ASIC v Karl Suleman Enterprizes Pty Ltd (In Liq) [2004] NSWSC 1244

Reported Decision : 52 ACSR 103

New South Wales Supreme Court

CITATION : ASIC v Karl Suleman Enterprizes Pty Ltd (In Liq) [2004] NSWSC 1244 HEARING DATE(S) : 06/12/04 JUDGMENT DATE : 17 December 2004

JURISDICTION: Equity Division Corporations List JUDGMENT OF : Barrett J DECISION : Order extending limitation period under s.588FF(3)(b)

CATCHWORDS : CORPORATIONS - winding up - voidable transactions - application for extension of limitation period - all identified potential defendants notified of application - none opposing - complex and intermingled administrations - continued difficulties in identifying cash flows and location of assets - greater progress likely if more time available LEGISLATION CITED : Corporations Act 2001 (Cth), s.588FF(3) BP Australia Ltd v Brown (2003) 58 NSWLR 322 Green v Chiswell Furniture Pty Ltd [1999] NSWSC 1179 CASES CITED : Greig v Stramit Corporation Pty Ltd [2004] 2 QdR 17 Holt v Wynter (2000) 49 NSWLR 129 McGrath v National Indemnity Company (2004) 49 ACSR 403 Re McGrath; HIH Insurance Ltd (2004) 48 ACSR 723 Australian Securities and Investments Commission - Plaintiff Karl Suleman Enterprizes Pty Limited (In Liquidation) - First Defendant Suleman Investments Limited - Second Defendant Karl Suleman - Third Defendant Vivian Suleman - Fourth Defendant Paul G. Weston and Neil R. Cussen (in their capacity as Liquidators of the First Defendant) - Fifth Defendants - Applicants PARTIES : Pal Holdings Pty Ltd (In Liquidation) - Sixth Defendant Froggy Holdings Pty Ltd - Seventh Defendant Froggy Music Pty Ltd - Eighth Defendant Froggy Mobiles Pty Ltd - Ninth Defendant Froggy Mobiles (Western Sydney) Pty Ltd - Tenth Defendant Froggy Mobiles (Eastern Sydney) Pty Ltd - Eleventh Defendant Capital Finance Australia Limited - Twelfth Defendant Jessie George - Thirteenth Defendant FILE NUMBER(S) : SC 5415/01 COUNSEL : Ms K.E. Burke - Applicants SOLICITORS : Coudert Brothers - Applicants