National Australia Bank Ltd v Market Holdings Pty Ltd [2000] NSWSC 1009

(2000) 50 NSWLR 465 Reported Decision : (2000) 158 FLR 201 (2000) 35 ACSR 572 (2000) 18 ACLC 844

New South Wales Supreme Court

CITATION : National Australia Bank Ltd v Market Holdings Pty Ltd [2000] NSWSC 1009 CURRENT JURISDICTION: Equity Division FILE NUMBER(S) : SC 4091/2000 HEARING DATE(S) : 19/10/2000 JUDGMENT DATE : 26 October 2000

National Australia Bank Limited (P1) PARTIES : National Markets Group Limited (P2) Market Holdings Pty Limited (in liq)(D1) John Sheahan (D2) JUDGMENT OF : Young J

COUNSEL : J T Gleeson and R A Dick (P) G C Lindsay SC, J B Whittle SC and M Dicker (D) SOLICITORS : Freehills (P) Piper Alderman (D) CATCHWORDS : CORPORATIONS [259]- Winding up- Creditors' meeting- Who is a creditor CORPORATIONS [337]- Irregularity- Substantial injustice- Creditor whose vote might not affect result denied a voice- No relief given to Company. LEGISLATION CITED : Corporations Law ss 109H, 109J, 249H, 294, 297, 411, 447B, 459H, 459P, 494, 497, 553, 553C, 1322 Alati v Wei Sheung (2000) 34 ACSR 489 Australian Hydrocarbons NL v Green (1985) 10 ACLR 72 Bond Corporation Holdings Ltd v Western Australia (1992) 7 ACSR 472 Brash Holdings Ltd v Katile Pty Ltd [1996] 1 VR 24 Brayson Motors Pty Ltd v Federal Commissioner of Taxation (1985) 156 CLR 651 Re Broadway Motors Holdings Pty Ltd (in liq) (1986) 11 ACLR 495 Re Buiscex Ltd v Panfida Foods Ltd (in liq) (1998) 28 ACSR 357 Re Community Development Pty Ltd [1969] Qd R 1 Community Development Pty Ltd v Engwirda Construction Co Ltd (1969) 120 CLR 455 Re Compaction Systems Pty Ltd [1976] 2 NSWLR 477 Day & Dent Constructions Pty Ltd v North Australian Properties Pty Ltd (1982) 150 CLR 85 Electro Research International Pty Ltd v Stec (1996) 20 ACSR 320 Forster v Wilson (1843) 12 M & W 191; 152 ER 1165 Re Glendale Land Development Ltd [1982] 2 NSWLR 563 Re Harvest Lane Motor Bodies Ltd [1969] 1 Ch 457 Holmes v Life Funds of Australia Ltd [1971] 1 NSWLR 860 CASES CITED : Re John Plunkett Consolidated Pty Ltd (No 2) (1977) 3 ACLR 285 Mamouney v Soliman (1992) 9 ACSR 63 Mandarin International Developments Pty Ltd v Growthcorp (Aust) Pty Ltd (1998) 143 FLR 408 In re Midland Coal Coke & Iron Co (Craig's Claim) [1895] 1 Ch 267 Mitropoulos v Greek Orthodox Church & Community of Marrickville & District Ltd (1993) 10 ACSR 134 Molit (No 55) Pty Ltd v Lam Soon Australia Pty Ltd (1996) 63 FCR 391 Re Movitor Pty Ltd (1996) 64 FCR 380 Re North Bucks Furniture Depositories Ltd [1939] 2 All ER 549 Petrochemical Industries Ltd v Dempster Nominees Pty Ltd (1995) ACSR 468 Reuters Australia Pty Ltd v The Credit Connection Pty Ltd [2000] NSWSC 221 Roy Morgan Research Centre Pty Ltd v Wilson Market Research Pty Ltd (1996) 39 NSWLR 311 Re PW Saddington & Sons Pty Ltd (1990) 19 NSWLR 674 Stein v Blake [1995] 2 BCLC 94 Talbot v NRMA Holdings Ltd (1996) 21 ACSR 577 Re Telegraph Construction Co (1870) LR 10 Eq 384 Vincent, White & Associates Pty Ltd v Vouris (1998) 28 ACSR 93 Wentworth v Wentworth (Young J 12.12.1994) DECISION : Plaintiffs succeed. Short minutes of order to be brought in.