In the matter of Actwane Pty Ltd [2002] NSWSC 572

Reported Decision : 42 ACSR 307

New South Wales Supreme Court

CITATION : In the matter of Actwane Pty Ltd [2002] NSWSC 572 CURRENT JURISDICTION: Equity FILE NUMBER(S) : SC 5990/01 HEARING DATE(S) : 24 June 2002 JUDGMENT DATE : 26 June 2002

PARTIES : Anthony Milton Sims, Receiver and Manager of Actwane Pty Ltd (in liq) (Receiver and Manager Appointed) (Applicant) Kevin Shirlaw, Liquidator of Actwane Pty Ltd (in liq) (Receiver and Manager Appointed) (Appearing by leave) JUDGMENT OF : Austin J

COUNSEL : C D Freeman (Applicant) G Cussen (Sol) (Liquidator) SOLICITORS : Walker Insolvency Lawyers (Applicant) Kemp Strang (Liquidator) CATCHWORDS : CORPORATIONS - receiver and manager appointed under instrument of charge - application for directions - whether court should give direction that receiver is justified in entering into agreement for sale of assets - whether court should give direction that it would not be unlawful for receiver to enter into agreement notwithstanding that purchaser is owned and controlled by appointor of receiver LEGISLATION CITED : Corporations Act 2001 (Cth) ss 9, 424 Deputy Commissioner of Taxation v Best & Less (Wollongong) Pty Ltd (1992) 7 ACSR 255 Farrar v Farrars Ltd (1888) 40 Ch D 395 Franbridge v Societe & Generale Finance Corporation Pty Ltd (1994) 14 ACSR 304 CASES CITED : Re North City Developments Pty Ltd; Ex parte Walker (1990) 20 NSWLR 286 Re One.Tel Networks Holdings Pty Ltd (2002) 14 ACSR 83 Re Vartex Petroleum Industries Pty Ltd (unreported, Supreme Court of New South Wales, Equity Division, 17 August 1989) Tse Kwong Lam v Wong Chit Sen [1983] 1 WLR 1349 DECISION : See last paragraph of Reasons for Judgment