NSW Caselaw
Reported Decision : (2001) 37 ACSR 152 (2001) 46 ATR 446
New South Wales Supreme Court
CITATION : Deputy Commissioner of Taxation v Tideturn P/L [2001] NSWSC 217 revised - 28/03/2001 CURRENT JURISDICTION: Equity FILE NUMBER(S) : SC 3511/95 HEARING DATE(S) : 26 March 2001 JUDGMENT DATE : 26 March 2001
Tideturn Pty Ltd (ACN 052 309 752) and the Corporations Law PARTIES : The Deputy Commissioner of Taxation (Plaintiff) Tideturn Pty Ltd (Defendant) JUDGMENT OF : Santow J
COUNSEL : F Gleeson (Plaintiff) W E Andrew (Official Liquidator in person) SOLICITORS : Australian Government Solicitor (Plaintiff) CATCHWORDS : CORPORATIONS — Failure by liquidator to ensure monies held back to pay group tax — Personal liability of liquidator for proportion after it became obvious re-financing not forthcoming — Conditional release of liquidator pursuant to s481(2) of Corporations Law subject to condition of making good that proportionate liability — No basis for granting relief under s1318 of Corporations Law. Corporations Law s480; s481; s556; s559; s1318 LEGISLATION CITED : Income Tax Assessment Act 1936 s221 Supreme Court Rules Pt 80A r33(5) Ah Toy v Registrar of Companies (NT) (1986) 10 ACLR 630 CASES CITED : Re Beni-Felkai Mining Co [1934] Ch 406 Pace v Antlers (1998) 26 ACSR 490 DECISION : Liquidator personally responsible for monies he failed to hold back but only in amount of $75,000.
REVISED — 28 March, 2001 IN THE SUPREME COURT OF NEW SOUTH WALES IN EQUITY
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