Young v Sherman [2001] NSWSC 1020

(2001) 40 ACSR 12 Reported Decision : [2001] NSWSC 1020 [2001] ACL Rep 120 NSW 151 (2002) ACLC 149

New South Wales Supreme Court

CITATION : Young v Sherman [2001] NSWSC 1020 CURRENT JURISDICTION: Equity FILE NUMBER(S) : SC 2077/01 HEARING DATE(S) : 2 August 2001 JUDGMENT DATE : 13 November 2001

Derek Bernard Young as representative of The Australian Partnership known as Accenture (P) PARTIES : Steven Sherman in his capacity as Administrator of Agriculture.com Pty Limited (D1) Agriculture.com Pty Limited (Administrator Appointed) (D2) JUDGMENT OF : Austin J

COUNSEL : M Aldridge SC with J K Chippindall (P) T Castle (D) SOLICITORS : Rodd Peters, Lawyers (P) Henry Davis York (D) CATCHWORDS : CORPORATIONS - voluntary administration - whether application to challenge validity of deed of company arrangement or to terminate it requires leave of Court - whether chairman of creditors' meeting properly rejected creditors' claim for voting purposes, and whether chairman should have adjourned meeting - whether chairman correctly exercised his casting vote - whether deed providing for premium dividend to creditors from proceeds of litigation, if successful, was properly a 'deed of company arrangement' - whether deed should be terminated for non-disclosure or unfair prejudice LEGISLATION CITED : Corporations Act ss 435A, 435C, 439C, 440D, 444E, 445D, 445G, 447A, 600B Cresvale Far East Ltd (in liquidation) v Cresvale Securities Ltd (2001) 37 ACSR 394 Kalon v Sydney Land Corporation Pty Ltd (1998) 26 ACSR 593 CASES CITED : Paton v Campbell Capital Ltd (1993) 46 FCR 30 Re Dingle; Westpac Banking Corporation v Worrell (1993) 47 FCR 478 Zantiotis v Andrew (No.2) (1988) 80 ALR 299 DECISION : Originating process dismissed