Rennie and Another v Remath Investment No 6 Pty [2002] NSWSC 672

New South Wales Supreme Court

CITATION : Rennie and Another v Remath Investment No 6 Pty [2002] NSWSC 672 FILE NUMBER(S) : SC 3696/00 HEARING DATE(S) : 13/06/02,14/06/02 JUDGMENT DATE : 30 July 2002

Kenneth John Rennie - 1st Plaintiff PARTIES : Jewelway Australia Pty Ltd (in liquidation) 2nd Plaintiff Remath Investment No 6 Pty (t/as John Fletcher International) - Defendant JUDGMENT OF : Gzell J

COUNSEL : F Kunc for the Plaintiffs R J Weber SC for the Defendant SOLICITORS : Deacons Lawyers for the Plaintiffs Aitken McLachlan & Thorpe Solicitors for the Defendant CATCHWORDS : CONTRACTS - General contractual principles - Construction and Interpretation of Contracts - No contractual right of set-off - Running account - CORPORATIONS - Winding up - Statutory right of set-off - Principles of set-off in bankruptcy - Rights to credits of sales tax - Prospective rights to refunds of customs duty - Whether set-off can be waived or abandoned - Corporations Law (Cth) s 553C Corporations Law (Cth) Trade Practices Act 1974 (Cth) Bankruptcy Act 1966 (Cth) LEGISLATION CITED : Finance Directions (Cth) Sales Tax Assessment Act 1992 (Cth) Customs Act 1901 Customs Regulation 1926 (Cth) Forster v Wilson (1843) 12 M & W at 191 at 204 (152 ER 1165 at 1171 Gye v McIntyre (1990-1991) 171 CLR 609 at 618 GM & AM Pearce and Co Pty Ltd v R G M Australia Pty Ltd (1997) 26ACSR 639 Re Paddington Town Hall Centre Ltd (in liquidation) (1979) 41 FLR 239 CASES CITED : Richardson v The Commercial Banking Co of Sydney Ltd (1951-1952) 85 CLR 110 at 113 Queensland Bacon Pty Ltd v Rees (1965-1966) 115 CLR 266. Opal Maritime Agencies Pty Ltd v Baltic Shipping Co (1998) 158 ALR 416 National Westminster Bank Ltd v Halesowen Presswork & Assemblies Ltd [1972] AC 785 at 812-813 Re Cushla Ltd [1973] 3 All ER 415 McPherson: The Law of Company Liquidation, 4th ed (1999) at 559 DECISION :