In the matter of Painted Steel Technologies Pty Ltd [2021] NSWSC 1562

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Painted Steel Technologies Pty Ltd [2021] NSWSC 1562 Hearing dates: 18 November 2021 Date of orders: 18 November 2021 Decision date: 18 November 2021 Jurisdiction: Equity - Corporations List Before: Black J Decision: Creditor's statutory demand issued by the Defendant to the Plaintiff set aside with costs awarded on the ordinary basis. Catchwords: CORPORATIONS — Winding up — Statutory demand — Application to set aside — Claim for offsetting — Whether offsetting claim was genuine — Where Plaintiff was assigned claims by third party against the Defendant company — Question as to assignability of bare right to litigate — Where the genuine commercial interest exception would otherwise have applied. Legislation Cited: - Corporations Act 2001 (Cth), s 459H Cases Cited: - Bakewell v Anchorage Capital Master Offshore Ltd (2019) 372 ALR 349; [2019] NSWCA 199 - Britten-Norman Pty Ltd v Analysis & Technology Australia Pty Ltd (2013) 85 NSWLR 601; [2013] NSWCA 344 - David Securities Pty Ltd v Commonwealth Bank of Australia (1992) 175 CLR 353; (1992) 109 ALR 57; [1992] HCA 353 - Equuscorp Pty Ltd v Haxton (2012) 246 CLR 498; (2012) 286 ALR 12; [2012] HCA 7 - Grandview Ausbuilder Pty Ltd v Budget Demolitions Pty Ltd (2019) 99 NSWLR 397; (2019) 136 ACSR 563; [2019] NSWCA 60 - Norman v Federal Commissioner of Taxation (1963) 109 CLR 9 - Re AMP Life Ltd [2018] NSWSC 855 Re Wollongong Coal Ltd (2015) 110 ACSR 134; [2015] NSWSC 1680 - Simonson Properties Pty Ltd v Hardy [2014] NSWSC 229 - TR Administration Pty Ltd v Frank Marchetti & Sons Pty Ltd (2008) 66 ACSR 67; [2008] VSCA 70 - Trendtex Trading Corp v Credit Suisse [1982] AC 679; [1981] 3 All ER 520; [1981] 3 WLR 766 Category: Principal judgment Parties: Painted Steel Technologies Pty Ltd (Plaintiff) Fortis Products Pty Ltd (Defendant) Representation: Counsel: D Edney (Plaintiff) B DeBuse (Defendant)