NSW Caselaw
Reported Decision : 54 ACSR 214
New South Wales Supreme Court
CITATION : Scott Bradley Kershaw in his capacity as liquidator of Equiticorp Tasman Ltd [2005] NSWSC 313
HEARING DATE(S) : 21/02/03 Written submissions: 09/03/05, 14/03/05, 05/04/05
JUDGMENT DATE : 13 April 2005
Equity Division JURISDICTION : Corporations List
JUDGMENT OF : Barrett J
DECISION : Short minutes to be brought in
CATCHWORDS : CORPORATIONS - winding up - winding up under Companies (New South Wales) Code - surplus after payment in full of debts proved in accordance with bankruptcy rules - whether claims admissible apart from bankruptcy rules should be entertained - whether claims for post-liquidation interest should be entertained - priority between these two classes of claims - identifying point at which surplus established - efficacy of subordination provisons affecting convertible unsecured notes - where payment covenants between borrowing company and trustee - content of covenants affected by terms of issue of notes - equitable debts of noteholders
Companies Act 1862, s.158 LEGISLATION CITED : Companies (New South Wales Code), ss.438, 439 Judicature Act 1875, s.10
Australia and New Zealand Banking Group Ltd v National Mutual Life Nominees Ltd (1977) 137 CLR 252 Dunderland Iron Ore Co Ltd [1909] 1 Ch 446 Federal Commissioner of Taxation v Unilever Australia Securities Ltd (1995) 127 ALR 437 Fielding v Vagrand Pty Ltd (1992) 39 FCR 251 Gandy v Gandy (1885) 30 ChD 57 Gerah Imports Pty Ltd v The Duke Group Ltd (2004) 88 SASR 419 MacKenzie v Rees (1941) 65 CLR 1 Re Autolook Pty Ltd; O'Brien v Bills (1983) 2 ACLC 30 Re Empress Engineering Co (1880) 16 ChD 125 Re Fine Industrial Commodities Ltd [1956] Ch 256 CASES CITED : Re Gye and Perkes; Ex parte McIntyre (1989) 89 ALR 460 Re Humber Ironworks and Shipbuilding Company (Warrant Finance Company's case) (1869) LR 4 Ch App 643 Re Islington Metal and Plating Works Ltd [1983] 3 All ER 218 Re Milan Tramways Co; ex parte Theys (1884) 25 ChD 587 Re NIAA Corporation Ltd(1993) 33 NSWLR 344 Re Rolls-Royce Ltd [1974] 3 All ER 646 Re Tahore Holdings Pty Ltd (2004) 49 ACSR 550 Stewart v Latec Investments Ltd [1968] 1 NSWR 432 The Duke Group Ltd v Pilmer (1993) SASC 3991 United States Trust Co of New York v Australia and New Zealand Banking Group Ltd (1993) 11 ACSR 7 United States Trust Co of New York v Australia and New Zealand Banking Group Ltd (1995) 37 NSWLR 131
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