Wily re Wire Lagoon [2003] NSWSC 997

Reported Decision : 48 ACSR 86

New South Wales Supreme Court

CITATION : Wily re Wire Lagoon [2003] NSWSC 997 HEARING DATE(S) : 29/09/03 (and written submissions 13/10/03) JUDGMENT DATE : 5 November 2003

JURISDICTION: Equity Division Corporations List JUDGMENT OF : Barrett J DECISION : No order

CATCHWORDS : CORPORATIONS - winding up - compromise or arrangement with certain creditors - attempt to implement scheme affecting all creditors by deed between liquidator and some creditors - deed purports to give one party creditor benefits comparatively more favourable than benefits of non-party creditors - deed containing provisions apparently unworkable and of uncertain operation - direction that liquidator justified in giving effect to deed not made LEGISLATION CITED : Corporations Act 2001 (Cth), ss.446A, 477, 501, 506, 563C British Eagle International Air Lines Ltd v Compagnie Nationale Air France [1975] 1 WLR 758 Coulls v Bagot's Executor & Trustee Co Ltd (1967) 119 CLR 460 Horne v Chester & Fien Property Pty Ltd (1986) 11 ACLR 485 CASES CITED : Isles v Daily Mail Newspaper Ltd (1912) 14 CLR 193 Mercantile Investment and General Trust Company v International Company of Mexico [1893] 1 Ch 484n Re Slade Constructions Pty Ltd [1970] SASR 561 United States Trust Company of New York v Australia and New Zealand Banking Group Ltd (1995) 37 NSWLR 131 PARTIES : Andrew Hugh Jenner Wily as Liquidator of Wire Lagoon Pty Ltd (in liq) - Applicant FILE NUMBER(S) : SC 4830/03 COUNSEL : Mr J.K. Chippindall - Plaintiff SOLICITORS : Bowles Lawyers Pty Ltd - Plaintiff