Peel Valley Mushrooms Limited v Corporate Investment Australia Funds Management Limited [2000] NSWSC 958

Reported Decision : (2000) 35 ACSR 535

New South Wales Supreme Court

CITATION : Peel Valley Mushrooms Limited v Corporate Investment Australia Funds Management Limited [2000] NSWSC 958 revised - 31/10/2000 CURRENT JURISDICTION: Equity FILE NUMBER(S) : SC 1850/00 HEARING DATE(S) : 5 June 2000 JUDGMENT DATE : 16 October 2000

PARTIES : Peel Valley Mushrooms Limited (Plaintiff) Corporate Investment Australia Funds Management Limited (ACN 059 438 514) (Defendant) JUDGMENT OF : Santow J

COUNSEL : G A Seib (Plaintiff) P A Fury (Defendant) SOLICITORS : Aitken McLachlan & Thorpe (Plaintiff) Coudert Brothers (Defendant) CATCHWORDS : CORPORATIONS LAW — Unsuccessful application to set aside statutory demand — Based on whether terms of settlement as later to be reflected in a deed had become effective in accordance with the requirements of the terms of settlement and deed — Simultaneous exchange of deeds not required, if later exchanged — Meaning of delivery — Constructive delivery held sufficient — No substantial injustice from supposed misdescription of debt in the Demand under s459J of Corporations Law. Corporations Law s459G; s459J LEGISLATION CITED : Corporation Law Rules ("CLR") 1.2 and 1.3; 5.2; Form 7 Supreme Court Rules Pt 80A Daewoo Australia Pty Limited v Suncorp-Metway Limited (2000) 33 ACSR 481 Domb & Anor v Isoz [1980] 1 Ch 548 Eccles v Bryant and Pollock [1948] 1 Ch 93 Eyota Pty Ltd v Hanave Pty Ltd (1994) 12 ACSR 785 Goldspar Australia Pty Limited v KWA Design Group Pty Limited (1999) 17 ACLC 456 Hooker Industrial Developments Pty Limited v Trustees of the Christian Brothers [1977] 2 NSWLR 109 CASES CITED : Kezarne Pty Limited v Sydney Asbestos Removal Services Pty Limited (1998) 29 ACSR 11 Morrow Marketing Pty Limited v Home Unit Investment Pty Limited [1999] NSWSC 548 Niesmann v Collingridge (1921) 29 CLR 177 Portrait Express (Sales) Pty Limited v Kodak (Australasia) Pty Limited (1996) 20 ACSR 746 Sindel v Geogiou & Anor (1984) 154 CLR 661 Vincent and Anor v Premo Enterprises (Voucher Sales) Limited & Ors [1969] 2 All ER 941 Xenos v Wickham (1866) LR 2 HL 296 DECISION : Application to set aside Statutory Demand dismissed.