Zinc Corporation v Pasminco [2004] NSWSC 339

Reported Decision : 49 ACSR 129

New South Wales Supreme Court

CITATION : Zinc Corporation v Pasminco [2004] NSWSC 339 HEARING DATE(S) : 19 April 2004 JUDGMENT DATE : 27 April 2004 JURISDICTION: Equity JUDGMENT OF : Austin J DECISION : Leave granted under s 444E(3), on condition that the plaintiffs commence the substantive proceedings in either the Victoria District Registry of the Federal Court, or the Supreme Court of Victoria

CATCHWORDS : CORPORATIONS - administration under deeds of company arrangement - creditors bound by deeds seek leave to commence proceedings in Supreme Court of New South Wales against subject companies - deeds of company arrangement provide for proceedings to be commenced in Federal Court or Supreme Court of Victoria - defendants' application to transfer leave proceedings to Victoria denied - plaintiffs granted leave to commence substantive proceedings, on condition that they be commenced in Victorian court LEGISLATION CITED : Corporations Act 2001 (Cth), ss 58AA, 439A, 444A, 444B, 444D, 444E, 556 Acton Engineering Pty Ltd v Campbell (1991) 103 ALR 437 Akai Pty Ltd v People's Insurance Co Ltd (1996) 188 CLR 418 Aquila Resources Ltd v Spark [2004] FCA 39 Bankinvest AG v Seabrook (1988) 14 NSWLR 711 Compagnie des Maritimes v Wilson (1954) 94 CLR 577 Huddart Parker Ltd v The Ship "Mill Hill" (1950) 81 CLR 502 James Hardie & Co Pty Ltd v Barry (2000) 50 NSWLR 357 CASES CITED : KC Park Safe (SA) Pty Ltd v Adelaide Terrace Investments Pty Ltd (unreported, Federal Court of Australia, 15 May 1998) McCluskey v Pasminco Ltd (2002) 120 FCR 326 Meehan v Stockmans Australian Cafe (Holdings) Pty Ltd (1996) 22 ACSR 123 News Ltd v Australian Rugby Football League Ltd (1996) 64 FCR 410 Oceanic Sun Line Special Shipping Inc v Fay (1988) 165 CLR 97 Racecourse Betting Control Board v Secretary for Air [1944] Ch 114 Re AJ Benjamin Ltd (in liq) and the Companies Act (1969) 90 WN(Pt 1)(NSW) 107 The "Eleftheria" [1970] P 94 1446/04 The Zinc Corporation Pty Ltd ACN 004 551 622 (P1) Hamersley Resources Ltd ACN 004 887 656 (P2) Pasminco Australia Ltd (subject to a Deed of Company Arrangement) ACN 004 074 962 (D1) Pasminco Broken Hill Mine Pty Ltd (subject to a Deed of Company Arrangement) ACN 000 005 774 (D2) Pasminco Cockle Creek Smelter Pty Ltd (subject to a Deed of Company Arrangement) ACN 000 083 670 (D3) PARTIES : 1447/04 NBH Ltd (P1) Gunns Forest Products Pty Ltd (P2) Pasminco Australia Ltd (subject to a Deed of Company Arrangement) ACN 004 074 962 (D1) Pasminco Broken Hill Mine Pty Ltd (subject to a Deed of Company Arrangement) ACN 000 005 774 (D2) Pasminco Cockle Creek Smelter Pty Ltd (Subject to a Deed of Company Arrangement) ACN 000 083 670 (D3) FILE NUMBER(S) : SC 1446/04, 1447/04 COUNSEL : P M Wood (P/R) A J Meagher SC, G Lucarelli, A Maroya (D/A) SOLICITORS : Blake Dawson Waldron (P/R) Minter Ellison (D/A)