State Bank of NSW & Anor. v. Brown & Ors. [2001] NSWCA 223

Reported Decision : (2001) 38 ACSR 715 (2001) 19 ACLC 1415

New South Wales Court of Appeal

CITATION : State Bank of NSW & Anor. v. Brown & Ors. [2001] NSWCA 223 FILE NUMBER(S) : CA 40758/00 HEARING DATE(S) : 14 June 2001 JUDGMENT DATE : 10 July 2001

State Bank of NSW - 1App Bank of Western Australia - 2App PARTIES : Martin Russell Brown (Liquidator of Parkston Ltd.) - 1R Tricontinental Corporation Ltd. - 2R Gibraltar Factors Pty. Ltd. (In Liquidation) - 3R JUDGMENT OF : Spigelman CJ at 1; Handley JA at 45; Hodgson JA at 46

LOWER COURT JURISDICTION : Supreme Court LOWER COURT ED 1546/90 FILE NUMBER(S) : LOWER COURT Santow J JUDICIAL OFFICER :

Mr. M. Walton SC with Mr. T. Parker for appellants COUNSEL : Mr. C.R.C. Newlinds for 1st respondent Mr. P. Riordan for 2nd respondent Mr. B. Coles QC for 3rd respondent Blake Dawson Waldron, Sydney for appellants SOLICITORS : Kemp Strang, Sydney for 1st respondent Middleton Moore & Bevins, Sydney for 2nd respondent Baker & McKenzie for 3rd respondent CATCHWORDS : CORPORATIONS - Winding up - Recovery of property by payment of money by creditors - Advantage to those creditors in consideration of risk assumed - Primary judge orders that 100% of recovered proeprty go to funding creditors - Object of statutory provision - Assessment of risk - Position of creditors not approached for funding - Whether grounds for disturbing exercise of discretion. Companies (NSW) Code 1981 s.450 LEGISLATION CITED : Corporations Law s.564 Supreme Court Rules Pt.52A r.4 DECISION : Appeal dismissed with costs