Cresvale Far East v Cresvale Securities (No.2) [2001] NSWSC 791

(2001) 39 ACSR 622 Reported Decision : [2001] NSWSC 791 [2001] ALC Rep 325 NSW 410

New South Wales Supreme Court

CITATION : Cresvale Far East v Cresvale Securities (No.2) [2001] NSWSC 791 CURRENT JURISDICTION: Equity FILE NUMBER(S) : SC 3672/00 HEARING DATE(S) : 10 April 2001 JUDGMENT DATE : 10 September 2001

Cresvale Far East Limited (In liquidation) (P) Cresvale Securities Limited (Subject to Deed of Company Arrangement) (D1, CD1) PARTIES : Vanda Russell Gould (D2, CD2) Cresvale Capital Pty Limited (Iin liquidation) (D3, CC) Nigel Peter Kirwan (D4, CD3) JUDGMENT OF : Austin J

M Cashion (P) COUNSEL : Mr J Thomson (CC, D3) Mr R Dubler (D1, CD1, D2, CD2) Mr R Darke (D4, CD3) Minter Ellison (P) SOLICITORS : Blake Dawson Waldron (CC, D3) Henry Davis York (D1, CD1, D2, CD2) John A Glynn & Associates (D4, CD3) CATCHWORDS : PRACTICE AND PROCEDURE - costs - where deed administrator and company under deed of company administration are both defendants, and plaintiff succeeds - when administrator personally liable CORPORATIONS - deed of company arrangement - administrator's right of indemnity - when defeated by administrator's conduct LEGISLATION CITED : Corporations Act 2001 (Cth), ss 435C, 443D, 443F, 447E, 448B, 532 Aboriginal and Torres Strait Island Commission v Jurnkurakurr Aboriginal Resource Centre Aboriginal Corporation (in liq) (1992) 110 FLR 1 Adsett v Berlouis (1992) 37 FCR 201 Aiden Shipping Co Ltd v Interbulk Ltd [1985] 1WLR 1222 Cinema Plus Ltd (Administrator's Appointed) v Australia and New Zealand Banking Group Ltd [2000] NSWCA 195 City & Suburban Pty Ltd v Smith (Federal Court of Australia, 31 July 1998, unreported Commissioner for Corporate Affairs v Harvey [1980] VR 669 Commonwealth of Bank of Australia v Butterell (1994) 35 NSWLR 64 Deputy Commissioner of Taxation v Yates Security Services Pty Ltd (1998) 16 ACLC 448 Knight v FP Special Assets Ltd (1992) 174 CLR 178 Leicester v Walton (Court of Appeal of New South Wales, Priestley, Sheller and Cole JJA, 7 November 1995, unreported, BC9501770 Re Beddoe; Downes v Cottam [1893] 1 Ch 547 Re Biposo Pty Ltd; Condon v Rogers (1995) 17 ACSR 730 Re Bolt & Co [1895] 1 Ch 333 Re Giga Investments Pty Ltd (Federal Court of Australia, Branson J, 8 September 1995, BC 9502887 CASES CITED : Re Obie Pty Ltd (1983) 1 ACLC 1353 Re Queensland Stations Pty Ltd (1991) 9 ACLC 1341 Re Shanks Byrne Industries Pty Ltd [1979] 2 NSWLR 880 Re Wilson Lovatt & Sons Ltd [1977] 1 All ER 274 Shirlaw v Taylor (1991) 31 FCR 222 Sichell's Case (1867) 3 Ch App 119 Surber v Lean [2000] WASCA 380 Sydney Land Corporation Pty Ltd v Kalon Pty Ltd (1998) 16 ACLC 93 The Bell Group Ltd v Westpac Banking Corporation (1997) 16 ACLC 65 Ungar v Haddonstone Pty Ltd (In Admin) [1999] NSWSC 250 Van den Hurk v R Martens & Co Ltd [1920] 1 KB 850 Waste Recycling and Processing Services of New South Wales v Local Government Recycling Co-operative Ltd (Supreme Court of New South Wales, 30 June 1999, unreported Wentworth v Wentworth [2000] NSWCA 350 Weston v Carling Constructions Pty Ltd (2000) 175 ALR 202 Wood v Laser Holdings Ltd (Supreme Court of Victoria, Hansen J, 23 February 1996, unreported DECISION : Orders as per paragraphs 8, 9, 10 and 11 of the draft short minutes (see paragraph 5)