McGrath & Ors v National Indemnity Company [2004] NSWSC 391

Reported Decision : 49 ACSR 403

New South Wales Supreme Court

CITATION : McGrath & Ors v National Indemnity Company [2004] NSWSC 391 HEARING DATE(S) : 10/03/04, 12/03/04, 03/05/04, 04/05/04 JUDGMENT DATE : 11 May 2004

JURISDICTION: Equity Division Corporations List JUDGMENT OF : Barrett J DECISION : Leave to proceed granted. Order extending time for liqiuidators' application.

CATCHWORDS : CORPORATIONS - winding up - voidable transactions - extension of time for liquidator to initiate challenge - particular party targetted - party domiciled in foreign country - need for party to be defendant and to be served - construction of s.588FF(3)(b) - conditions necessary for extension to be granted LEGISLATION CITED : Corporations Act 2001 (Cth), ss.5888FF(1), 5888FF(3)(b) Supreme Court Rules, Part 1 rule 8, Part 10 rules 2, 4 and 5, Part 20 rule 1 Agar v Hyde (2000) 201 CLR 552 Australia and New Zealand Banking Group Ltd v Laros (1987) 13 NSWLR 286 BP Australia Ltd v Brown (2003) 46 ACSR 677 BP Exploration Co (Libya) Ltd v Hunt [1980] 1 NSWLR 497 CASES CITED : Cameron v Cole (1944) 68 CLR 571 Greig v Australian Building Pty Ltd (2003) 21 ACLC 1565 McGrath re HIH Insurance Ltd (2004) 22 ACLC 449 New Cap Reinsurance Corporation Ltd v Renaissance Reinsurance Ltd (2002) 43 ACSR 65 Staff Membranes Pty Ltd v Synflex Industries (International) Inc [1984] 2 NSWLR 116 Anthony Gregory McGrath and Alexander Robert Mackay Macintosh as the joint liquidators of the HIH Companies - First Plaintiffs HIH Insurance Limited (In Liquidation) - Second Plaintiff FAI Traders Insurance Company Pty Limited (In Liquidation) - Third Plaintiff World Marine & General Insurances Pty Limited (In Liquidation) - Fourth Plaintiff HIH Underwriting & Insurance (Australia) Pty Limited (In Liquidation) - Fifth Plaintiff United Body Works (Qld) Limited (In Liquidation) - Sixth Plaintiff Lanlex No 65 Pty Limited (In Liquidation) - Seventh Plaintiff FAI Leasing Finance Pty Limited (In Liquidation) - Eighth Plaintiff FAI Insurances Limited (In Liquidation) - Ninth Plaintiff PARTIES : CIC Insurance Limited (In Liquidation) - Tenth Plaintiff FAI Investments Pty Ltd (In Liqiuidation) - Eleventh Plaintiff FAI General Insurance Company Ltd (In Liquidation) - Twelfth Plaintiff FAI Overseas Investments Pty Limited (In Liquidation) - Thirteenth Plaintiff HIH Casualty & General Insurance Limited (In Liquidation) - Fourteenth Plaintiff HIH Overseas Holdings Limited (In Liquidation) - Fifteenth Plaintiff FAI Financial Services Limited (In Liquidation) - Sixteenth Plaintiff FAI Overseas Holdings Pty Limited (In Liquidation) - Seventeenth Plaintiff FAI Reinsurances Pty Limited (In Liquidation) - Eighteenth Plaintiff HIH Underwriting And Agency Services Limited (In Liquidation) - Nineteenth Plaintiff National Indemnity Company - Defendant FILE NUMBER(S) : SC 1877/04 COUNSEL : Mr M B Oakes SC - Plaintiffs SOLICITORS : Blake Dawson Waldron - Plaintiffs