Forex Capital Trading Pty Ltd (in liquidation) v Invesus Group Limited [2024] NSWSC 867

Supreme Court New South Wales

Medium Neutral Citation: Forex Capital Trading Pty Ltd (in liquidation) v Invesus Group Limited [2024] NSWSC 867 Hearing dates: 26 and 27 June 2024 Decision date: 19 July 2024 Jurisdiction: Equity - Commercial List Before: Ball J Decision: Proceedings be dismissed with costs. Catchwords: DEEDS — Construction of deed poll —Application of Mount Bruce Mining Pty Ltd v Wright Prospecting Pty Ltd (2015) 256 CLR 104 — Whether amount claimed by liquidators of company falls within the definition of a 'debt' for the purposes of a Letter of Comfort CORPORATIONS — Winding up — Liquidators — Duties — Application of Duke Group Ltd (in liq) v Arthur Young (Reg) (No 2) (1991) 4 ACSR 355 — Whether adjudicative process undertaken by liquidators creates a debt of the company — Whether the admission of a proof of debt is binding on the company or third parties Legislation Cited: Australian Securities and Investments Commission Act 2001 (Cth) Bankruptcy Act 1869 (UK) Corporations Act 2001 (Cth) Corporations Regulations 2001 (Cth) Cases Cited: Allianz Australia Insurance Ltd v Delor Vue Apartments CTS 39788 [2022] HCA 38; (2022) 406 ALR 632 Arnold v Forsythe [2012] NSWCA 18 Australian Securities and Investments Commission v Forex Capital Trading Pty Limited, in the matter of Forex Capital Trading Pty Limited [2021] FCA 570 Bank of Credit and Commerce International (Overseas) Ltd (in liquidation) v Habib Bank Ltd [1998] 4 All ER 753 Brandon v McHenry [1981] 1 QB 538 Craven v Blackpool Greyhound Stadium & Racecourse, Ltd [1936] 3 All ER Rep 513 Duke Group Ltd (in liq) v Arthur Young (Reg) (No 2) (1991) 4 ACSR 355 Duke Group Ltd (in liq) v Arthur Young (Reg) (No 4) (1991) 55 SASR 24 Environmental Systems Pty Ltd v Peerless Holdings Pty Ltd (2008) 19 VR 358; [2008] VSCA 26 Hawkins v Bank of China (1992) 26 NSWLR 562 Hoath v Connect Internet Services Pty Ltd and Ors [2006] NSWSC 158; 229 ALR 566 Intel Corporation v Unwired Group Ltd [2008] FCA 1927 Jones v Brien (1994) 13 ACLC 99 McMillan Investment Holdings Pty Ltd v Morgan [2023] FCAFC 9 Motor Terms Co Pty Ltd v Liberty Insurance Ltd (1967) 116 CLR 177 Mount Bruce Mining Pty Ltd v Wright Prospecting Pty Ltd (2015) 256 CLR 104; [2015] HCA 37 O'Brien v Tanning Research Laboratories Inc (1988) 14 NSWLR 601 O'Connor v S P Bray Ltd (1936) 36 SR (NSW) 248 Powell v Fryer [2001] SASC 59; (2001) 159 FLR 433 QBT Pty Ltd v Wilson [2024] NSWCA 114 Re HIH Casualty and General Insurance Ltd [2005] NSWSC 240; 215 ALR 562 Re Jay-O-Bees Pty Ltd (in liq); Rosseau Pty Ltd (in liq) v Jay-O-Bees Pty Ltd (in liq) (2004) 50 ACSR 565 Spain v Union Steamship Co of New Zealand Ltd (1923) 32 CLR 138 Sturesteps v AG McGrath [2010] NSWSC 896 Tanning Research Laboratories Inc v O'Brien (1987) 11 ACLR 778 Tanning Research Laboratories Inc v O'Brien (1990) 169 CLR 332 Woodhouse (Liquidator) in the matter of Forex Capital Trading Pty Ltd (In Liq) [2022] FCA 600 Zhu v Treasurer of New South Wales (2004) 218 CLR 530; [2004] HCA 56 Texts Cited: KR Handley, Spencer Bower and Handley: res judicata, 5th ed, 2019, LexisNexis P Herzfeld and T Prince, Interpretation, 2nd ed, 2020, Law Book Co WB Odgers, The principles of pleading and practice in civil actions in the High Court of Justice, 5th ed, 1903, Stevens and Sons, Limited Category: Principal judgment Parties: Forex Capital Trading Pty Ltd (in liquidation) (Plaintiff) Invesus Group Limited (Defendant) Representation: Counsel: D Sulan SC with BW Smith (Plaintiff) MA Izzo SC with JS Burnett (Defendant)