Odyssey Re (Bermuda) v Reinsurance Australia [2001] NSWSC 266

Reported Decision : (2001) 19 ACLC 987

New South Wales Supreme Court

CITATION : Odyssey Re (Bermuda) v Reinsurance Australia [2001] NSWSC 266 CURRENT JURISDICTION: Equity Division FILE NUMBER(S) : SC 3016/00 HEARING DATE(S) : 26 March 2001 JUDGMENT DATE : 12 April 2001

PARTIES : Odyssey Re (Bermuda) Ltd (Company No 161930) (Appellant) Reinsurance Australia Corporation Limited (Respondent) JUDGMENT OF : Windeyer J at 1

LOWER COURT Supreme Court (Master) JURISDICTION : LOWER COURT FILE NUMBER(S) : LOWER COURT Master Macready JUDICIAL OFFICER :

COUNSEL : Mr T G R Parker (Appellant) Mr J T Gleeson SC with him Mr R Dick (Respondent) SOLICITORS : Allen Allen & Hemsley (Appellant) Phillips Fox (Respondent) CATCHWORDS : CORPORATIONS LAW - statutory demand - whether claim for indemnity sum under contract of reinsurance a claim for debt - CONTRACTS - contract for reinsurance - claim for breach - whether claim for liquidated or unliquidated sum - INSURANCE - reinsurance - contract for reinsurance - breach - whether creates debt - INSURANCE - reinsurance - whether failure to provide inspection under contract gave rise to genuine dispute Alexander v Ajax Insurance Co Ltd (1956) 56 VLR 436 Edmunds v Lloyd Italico e L'Ancora Cia di Assicurazioni e Riassicurazioni SpA [1986] 2 All ER 249 E Pellas & Co v Neptune Marine Insurance Co (1879) 5 CPD 34 Eyota v Hanave Pty Ltd (1994) 17 ACSR 785 LEGISLATION CITED : Hill v Mercantile and General Reinsurance Company plc [1996] 1 WLR 1239 Irving v Manning (1848) 6 CB 391 Larratt v Bankers and Traders Insurance Company (1941) 41 SR NSW 215 Livingston v Scottish Union and National Insurance Co (1901) 18 WN NSW 275 Penrith City Council v GIO (1991) 24 NSWLR 566 CASES CITED : Corporations Law s459E, s459G, s459H, s459J(1)(b) International Arbitration Act 1974 (Cth) s7 DECISION : See paragraph 22