In the matter of Platypus Impact Housing Australia Limited [2024] NSWSC 753

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Platypus Impact Housing Australia Limited [2024] NSWSC 753 Hearing dates: 22 April 2024 Date of orders: 20 June 2024 Decision date: 20 June 2024 Jurisdiction: Equity - Corporations List Before: McGrath J Decision: Statutory demand set aside subject to plaintiff commencing proceedings in pursuit of offsetting claim within 28 days (see [181]) Catchwords: CORPORATIONS — winding up — creditor's statutory demand — application to set aside statutory demand — Corporations Act 2001 (Cth) ss 459H and 459M — admissibility of document — where Graywinter principle does not prevent plaintiff from supplementing evidence — where plaintiff can elect between equitable compensation and an account of profits and need not do so until point of judgment — whether there is a genuine offsetting claim arising from breach of director's statutory and/or fiduciary duties — where the offsetting claim is seriously arguable and bona fide and delay in bringing it is explicable — where the poor financial position of the plaintiff does not undermine the genuineness of the claim — where appropriate for court to impose condition pursuant to s 459M — HELD — genuine offsetting claim — statutory demand set aside subject to condition Legislation Cited: Corporations Act 2001 (Cth), ss 182, 183, 206B, 459E, 459G, 459H, 459J, 459M, 1317H Cases Cited: Amcor Ltd v Barnes [2021] VSCA 6 Asia Pacific Glass Pty Ltd v Sindea Trading Co Pty Ltd (No 2) (2003) 47 ACSR 737; [2003] NSWSC 845 Asia Pacific Glass Pty Ltd v Sindea Trading Co Pty Ltd [2003] NSWSC 334 BCEG International (Australia) Pty Ltd v Xiao (2022) 162 ACSR 601; [2022] NSWSC 972 Canadian Aero Services Ltd v O'Malley [1974] SCR 592 Chan v Zacharia (1984) 154 CLR 178; [1984] HCA 36 Diploma Construction (WA) Pty Ltd v KPA Architects Pty Ltd [2014] WASCA 91 Equuscorp Pty Ltd v Perpetual Trustees WA Ltd (1997) 25 ACSR 675; [1997] FCA 1366 Ex parte James (1803) 8 Ves 337; 32 ER 385 Grandview Ausbuilder Pty Ltd v Budget Demolitions Pty Ltd (2019) 99 NSWLR 397; (2019) 136 ACSR 563; [2019] NSWCA 60 Graywinter Properties Pty Ltd v Gas & Fuel Corporation Superannuation Fund (1996) 70 FCR 452; (1996) 21 ACSR 581 Green & Clara Pty Ltd v Bestobell Industries Pty Ltd [1982] WAR 1 Hopetoun Kembla Investment Pty Ltd v JPR Legal Pty Ltd (2011) 286 ALR 768; 87 ACSR 1; [2011] NSWSC 1343 Howard v Commissioner of Taxation (2014) 253 CLR 83; [2014] HCA 21 Infratel Networks Pty Ltd v Gundry's Telco & Rigging Pty Ltd (2012) 91 ACSR 170; [2012] NSWSC 943 Infratel Networks Pty Ltd v Gundry's Telco & Rigging Pty Ltd (2012) 297 ALR 372; [2012] NSWCA 365 NA Investments Holdings Pty Ltd v Perpetual Nominees Ltd (2010) 79 ACSR 544; [2010] NSWCA 210 Phipps v Boardman [1964] 1 WLR 993; [1964] All ER 187 Pravenkav Group Pty Ltd v Diploma Construction (WA) Pty Ltd (No 3) (2014) 46 WAR 483; [2014] WASCA 132 Re ABA Villawood Place Pty Ltd [2023] NSWSC 952 Re Libdy Developments Pty Ltd [2023] NSWSC 647 Re Wabbits Pty Ltd [2018] NSWSC 532 Royal Premier Pty Ltd v Taleski [2001] WASCA 48 Streeter v Western Areas Exploration Pty Ltd (No 2) (2011) 278 ALR 291; [2011] WASCA 17 Tang Man Sit v Capacious Investments [1996] AC 514; [1996] 1 All ER 193 United Australia Ltd v Barclays Bank Ltd [1941] AC 1; [1940] 4 All ER 20 Vadori v AAV Plumbing (2010) 77 ACSR 616; [2010] NSWSC 274 Warman International Ltd v Dwyer (1995) 182 CLR 544; [1995] HCA 18 Category: Principal judgment Parties: Platypus Impact Housing Australia Limited (ACN 654 195 445) (Plaintiff) Jack Elsegood (Defendant) Representation: Counsel: E Ball (Plaintiff) F Assaf SC and B Hord (Defendant)