In the matter of SRD Property Pty Limited [2023] NSWSC 441

Supreme Court New South Wales

Medium Neutral Citation: In the matter of SRD Property Pty Limited [2023] NSWSC 441 Hearing dates: 11-13, 18 April 2023 Date of orders: 26 April 2023 Decision date: 26 April 2023 Jurisdiction: Equity - Corporations List Before: Black J Decision: Buy out and associated orders made Catchwords: Oppression — Members' rights and remedies — Whether conduct is oppressive to, unfairly prejudicial to, or unfairly discriminatory — both shareholders fund acquisition of properties and one shareholder substantially funds companies' ongoing activities . Oppression — Members' rights and remedies — Exercise of discretion as to remedy — Whether compulsory buyout orders as to Defendants' shares appropriate in the circumstances — Whether to order company be wound up — Where relationship between the parties has broken down. Legislation Cited: - Civil Procedure Act 2005 (NSW) s 94 - Corporations Act 2001 (Cth) ss 53, 232-233, 461, 467 Cases Cited: - Ample Source International Ltd v Bonython Metals Group Pty Ltd (No 6) (2011) 285 ALR 488 - Armagas Ltd v Mundogas SA [1985] 1 Ll R 1 - Australian Institute of Fitness Pty Ltd v Australian Institute of Fitness (Vic/Tas) Pty Ltd (No 3) [2015] NSWSC 1639 - Beaumont v Peel [2018] NSWSC 95 - Campbell v Backoffice Investments Pty Ltd (2009) 238 CLR 304; (2009) 257 ALR 610; [2009] HCA 25 - Commonwealth of Australia v Amann Aviation Pty Ltd (1991) 174 CLR 64 - ET-China.com International Holdings Ltd v Cheung (2021) 388 ALR 128; [2021] NSWCA 24 - Hoy Mobile Pty Ltd v Allphones Retail Pty Ltd (No 2) [2008] FCA 810 - John Holland Pty Ltd v Kellogg Brown & Root Pty Ltd [2015] NSWSC 451 - Kizquari Pty Ltd v Prestoo Pty Ltd (1993) 10 ACSR 606 - McCrohan v Harith [2010] NSWCA 67 - Melrob Investments v Blong Ume Nominees Pty Ltd [2022] SASCA 29 - Morgan v 45 Flers Avenue Pty Ltd (1986) 10 ACLR 692 - Munstermann v Rayward [2017] NSWSC 133 - No 1 Victoria Dragons Pty Ltd v AEN Developments Pty Ltd [2022] NSWSC 1345 - Re Atlas Advisors Australia Pty Ltd [2022] NSWSC 705 - Re Bicher & Son Pty Ltd (2020) 147 ACSR 108; [2020] NSWSC 711 - Re Colorado Products Pty Ltd (in prov liq) (2014) 101 ACSR 233; [2014] NSWSC 789 - Re Crow Inn Pty Ltd (No 2) [2020] NSWSC 1749 - Re DCA Enterprises Pty Ltd [2023] NSWSC 11 - Re ICB Medical Distributors Pty Ltd [2018] NSWSC 1315 - Re Pure Nature Sydney Pty Ltd [2018] NSWSC 914 - Re QB Foods Pty Ltd [2021] NSWSC 1227 - Re Tzavaras & Sons Pty Ltd [2022] NSWSC 359 - Snell v Glatis (No 2) [2020] NSWCA 166 - Tomanovic v Argyle HQ Pty Ltd [2010] NSWSC 152 - Tomanovic v Global Mortgage Equity Corporation Pty Ltd (2011) 288 ALR 310; (2011) 84 ACSR 121; [2011] NSWCA 104 - Troulis v Vamvoukakis [1998] NSWCA 237 - Varma v Varma (2010) 6 ASTLR 152; [2010] NSWSC 786 - Ventouris Enterprises Pty Ltd v Dib Group Pty Ltd [2010] NSWSC 963 - Vigliaroni v CPS Investments Holdings Pty Ltd [2009] VSC 428 - Watson v Foxman (1995) 49 NSWLR 315 - Wayde v New South Wales Rugby League Ltd (1985) 180 CLR 459; [1985] HCA 68 - Zong v Lin [2022] NSWCA 136 Category: Principal judgment Parties: Necati Ates (Plaintiff) Ravbun Oncu (First Defendant) Meral Oncu (Second Defendant) SRD Property Pty Ltd (Third Defendant) NRB Property Group Pty Ltd (Fourth Defendant) MED Apartments Pty LTD (Fifth Defendant) Representation: Counsel: G Sirtes/J Smith (Plaintiff) P Springthorpe (First & Second Defendant)