ASIC v EDWARDS [2005] NSWSC 831

Reported Decision : 54 ACSR 583

New South Wales Supreme Court

CITATION : ASIC v EDWARDS [2005] NSWSC 831

HEARING DATE(S) : 14/02/05, 15/02/05, 16/02/05, 17/02/05, 18/02/05, 22/02/05, 23/02/05, 24/02/05, 25/02/05, 28/02/05, 01/03/05, 02.03/05, 03/03/05, 21/03/05, 22/03/05, 23/03/05, 24/03/05. Written submissions: 18/04/05, 13/05/05, 01/06/05

JUDGMENT DATE : 24 August 2005

Equity Division JURISDICTION : Corporations List

JUDGMENT OF : Barrett J

DECISION : Declarations of contravention under Corporations Act 2001 (Cth), s.1317E.

CATCHWORDS : CORPORATIONS - insolvent trading - directors' liability - whether debts incurred - whether company insolvent - whether reasonable grounds for suspecting insolvency existed - whether defendant director aware of such grounds - whether defendant director failed to prevent incurring of debts - whether any defence available - CONTRACTS - general contractual principles - whether contract formed - whether case within any of first, second and fourth Masters v Cameron categories - RESTITUTION - restitution arising from incomplete contract - performance of work in expectation of reward - entitlement to quantum meruit - when quantum meruit debts incurred

LEGISLATION CITED : Corporations Act 2001 (Cth), ss.95A, 588G, 588H, 1317E

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