, 461, 558 Cases Cited: Blakeney v Blakeney [2016] WASCA 76; (2016) 113 ACSR 398 Central Coast Council v Norcross Pictorial Calendars Pty Ltd [2021] NSWCA 75 Chahwan v Euphoric Pty Ltd [2008] NSWCA 52; (2008) 65 ACSR 661 Chahwan v Euphoric Pty Ltd t/as Clay & Michel [2008] NSWCA 52; (2008) 245 ALR 780 ES Gordon Pty Ltd v Idameneo (No 123) Pty Ltd (1994) 15 ACSR 536 Goozee v Graphic World Group Holdings Pty Ltd [2002] NSWSC 640; (2002) 42 ACSR 534 In re General Rolling Stock Company (1866) LR 1 Eq 346 In re Oriental Bank Corporation (1886) 32 Ch D 366 In the matter of Boutique Ettalong Beach Pty Ltd [2020] NSWSC 244 In the matter of Gladstone Pacific Nickel Ltd [2011] NSWSC 1235; (2011) 86 ACSR 432 Johnson v Gore Wood & Co (a firm) [2002] 1 AC 1 Maher v Honeysett & Maher Electrical Contractors Pty Ltd [2005] NSWSC 859 Mount Gilead Pty Ltd & Hobhouse v L Macarthur-Onslow [2021] NSWSC 948 Oates v Consolidated Capital Services Ltd (2009) 76 NSWLR 69; [2009] NSWCA 183 Power v Ekstein [2010] NSWSC 137; (2010) 77 ACSR 302 Prudential Assurance Co Ltd v Newman Industries Ltd (No 2) [1982] Ch 204 Scottish Co-operative Wholesale Society Ltd v Meyer [1959] AC 324 South Johnstone Mill Ltd v Dennis (2007) 163 FCR 343; [2007] FCA 1448 Swansson v R A Pratt Properties Pty Ltd [2002] NSWSC 583; (2002) 42 ACSR 313 Taxa Australia Pty Ltd v Wang [2016] NSWSC 1913 Category: Procedural rulings Parties: David Ter Wisscha (Applicant) Ter Wisscha Holdings Pty Ltd (First Respondent) Flemington Unloading Services Pty Ltd (Second Respondent) D & RTW Pty Ltd (Third Respondent) Daniel Ter Wisscha (Fourth Respondent) Representation: Counsel: Mr DK Ratnam (Applicant) Mr T Maltz (Second Respondent) Mr D Krochmalik (Third and Fourth Respondents)