In the matter of QLD Keystone Pty Ltd [2024] NSWSC 1678

Supreme Court New South Wales

Medium Neutral Citation: In the matter of QLD Keystone Pty Ltd [2024] NSWSC 1678 Hearing dates: 20 December 2024 Date of orders: 20 December 2024 Decision date: 20 December 2024 Jurisdiction: Equity - Corporations List Before: Black J Decision: Dismiss application for leave to the Plaintiff under s 237 of the Corporations Act 2001 (Cth) to bring derivative proceedings, on behalf of the Second Defendant, against the other 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), s 237 Cases Cited: - Blakeney v Blakeney (2016) 113 ACSR 398 - Huang v Wang (2016) 114 ACSR 586; [2016] NSWCA 164 - Re Gillespies Cranes Nominees Pty Ltd [2024] NSWSC 1136 - Re Gladstone Pacific Nickel Pty Ltd (2011) 86 ACSR 432 - Re Minister for Immigration and Ethnic Affairs; Ex parte Lai Quin (1997) 186 CLR 622 - Re Wonga Pastoral Development Co Pty Ltd [2023] NSWSC 133 - Swansson v Pratt [2002] NSWSC 583 Category: Principal judgment Parties: Jinan Lu (Plaintiff) Tao Wu (First Defendant) QLD Keystone Pty Ltd (Second Defendant) Tony Tao (Third Defendant) TTBW Holdings Pty Ltd atf TTBW Trust (Fourth Defendant) Representation: Counsel: G Burton SC/D Harris (Plaintiff) D R Pritchard SC (First, Second, Fourth Defendants)