Deputy Commissioner of Taxation: In the matter of First Netcom Pty Limited [2000] NSWSC 989

New South Wales Supreme Court

CITATION : Deputy Commissioner of Taxation: In the matter of First Netcom Pty Limited [2000] NSWSC 989 revised - 30/10/2000 CURRENT JURISDICTION: Equity FILE NUMBER(S) : SC 3760/00 HEARING DATE(S) : 23 October 2000 JUDGMENT DATE : 23 October 2000

Deputy Commissioner of Taxation (Plaintiff) PARTIES : First Netcom Pty Limited (ACN 067 043 145) (First Defendant) Telstra Corporation Limited (Second Defendant) JUDGMENT OF : Santow J

M R Aldridge (Plaintiff) B A Coles, QC/C R C Newlinds (First Defendant) COUNSEL : L G Foster, SC/L McCallum (Second Defendant) J Teasdale (Solicitor) (CMF Property Services Ltd) Mention for D McCrostie (QBE Workers Compensation (NSW) Limited) Australian Government Solciitor (Plaintiff) John Walsh & Partners (First Defendant) SOLICITORS : Mallesons Stephen Jaques (Second Defendant) Gadens Lawyers (CMF Property Services Limited) P W Turk & Associates (QBE Workers Compensation (NSW) Limited) CATCHWORDS : CORPORATIONS — Adjournment of winding up application in favour of administration leading to deed of company arrangement — Circumstances where interests of creditors require short adjournment so administrator can carry out further investigations material to deed of company arrangement and its relative worth to creditors compared to liquidation — relevant factors. LEGISLATION CITED : Corporations Law s436A; s439A; s440A; s459E; s459P CASES CITED : Waste Recycling and Processing Services of NSW v Local Government Recycling Co-operative Ltd (1999) 32 ACSR 194 Yates v Deputy Commissioner of Taxation (1998) 26 ACSR 629 DECISION : Adjournment granted to 1 November 2000