GIO Australia Holdings Ltd v. Stewart Horner Steffey [2001] NSWSC 928

(2001) 39 ACSR 545 Reported Decision : [2001] NSWSC 928 [2001] ACL Rep 325 NSW 380

New South Wales Supreme Court

CITATION : GIO Australia Holdings Ltd v. Stewart Horner Steffey [2001] NSWSC 928 CURRENT JURISDICTION: Equity Division Commercial List FILE NUMBER(S) : SC 50156/99 HEARING DATE(S) : 18 October 2001 JUDGMENT DATE : 19 October 2001

GIO Australia Holdings Limited [Plaintiff] PARTIES : Stewart Horner Steffey [Defendant] Macquarie Bank Limited [First Cross Defendant, Second Cross Claim] JUDGMENT OF : Palmer J

A.G. Bell [Plaintiff] COUNSEL : Justin T. Gleeson SC, M.J. Leeming [Defendant] L.C. Buchanan (Solicitor) [First Cross Defendant] Minter Ellison [Plaintiff] SOLICITORS : Corrs Chambers Westgarth [Defendant] Clayton Utz [First Cross Defendant] CATCHWORDS : PRACTICE AND PROCEDURE - Application for determination of separate question under Part 31 Rule 2, Supreme Court Rules - principles to be applied - complex issues of fact raising questions of credit - separate question raises too much hypothesis and risk of futility. Held: Application for trial of separate question refused. LEGISLATION CITED : Supreme Court Rules - Part 31 Rule 2 Corporations Law (as it then was) - s.232(4), s.995(2) CASES CITED : Tallglen Pty Ltd v Pay TV Holdings Pty Ltd (1996) 22 ACSR 130 DECISION : Application for trial of separate question refused.

1 These proceedings arise out of the take-over of GIO Australia Holdings Limited ("GIO") by AMP Limited which was announced on 11 August 1998 and completed in January 1999. The Plaintiff in the proceedings is GIO and the Defendant, Mr Steffey, was its Managing Director and Chief Executive Officer between 1 July 1998 and 15 January 1999.