New Cap Reinsurance Corporation Ltd & Anor v All American Life Insurance Company [2004] NSWSC 366

Reported Decision : 49 ACSR 417 (2004) 22 ACLC 1043

New South Wales Supreme Court

CITATION : New Cap Reinsurance Corporation Ltd & Anor v All American Life Insurance Company [2004] NSWSC 366 HEARING DATE(S) : 19/04/04 JUDGMENT DATE : 5 May 2004

JUDGMENT OF : Gzell J DECISION : Interlocutory process dismissed with costs.

CATCHWORDS : CORPORATIONS - Winding Up - Unfair preferences - Reinsurance contracts - Bank issued letters of credit - Application to strike out statement of claim - Whether in pleading an unfair preference under the Corporations Act 2001 (Cth), s 588FA and affectation upon the company's assets must be identified - Whether in a multi-step transaction the date of entry upon the transaction must be identified - Whether all steps of the transaction must occur in the 6 month period ended on the relation-back day LEGISLATION CITED : Corporations Act 2001 (Cth) Supreme Court Rules 1970 Dey v Victorian Railways Commissioners (1948-1949) 78 CLR 62 General Steel Industries Inc v Commissioner for Railways (NSW) (1964) 112 CLR 125 Penthouse Publications Ltd v McWilliam (unreported, 14 March 1991, CA (NSW) CASES CITED : Mutual Life & Citizens' Assurance Co Ltd v Evatt (1970) 122 CLR 628 Re Emanuel (No 14) Pty Ltd (in liq) (1997) 147 ALR 281 Walsh v Natra Pty Ltd (2000) 1 VR 523 New Cap Reinsurance Corp Ltd v Somerset Marine [2003] NSWSC 540 Somerset Marine Inc v New Cap Reinsurance Corp Ltd (in liq) [2003] NSWCA 338 New Cap Reinsurance Corporation Ltd (in liq) - Plaintiff/Respondent PARTIES : John Raymond Gibbons (as liquidator of the first plaintiff - 2nd Plaintiff/Respondent All American Life Insurance Company - Defendant/Applicant FILE NUMBER(S) : SC 2369/02 COUNSEL : Mr B Coles QC with Ms L McCallum for the Plainitffs/Respondents Mr Robinson SC for the Defendant/Applicant SOLICITORS : Henry Davis York Lawyers Holdings Redlich