Enron Australia v TXU Electricity [2003] NSWSC 1169

Reported Decision : 48 ACSR 266 (2004) 22 ACLC 596

New South Wales Supreme Court

CITATION : Enron Australia v TXU Electricity [2003] NSWSC 1169 HEARING DATE(S) : 4 July 2003 (and subsequent supplementary submissions) JUDGMENT DATE : 24 December 2003 JURISDICTION: Equity JUDGMENT OF : Austin J DECISION : Separate question answered to the effect that s 568(1B) of the Corporations Act does not empower the Court to make an order varying contractual rights and liabilities in the manner sought

CATCHWORDS : CORPORATIONS - liquidation - disclaimer of onerous property - whether s 568(1B) of the Corporations Act empowers the Court to make an order varying contractual rights and liabilities by requiring a contractual party to exercise rights under the contract so as to bring forward in time the obligations of the parties with respect to settlement and payment LEGISLATION CITED : Corporations Act 2001 (Cth) ss 568, 568B, 568C, 568D, 568E, 568F Capital Prime Properties Plc v Worthgate Ltd (in liq) [2000] 1 BCLC 647 Ex parte Arnal (1883) 24 ChD 26 Ex parte Brook (1878) 10 Ch D 100 Ex parte Glegg (1881) 19 Ch D 7 Ex parte Hart-Dyke (1882) 22 Ch D 410 Ex parte Isherwood (1882) 21 ChD 384 Ex parte Stephens (1877) 7 Ch D 127 Global Television Pty Ltd v Sports Vision Australia Pty Ltd (in liq) (2000) 35 ACSR 484 Hindcastle Ltd v Barbara Attenborough Ltd [1997] AC 70 CASES CITED : Re ABC Coupler and Engineering Co Ltd (No 3) [1970] 1 All ER 650 Re Downer Enterprise Ltd [1974] 2 All ER 1074 Re Lundy Granite Co (1871) 6 Ch App 462 Re Middle Harbour Investment Ltd (in liq) [1977] 2 NSWLR 652 Re Moser (1884) 13 QBD 738 Re Oak Pits Colliery (1882) 21 Ch D 322 Re Tulloch Ltd (in liq) (1977) 3 ACLR 808 Rothwells Ltd (in liq) v Spedley Securities Ltd (in liq) (1990) 20 NSWLR 417 Sandtara Pty Ltd v Abigroup Ltd (1996) 42 NSWLR 491 Workers Compensation Board (Qld) v Technical Products Pty Ltd (1988) 165 CLR 642 Anthony Milton Simms and Neil John Singleton in their capacity as liquidators of Enron Australia Finance Pty Ltd (in liq) (P) PARTIES : TXU Electricity Ltd (D1) Yallourn Energy Pty Ltd (D2) FILE NUMBER(S) : SC 4873/02 COUNSEL : Mr J Sheahan SC with Mr V F Kerr (P) Mr A C Archibald QC with Ms S R Horgan (D) SOLICITORS : Baker & McKenzie (P) Blake Dawson Waldron (D)