In the matter of Winifred Avenue Pty Ltd [2023] NSWSC 1226

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Winifred Avenue Pty Ltd [2023] NSWSC 1226 Hearing dates: 10 October 2023 Date of orders: 10 October 2023 Decision date: 10 October 2023 Jurisdiction: Equity - Corporations List Before: Black J Decision: Derivative leave granted and a copy of the judgment to be provided to the Australian Securities and Investments Commission and the Australian Taxation Office. Catchwords: CORPORATIONS – Statutory derivative action – Application to bring proceedings on behalf of company – Where a cross-claim may be available against the plaintiff on a similar basis to the proposed derivative action – Whether leave to bring derivative action should be granted. Legislation Cited: Corporations Act 2001 (Cth), ss 236-237 Supreme Court Act 1970 (NSW), s 67 Cases Cited: - Australian Securities and Investment Commission v Adler (2002) 41 ACSR 72; [2002] NSWSC 171 - Huang v Wang [2016] 114 ACSR 586; [2016] NSWCA 164 - Mount Gilead Pty Ltd Hobhouse v Macarthur-Onslow [2021] 398 ALR 629; [2021] NSWSC 948 - OLI 1 Pty Ltd (in liq) v OLG 1 Pty Ltd (No 2) [2022] NSWSC 1199 - Re Carbon Copies Composites Pty Ltd [2022] NSWSC 1638 - Re FAL Healthy Beverages Pty Ltd [2017] NSWSC 476 - Re Gladstone Pacific Nickel Ltd (2011) 86 ACSR 432; [2011] NSWSC 1235 - Re Sirrah Pty Ltd (in prov liq) [2021] NSWSC 413 - Re Wonga Pastoral Development Co Pty Ltd [2023] NSWSC 133 - Swansson v R Pratt Properties Pty Ltd [2002] 42 ACSR 313; [2002] NSWSC 583 Category: Principal judgment Parties: Mark Karem (Plaintiff) Winfred Avenue Pty Ltd (First Defendant) Patrick Fox (Second Defendant) Representation: Counsel: A Rizk (Plaintiff) M Fernandes (Defendant)