Rocco Triulcio v Chase Property Investments Pty Ltd [2004] NSWSC 311

New South Wales Supreme Court

CITATION : Rocco Triulcio v Chase Property Investments Pty Ltd [2004] NSWSC 311 revised - 27/04/2004 HEARING DATE(S) : 05/04/04, 06/04/04, 07/04/04, 08/04/04 JUDGMENT DATE : 23 April 2004

JUDGMENT OF : Gzell J DECISION : Winding up orders to be made. Cross claim for compulsory acquisition of plaintiff's shares dismissed.

CATCHWORDS : CORPORATIONS - Winding Up - Quasi-partnerships - Solvent company group owning properties put out on lease - Breakdown of mutual confidence - Whether compulsory acquisition of plaintiff's shares and alternative remedy to winding up on just and equitable ground - Whether plaintiff oppressed the majority - Unaudited accounts containing incorrect entries - Inability to audit loan accounts - Cash missing LEGISLATION CITED : Corporations Act 2001 (Cth) Ebrahimi v Westbourne Galleries Ltd [1973] AC 360 Alessi v The Original Australian Art Co Pty Ltd (1989) 7 ACLC 595 Stapp v Surge Holdings Pty Ltd (1999) 17 ACLC 896 International Hospitality Concepts Pty Ltd v National Marketing Concepts Inc (No 2) (1994) 13 ACSR 368 Wallington v Kokotovich Constructions Pty Ltd (1993) 11 ACLC 1207 Kokotovich Constructions Pty Ltd v Wallington (1995) 13 ACLC 1113 Alati v Wei Sheung (2000) 34 ACSR 489 CASES CITED : Re Johnson Corporation Ltd (1980) 5 ACLR 227 McPherson 173 n 304 and Host-Plus Pty Ltd v Australian Hotels Association [2003] VSC 145 Bernhardt v Beau Rivage Pty Ltd (1989) 15 ACLR 160 Re Dalkeith Investments Pty Ltd (1984) 9 ACLR 247 Mincom Pty Ltd v Murphy [1983] 1 Qd R 297 Re Brylyn No 2 Pty Ltd (1987) 12 ACLR 697 Malos v Malos (2003) 44 ACSR 511 Watson v James [1999] NSWSC 600 McPherson, The Law of Company Liquidation, 4th ed, LBC Information Services, Sydney, 1999 Rocco Triulcio - Plaintiff/ First Cross Defendant Chase Property Investments Pty Ltd - First Defendant/ First Cross Claimant Chase (No. 1) Property Investments Pty Ltd - Second Defendant/ Second Cross Claimant Chase (No. 2) Property Investments Pty Ltd - Third Defendant/ Third Cross Claimant Chase (No. 3) Property Investments Pty Ltd - Fourth Defendant/ Fourth Cross Claimant M.T. Management Pty Ltd - Fifth Defendant/ Fifth Cross Claimant Rombade Pty Ltd - Sixth Defendant/ Sixth Cross Claimant Get'm Pty Ltd - Seventh Defendant/ Seventh Cross Claimant PARTIES : Sant Victoria Pty Ltd - Eighth Defendant/ Eighth Cross Claimant Mancinis Victoria Pty Ltd - Ninth Defendant/ Ninth Cross Claimant Bakaras Australia Pty Ltd - Tenth Defendant/ Tenth Cross Claimant Anthony Stephen Elias - Second Cross Defendant Bartholemew James Elias - Third Cross Defendant Daniel Joseph Elias - Fourth Cross Defendant Gregory David Elias - Fifth Cross Defendant Elias Holdings Pty Ltd - Sixth Cross Defendant Carmelo Antonio Giorgio - Seventh Cross Defendant FILE NUMBER(S) : SC 3778/03 COUNSEL : Mr V R W Gray - Plaintiff/1st Cross Defendant Mr C R C Newlinds SC/ Mr D A Smallbone - 1st to 10th Defendants/ 1st to 10th Cross Claimants Abbott Tout Solicitors - Plaintiff/1st Cross Defendant SOLICITORS : John de Mestre & Co Solicitors - 1st to 10th Defendants/ 1st to 10th Cross Claimants David M Carson Solicitor - 2nd to 7th Cross Defendants