Nambucca Investments Pty Ltd v Snoco Ltd [1999] NSWSC 211

New South Wales Supreme Court CITATION : Nambucca Investments Pty Ltd v Snoco Ltd [1999] NSWSC 211 CURRENT JURISDICTION : Equity FILE NUMBER(S) : 4546/98 HEARING DATE(S) : 16/03/99; 17/03/99 JUDGMENT DATE : 17 March 1999

Nambucca Investments Pty Limited (P1) Lawnkin Pty Limited (P2) John Edward Star as liquidator of Nambucca Investments Pty Limited (P3) John Edward Star as liquidator of Lawnkin Pty Limited (P4) Snoco Limited (D1) Equitable Investments Limited (D2) PARTIES : Equitable Holdings Limited (D3) Equitable Life Insurance Company Limited (D4) Equitable General Insurance Company Limited (D5) Equitable Insured Mortgages Limited (D6) Equitable Securities Limited (D7) Equitable Asset Management Limited (D8) James Gordon Kearns (D9) JUDGMENT OF : Hamilton J

COUNSEL : M Ryckmans, solicitor (P3, P4) SOLICITORS : P A Somerset & Co (P3, P4) CATCHWORDS : CORPORATIONS [280] - Winding up - Liquidators - Rights and powers - In winding up by Court - Power to compromise claims - Whether preference payment debt requiring approval - Power to enter into agreement on behalf of company - Agreement to be performed more than three months after agreement entered into - Approval of Court - Basis on which granted. ACTS CITED : Corporations Law, ss 477(2A), 477(2B) Corporate Affairs Commission v ASC Timber Pty Limited, 28 September 1998, NSWSC, Austin J, unreported CASES CITED : Re G A Listing & Maintenance Pty Ltd (1994) 15 ACSR 308 Re Luxtrend Pty Ltd (in liq) [1997] 2 QdR 861; (1996) 14 ACLC 1786 DECISION : Agreement approved.