Spedley Securities Notice of Motion filed 8 May 2000 [2000] NSWSC 593

Reported Decision : (2000) 34 ACSR 689

New South Wales Supreme Court

CITATION : Spedley Securities Notice of Motion filed 8 May 2000 [2000] NSWSC 593 CURRENT JURISDICTION: Equity FILE NUMBER(S) : SC 2070 of 1989 HEARING DATE(S) : 8 and 9 May, 7 and 21 June 2000 JUDGMENT DATE : 30 June 2000

In the matter of Spedley Securities Limited (In Liquidation) ACN 001 460 967 & The Companies (NSW) Code The Application of John Beresford Harkness in his capacity as official liquidator of Spedley Securities Ltd (In Liquidation) (Applicant) PARTIES : Bond Street Investments Pty Limited (First Respondent) Commonwealth Bank of Australia (Second Respondent) State Bank of NSW Limited (Third Respondent) JUDGMENT OF : Windeyer J at 1

Mr J.E. Sexton, SC (Applicant) COUNSEL : Mr G.T. Bigmore, QC (First Respondent) Mr P.W. Wood (Second Respondent) Mr J.S. Marshall with him Mr D.S. Weinberger (Third Respondent) Dibbs Crowther & Osborne (Applicant) SOLICITORS : Freehill Hollingdale & Page (Melbourne) (First Respondent) L E Taylor (Second Respondent) Freehill Hollingdale & Page (Sydney) (Third Respondent) CATCHWORDS : CORPORATIONS - winding up - claims for post-liquidation interest in winding up - preference - litigation for recovery of money paid as preference settled - whether entitlement to claim for post-liquidation interest on moneys paid under deed of settlement - whether releases in deeds of settlement precluded claims for post-liquidation interest - post-liquidation interest rate Bankruptcy Act 1966 (Cth) ss 122, 122(5) LEGISLATION CITED : Bills of Exchange Act 1909 (Cth) s62 Supreme Court Rules Schedule J The Companies (New South Wales) Code ss205, 451 Cook v Fowler [1874] LR7HL 27 David Securities Pty Limited v Commonwealth Bank of Australia (1992) 175 CLR 353. In re Humber Iron Works and Shipbuilding Co, Warrant Finance Co's case [1869] LR 4 ChApp 643 Johnson v Norris (1911) 190 Fed. Rep. 459 CASES CITED : Mackenzie v Rees (1941) 65 CLR 1 Midland Montague Australia Ltd & State Bank of South Australia & Bank of China v Harkness & Rennie (1994) 35 NSWLR 150 National Bank of Greece SA v Pinios Shipping Co (No 1) (The Maria) [1990] 1 AC 637 Re Anderson's Seeds Ltd & The Companies Act [1971] 2 NSWLR 120 In Re Lines Bros Ltd (in liq) [1983] Ch 1 Re Masureik & Allan Pty Ltd & The Companies Act (1981) 6 ACLR 39. DECISION : See paragraphs 40, 41 and 42