Rupert Co Ltd v Chameleon Mining NL [2004] NSWSC 1261

New South Wales Supreme Court

CITATION : Rupert Co Ltd v Chameleon Mining NL [2004] NSWSC 1261 HEARING DATE(S) : 24 & 25 November 2004 JUDGMENT DATE : 22 December 2004 JURISDICTION: Equity Corporations List JUDGMENT OF : Smart AJ at 1 DECISION : See paras 69 and 70

CATCHWORDS : Winding-Up - Application to set aside Statutory Demand dismissed - Moneys claimed not paid into Court - Failure to satisfy Court that defendant company is solvent - discretion exercised to wind up the defendant LEGISLATION CITED : Corporations Act s 459 Ace Contractors & Staff Pty Ltd v Westgarth Development Pty Ltd BC 990 at 2928 CASES CITED : Commonwealth Bank v Begonia & Ors 11 ACLR 1075 at 1081 Hamilhall Pty Ltd v A T Phillips Pty Ltd (1994) 54 FCR 173 Re Presla Engineering (Aust) Pty Ltd (1983) 1 ACLC 675 at 676 PARTIES : Rupert Company Limited v Chameleon Mining NL FILE NUMBER(S) : SC 4822/04 COUNSEL : (P) G Carolan (D) G McVay SOLICITORS : (P) Webster O'Halloran & Associates (D) Spencer Whitby & Co

IN THE SUPREME COURT OF NEW SOUTH WALES EQUITY DIVISION CORPORATIONS LIST

SMART AJ

Wednesday, 22 December 2004

4822/04: RUPERT COMPANY LIMITED v CHAMELEON MINING NL JUDGMENT 1 By its application filed 1 September 2004 Rupert Company Limited (Rupert) seeks the winding up of Chameleon Mining NL (Chameleon). In December 2003 Rupert served a statutory demand upon Chameleon for the payment of $200,000, being the balance of expenditure costs undertaken on six Prospecting Licenses in Fiji with a verifying affidavit.

2 On 2 August 2004. Emmett J, sitting in the Federal Court of Australia dismissed Chameleon's application to set aside the statutory demand and ordered Chameleon to pay Rupert's costs of that application. Emmett J stayed these orders up to and including 9 August 2004 and ordered that upon Chameleon paying $205,000 into Court the earlier orders be dissolved and the following orders take effect: (a) The further hearing of the proceeding be adjourned to a date to be fixed