Parkston Limited (in liquidation), Application of [2000] NSWSC 919

Reported Decision : (2000) 35 ACSR 367

New South Wales Supreme Court

CITATION : Parkston Limited (in liquidation), Application of [2000] NSWSC 919 revised - 25/09/2000 CURRENT JURISDICTION: Equity FILE NUMBER(S) : SC 1546/90 HEARING DATE(S) : 31/08/00 JUDGMENT DATE : 31 August 2000

PARTIES : Martin Russell in his capacity as Official Liquidator of Parkston Limited (in liquidation) (Applicant) JUDGMENT OF : Santow J

Mention (Tricontinental) COUNSEL : J Hamilton (Sol.) (Gibraltar Factors) M Walton, SC/T G R Parker (State Bank of New South Wales/Bank of Western Australia) S Hedge (Sol.) (Liquidator Parkston Limited) Middleton Moore & Bevins (Tricontinental) SOLICITORS : Baker & McKenzie (Gibraltar Factors) Blake Dawson Waldron (State Bank of New South Wales/Bank of Western Australia) Kemp Strang (Liquidator Parkston Limited) CATCHWORDS : COSTS — Corporations — Recovery of costs for funding creditors under s564 of Corporations Law — to be paid from proceeds of recovery or by other creditors who strenuously opposed 100% recovery. LEGISLATION CITED : Corporations Law s564 CASES CITED : Brien & 1 Ors v Australasian Memory Pty Limited & 1 Ors ([2000] NSWSC 333, Santow J, unreported) Re Ken Godfrey Pty Ltd (in liq) (1994) 14 ASCR 610 DECISION : ORDERS; 1. The Applicant Liquidator's costs of this application including reserved costs be part of the costs, charges and expenses of the winding-up of Parkston Limited (in liq) ("the Company").; 2. The costs of SBNSW and Bankwest other than as provided in 3 below, shall be likewise part of the costs, charges and expenses of the winding-up of the Company.; 3. Ninety per cent of the costs attributable to the hearing on 9 June 2000 incurred by Tricontinental Corporation Limited and Gibraltar Factors Pty Limited (in liquidation) shall be paid by SBNSW and Bankwest in equal shares.; 4. All other costs of Tricontinental Corporation Limited and Gibraltar Factors Pty Limited (in liquidation) shall be part of the costs, charges and expenses of the winding-up of the Company.; Otherwise I note that I have earlier made the orders contained in the Short Minutes of Order of to-day's date.