Austrac Rail P/L v Hunter Premium Funding Limited [2001] NSWSC 654

New South Wales Supreme Court

CITATION : Austrac Rail P/L v Hunter Premium Funding Limited [2001] NSWSC 654 revised - 1/08/2001 CURRENT JURISDICTION: Equity FILE NUMBER(S) : SC 2766/01 HEARING DATE(S) : 30/07/01 JUDGMENT DATE : 30 July 2001

PARTIES : Austrac Rail Pty Limited (Applicant/Plaintiff) Hunter Premium Funding Limited (ACN 085 628 913) (Respondent/Defendant) JUDGMENT OF : Santow J

COUNSEL : J T Johnson (Applicant/Plaintiff) R W Tregenza (Respondent/Defendant) SOLICITORS : Watson Mangioni (Applicant/Plaintiff) Steingold Abel Lawyers (Respondent/Defendant) CATCHWORDS : CORPORATIONS — Statutory Demand — Agent for disclosed principal — Ambiguity — Statutory Demand set aside — Indemnity costs awarded. LEGISLATION CITED : Corporations Law s459G Eyota Pty Limited v Hanave Pty Limited (1994) 12 ACSR 785 CASES CITED : Kai Yung v Hong Kong and Shanghai Banking Corporation [1981] AC 787 Polaroid Australia Pty Limited v Minicomp Pty Limited (1997) 16 ACLC 529 W & F Lechner Pty Limited v Drummond & Rosen Pty Limited (2001) 38 ACSR 42 DECISION : Statutory Demand set aside with indemnity costs.

REVISED — 1 August, 2001 IN THE SUPREME COURT OF NEW SOUTH WALES IN EQUITY

SANTOW J

No. 2766/01 Austrac Rail Pty Limited Plaintiff Hunter Premium Funding Limited (ACN 085 628 913) Defendant

JUDGMENT — ex tempore 30 July 2001

INTRODUCTION 1 This is an application to set aside a statutory demand pursuant to s459G of the Corporations Law. The facts which I briefly state are amplified by the chronology that follows and where necessary in my reasons for concluding that that application succeeds.