NSW Caselaw
Reported Decision : 60 ACSR 223 (2006) 24 ACLC 1576
New South Wales Court of Appeal
CITATION: HIGHLAND v EXCEPTION HOLDINGS PTY LTD (in liquidation) and Another [2006] NSWCA 318
HEARING DATE(S): 16 June 2006
JUDGMENT DATE: 17 November 2006
JUDGMENT OF: Giles JA at 1; Hodgson JA at 31; Santow JA at 34
DECISION: Appeal dismissed with costs.
CATCHWORDS: CORPORATIONS – Voidness or otherwise of a charge under s267 Corporations Act 2002 (Cth) given to two directors in their trustee or executorial capacity – Principles of subrogation - Whether estate subrogated to security in favour of the Bank paid out by monies advanced under the charge later rendered void under s267.
Companies and Securities Legislation (Miscellaneous Amendments) Act 1985 (Cth) para 259, Explanatory Memorandum LEGISLATION CITED: Corporations Act 2001 (Cth) s418A Corporations Act 2002 (Cth) s267, s588FJ(1)(b)
400 Lonsdale Nominees Pty Ltd v Southern Cross Airlines Ltd (in liquidation) (1993) 10 ACSR 739 Banque Financiere de la Cite v Parc (Battersea) Ltd [1998] 2 WLR 475 Boscawen v Bajwa [1995] 4 All ER 769 Butler v Rice [1910] 2 Ch 277; [1908-10] All ER Rep 1017 Burston Finance Ltd v Speirway Ltd [1974] 1 WLR 1648 Capital Finance Co Limited v Stokes [1969] 1 Ch 261 Challenger Managed Investments Ltd v Direct Money Corporation Pty Limited [2003] NSWSC 1072 Cheltnam & Gloucester plc v Appleyard [2004] EWCA Civ 291 CASES CITED: Cochrane v Cochrane (1985) 3 NSWLR 403 Conference Assn Ltd v Mainline Constructions Pty Ltd (1978) 141 CLR 335 David Securities Pty Ltd v Commonwealth Bank (1992) 175 CLR 353 Ghana Commercial Bank v Chandiram [1960] AC 732 Melsom v Vanpress Pty Ltd (1993) 3 ACSR 109 Orakpo v Manson Investments Ltd [1978] AC 95 Pavey & Matthews Pty Ltd v Paul (1987) 162 CLR 221 Registrar General v Gill (NSWCA, Gleeson CJ, Mahoney and Priestley JJA, 16 August 1994, unreported, BC9402892) Saffron Sun Pty Ltd v Perma-Fit Finance Pty Ltd (in liq) [2005] NSWSC 1317 Union Bank of Australia v Harrison, Jones and Devlin Ltd (1910) 11 CLR 492
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