Perpetual Nominees v Masri Apartments; Perpetual Nominees v AUS Constructions [2004] NSWSC 551

Reported Decision : 49 ACSR 719 (2004) 22 ACLC 975

New South Wales Supreme Court

CITATION : Perpetual Nominees v Masri Apartments; Perpetual Nominees v AUS Constructions [2004] NSWSC 551 HEARING DATE(S) : 7 & 21 June 2004 JUDGMENT DATE : 24 June 2004 JURISDICTION: Equity JUDGMENT OF : Austin J DECISION : Orders to be made for winding up and appointment of liquidator

CATCHWORDS : CORPORATIONS - winding up - insolvency - statutory demand served but not received - whether for purposes of s 459S, company "could have" relied on genuine dispute as to debt and formal defects in demands, when it did not receive them within time - whether plaintiff's debt due and payable - whether court should decline relief on discretionary grounds where administrator supports a vague proposal for a deed of company arrangement Corporations Act 2001 (Cth), ss 459A, 459C, 459G, 459J, 459S, 461 LEGISLATION CITED : Corporations Regulations, Sch 2 Form 509H Supreme Court (Corporations) Rules 1999, rule 5.2 B & M Quality Constructions Pty Ltd v Buyrite Steel Supplies Pty Ltd (1994) 15 ACSR 433 Biron Capital Ltd v Velowing Pty Ltd [2003] NSWSC 1181 Daewoo Australia v Suncorp Metway (2000) 48 NSWLR 692 David Grant & Co Pty Ltd v Westpac Banking Corp (1995) 184 CLR 265 Equuscorp Pty Ltd v Perpetual Trustees WA Ltd (1997) 25 ACSR 675 CASES CITED : Lane Cove Council v Geebung (No 2) [2002] NSWSC 118 Mann v Goldstein [1968] 1 WLR 1091 Portrait Express (Sales) Pty Ltd v Kodak (Australasia) Pty Ltd (1996) 132 FLR 300 Spencer Constructions Pty Ltd v G & M Aldridge Pty Ltd (1997) 76 FCR 452 Switz Pty Ltd v Glowbind Pty Ltd (2000) 48 NSWLR 661 Victor Tunevitsch Pty Ltd v Farrow Mortgage Services Pty Ltd (in liq) (1994) 177 FLR 330 2513/04 Perpetual Nominees Ltd (P) PARTIES : Masri Apartments Pty Ltd (D) 2514/04 Perpetual Nominees Ltd (P) AUS Constructions Pty Ltd (D) FILE NUMBER(S) : SC 2513/04, 2514/04 COUNSEL : D McIntosh (Sol) (P) J Chippindall (D) SOLICITORS : Gadens Lawyers (P) M D Nikolaidis & Co (D)