Cleary v Australian Co-operative Foods [1999] NSWSC 973

Reported Decision : (1999) 32 ACSR 582

New South Wales Supreme Court CITATION : Cleary v Australian Co-operative Foods [1999] NSWSC 973 CURRENT JURISDICTION : Equity FILE NUMBER(S) : 3968/99 HEARING DATE(S) : 20 and 21 September 1999 JUDGMENT DATE : 21 September 1999

Patrick Cleary and Maxwell Cochrane (P) PARTIES : Australian Co-operative Foods Limited (D1) Ian A Langdon; Phillip J Bruem; Alan R Tooth; Jamie G Alison; Jeff E Ballon; Trevor R Connor; Thomas J Girgensohn; Wilf J Jarrett; Mal E Lanham; John J Mcaulay; Duncan A McInnes; Rowan R Moore; John J Reynolds; Michael D Ross; Charlie R Shearer; Ian H Zandstra (being the board of D1) (D2 Geoffrey D Boxsell (being the 'returning officer' and an employee of D1) (D3 JUDGMENT OF : Austin J

S Rares SC with S Emmett (P) COUNSEL : M Oakes SC (D) P McKee (Sol) for Registrar of Co-operatives Corrs Chambers Westgarth (P) SOLICITORS : Addisons (D) I V Knight, Crown Solicitor (Registrar of Co-operatives) CATCHWORDS : CORPORATIONS - co-operatives - scheme of arrangement - allegations of misleading of deceptive conduct and breaches of duty by co-operative and its directors - whether appropriate to grant relief prior to decisions by members and creditors to approve schemes - whether application for relief should be expedited - relevant considerations; TRADE PRACTICES - misleading and deceptive conduct - spheres of application of Trade Practices Act, Fair Trading Act, Australian Securities and Investments Commission Act and Corporations Law Australian Securities and Investments Commission Act 1990 (Cth), ss 5(3), 12DA, 12GE Co-operatives Act 1992 (NSW), ss 193, 194, 266, 316, 354 ACTS CITED : Corporations Law, ss 9, 66A, 92, 411, 995, 1022 Fair Trading Act 1987 (NSW), s 42 Trade Practices Act 1974 (Cth), ss 51AF, 52, 80 Australian Electoral Commission v Towney (1994) 51 FCR 250 CASES CITED : Chanter v Blackwood (No.2) (1984) 1 CLR 121 Fraser v NRMA Holdings Limited (1994) 4 ACSR 656 Pettit v Atkinson (1994) 50 FCR 174 DECISION : Application for expedition granted