NSW Caselaw
New South Wales Supreme Court CITATION : New Cap Reinsurance v Chase Manhattan (No.2) [1999] NSWSC 808 CURRENT JURISDICTION : Equity FILE NUMBER(S) : 2826/99 HEARING DATE(S) : 29 July 1999 & 3 August 1999 JUDGMENT DATE : 4 August 1999
New Cap Reinsurance Corporation (Bermuda) Ltd (Provisional Liquidator Appointed) (P) PARTIES : v The Chase Manhattan Bank & Anor (D) JUDGMENT OF : Austin J
COUNSEL : D Robertson (P) T G R Parker (D) SOLICITORS : Henry Davis York (P) Allen Allen & Hemsley (D) CATCHWORDS : Corporation - provisional liquidation - application for interlocutory injunction - balance of convenience - preservation of priority of Australian liabilities under s 116 of Insurance Act 1973 (Cth) - undertaking as to damages - limited undertaking by corporation - inadequate protection to defendants - limited undertaking by provisional liquidator gives better protection - provisional liquidator's statutory priority and equitable lien to recover expenses ACTS CITED : Corporations Law, ss 479(3), 556 Insurance Act 1973 (Cth), ss 3, 49A, 49B 116 Allen v Jambo Holdings Ltd [1980] 1 WLR 1252 Clinton Credits Pty Ltd (in liq) v John McLeay Pty Ltd & Mount (1983) 32 SASR 389 John Arnold's Surf Shop Pty Ltd (in liq) v Heller Factors Pty Ltd (1979) 22 SASR 20 Kolback Securities Limited v Epoch Mining NL (1987) 8 NSWLR 533 Nationwide News Ltd v Samalot Enterprises Pty Limited (1986) 5 NSWLR 227 Re Bank of Credit and Commerce International SA (No 10) [1997] Ch 213 Re DPR Futures Ltd [1989] 1 WLR 778 CASES CITED : Re London United Breweries Ltd [1907] 2 Ch 511 Re National Employers' Mutual General Insurance Association Ltd (In Liq) (1995) 15 ACSR 624 Re New Cap Reinsurance Corporation Holdings Ltd (1999) 17 ACLC 1024 Re Northland Services Pty Limited (1978) 18 ALR 684 Rosling & Flynn Ltd v Guarantee & Trust Company (1903) 47 Sol J 255 Shirlaw v Taylor (1991) 5 ACSR 767 Southern Tablelands Insurance Brokers Pty Limited (in liq) v Schomberg (1986) 11 ACLR 337 Szentessy v Woo Ran (Australia) Pty Limited (1985) 65 ACTR 98 Westminster Association Ltd v Upward (1880) 24 Sol J 690 DECISION : Interlocutory orders and directions made
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