In the matter of A S P Aluminium Holdings Pty Ltd [2024] NSWSC 183

Supreme Court New South Wales

Medium Neutral Citation: In the matter of A S P Aluminium Holdings Pty Ltd [2024] NSWSC 183 Hearing dates: 15 – 16 and 20 February 2024 Date of orders: 1 March 2024 Decision date: 01 March 2024 Jurisdiction: Equity - Corporations List Before: Black J Decision: Order that leave be granted to the Plaintiffs under s 237 of the Corporations Act 2001 (Cth) to bring derivative proceedings, on behalf of the First Defendant, against the Second and Third Defendants and other proposed defendants. Catchwords: CORPORATIONS — Statutory derivative action — Application to bring proceedings on behalf of company — Whether leave to bring derivative action should be granted. Legislation Cited: - Corporations Act 2001 (Cth) ss 9, 180-182, 236, 237, 1317H. Cases Cited: - App Shop Pty Ltd v Jalal Brothers Pty Ltd [2019] NSWSC 490 - Australian Careers Institute Pty Ltd v Australian Institute of Fitness Pty Ltd (2016) 340 ALR 580; 116 ACSR 566; [2016] NSWCA 347 - Carpenter v Pioneer Park Pty Ltd (in liq) (2004) 1 ACSR 245; [2004] NSWSC 973 - Chahwan v Euphoric Pty Ltd (2008) 65 ACSR 661; [2008] NSWCA 52 - Charlton v Baber (2003) 47 ACSR 31; [2003] NSWSC 745 - Chickabo Pty Ltd v Zphere Pty Ltd (No 3) [2020] VSC 464 - CIP Group Pty Ltd v So [2022] FCA 1490 - Cooper v Myrtace Consulting Pty Ltd [2014] FCA 480 - Cornerstone Property & Development Pty Ltd v Suellen Properties Pty Ltd [2014] QSC 265 - Duncan v Independent Commission Against Corruption [2016] NSWCA 143 - Fexuto Pty Ltd v Bosnjak Holdings Pty Ltd (2001) 37 ACSR 672 - Fitzsimmons v R (1997) 23 ACSR 355; 15 ACLC 666 - Goozee v Graphic World Group Holdings Pty Ltd (2002) 42 ACSR 534; [2002] NSWSC 640 - Grimaldi v Chameleon Mining NL (No 2) (2012) 200 FCR 296; 287 ALR 22; [2012] FCAFC 6 - Hannon v Doyle (2011) 82 ACSR 259; [2011] NSWSC 10 - Hasler v Singtel Optus Pty Ltd (2014) 87 NSWLR 609; 311 ALR 494; 101 ACSR 167; [2014] NSWCA 266 - Huang v Wang (2016) 114 ACSR 586; [2016] NSWCA 164 - LPD Holdings (Aust) Pty Ltd v Phillips (2013) 281 FLR 227 - Maher v Honeysett & Maher Electrical Contractors Pty Ltd [2005] NSWSC 859 - Mathews Capital Partners Pty Limited v Coal of Queensland Holdings Limited [2012] NSWSC 462 - MG Corrosion Consultants Pty Ltd v Vinciguerra (2011) 82 ACSR 367; [2011] FCAFC 31 - Mount Gilead Pty Ltd & Hobhouse v L Macarthur-Onslow (2021) 398 ALR 629; [2021] NSWSC 948 - Mount Gilead Pty Ltd v Macarthur-Stanham (as executor of Estate of late Lee Macarthur-Onslow) (2023) 168 ACSR 32; [2023] NSWCA 37 - Mudgee Dolomite & Lime Pty Ltd v Murdoch [2020] NSWSC 1510 - Murdoch v Mudgee Dolomite & Lime Pty Ltd (in liq) (2022) 398 ALR 658; [2022] NSWCA 12 - Parker v Auswild; Bermuller v Auswild [2022] VSCA 8 - Permanent Building Society (in liq) v McGee (1993) 11 ACSR 260 - Permanent Building Society (in liq) v Wheeler (1994) 11 WAR 187; 14 ACSR 109; 12 ACLC 674 - Power v Ekstein (2010) 77 ACSR 302; [2010] NSWSC 137 - Re Colorado Products Pty Ltd (in prov liq) (2014) 101 ACSR 233; [2014] NSWSC 789 - Re FAL Healthy Beverages Pty Ltd [2017] NSWSC 476 - Re Gladstone Pacific Nickel Ltd (2011) 86 ACSR 432; [2011] NSWSC 1235 - Re Global Advanced Metals Pty Ltd (2019) 141 ACSR 222; [2019] NSWSC 1804 - Re HIH Insurance Ltd and HIH Casualty and General Insurance Ltd; Australian Securities and Investments Commission v Adler (2002) 168 FLR 253; 41 ACSR 72; 20 ACLC 576; [2002] NSWSC 171 - Re Imperium Projects Pty Ltd [2015] NSWSC 16 - Re IW4U Pty Ltd (in liq) (2021) 150 ACSR 146; [2021] NSWSC 40 - Re JGS Investment Holdings Pty Ltd [2014] NSWSC 1532 - Re Legal Practice Management Group Pty Ltd [2018] NSWSC 527 - Re Lotus Property Fund No 8 Pty Ltd [2020] NSWSC 1349 - Re Sirrah Pty Ltd [2018] NSWSC 1802 - Re Sirrah Pty Ltd (in prov liq) (2021) 152 ACSR 212; [2021] NSWSC 413 - Roche v Winnote Pty Ltd (2006) 57 ACSR 138; [2006] NSWSC 231 - South Johnstone Mill Ltd v Dennis (2007) 244 ALR 730; (2007) 64 ACSR 447; [2007] FCA 1448 - Swansson v R A Pratt Properties Pty Ltd (2002) 42 ACSR 313; [2002] NSWSC 583 - Twigg v Twigg (No 4) (2016) 147 ACSR 389; [2020] NSWSC 1159 - Twigg v Twigg (2022) 402 ALR 119; [2022] NSWCA 68 - V-Flow Pty Ltd v Holyoake Industries (Vic) Pty Ltd (2013) 296 ALR 418; 93 ACSR 76; [2013] FCAFC 16 - Vinciguerra v MG Corrosion Consultants Pty Ltd (2010) 79 ACSR 293; [2010] FCA 763 - Vrisakis v Australian Securities Commission (1993) 9 WAR 395; 11 ACSR 162 Texts Cited: - J Glister, "Equitable Liability of Corporate Accessories" in PS Davies & J Penner, Equity, Trusts and Commerce, 2017, pp 275-302 - R Teele Langford and I M Ramsay, "Conflicted Directors: What is Required to Avoid a Breach of Duty" (2014) J Eq 108 Category: Principal judgment Parties: Villefranche Investments Pty Ltd as trustee for the Gates Family Trust and others (Plaintiffs) ASP Aluminium Holdings Pty Ltd (First Defendant) Lolita Younes (Second Defendant) Lolita Investments Pty Ltd (Third Defendant) Representation: Counsel: R Yezerski SC/B Hord/S Thomson (Plaintiff) C H Withers SC/S Puttick/K Dyon (First Defendant) L F Kelly KC/C Johnstone (Second and Third Defendants)