Aldridge Electrical Industries P/L v Mobitec AB [2001] NSWSC 823

(2001) 39 ACSR 287 Reported Decision : [2001] NSWSC 823 [2001] ACL Rep 120 NSW 125 (2002) 20 ACLC 99

New South Wales Supreme Court

CITATION : Aldridge Electrical Industries P/L v Mobitec AB [2001] NSWSC 823 CURRENT JURISDICTION: Equity FILE NUMBER(S) : SC 4434/00 HEARING DATE(S) : 14/05/01 JUDGMENT DATE : 20 September 2001

PARTIES : Aldridge Electrical Industries Pty Limited (ACN 075 367 458) (Plaintiff) Mobitec AB (Defendant) JUDGMENT OF : Santow J

COUNSEL : I R Sanderson (Plaintiff/Appellant) M K Minehan (Defendant/Respondent) SOLICITORS : Rowley & Ross Lawyers (Plaintiff/Appellant) Letherbarrow Laywers (Defendant/Respondent) CATCHWORDS : CORPORATIONS - Statutory demands arising from a transaction in foreign currency - Convenient but reasonably contemporaneous date chosen in the Statutory Demand for conversion of foreign currency to A$ - If a defect, because not an appropriate date - no evidence adduced to demonstrate "substantial injustice" to debtor for purposes of s459J - no offsetting claim. LEGISLATION CITED : Corporations Law s459E; s459H; s459J Corporations Regulations (reg 1.0.03 and reg 1.0.04) Byrne v Australian Airlines Limited (1995) 185 CLR 410 Daewoo Australia Pty Limited v Suncorp Metway Limited (2000) 48 NSWLR 692 Re Ikin, ex parte Lambourghini Tractors of Australia Pty Limited (1985) 4 FCR 582 MEC Import Sales v Iozzelli (1998) 16 ACLC 1,617 CASES CITED : Miliangos v George Frank (Textiles) Limited [1976] AC 443 Ronnoc Finance Limited v Spectrum Network Systems Limited (Santow J, SCNSW, 14 August 1996, unreported) Spencer Constructions v G&M Aldridge (1997) 15 ACLC 1,001 Sturdy Components Pty Limited v Burositzmobelfabrik Friedrich W Dauphin Gmbh & Company [1999] NSWSC 595 Topfelt Pty Limited v State Bank of NSW Limited (1994) 12 ACLC 15 Vehicle Wash Systems Pty Limited v Mark VII Equipment Inc (1997) 80 FCR 571 DECISION : Appeal from decision of Master fails.