Exception Holdings (in provisional liquidation) v Exception Finance [2005] NSWSC 690

New South Wales Supreme Court

CITATION : Exception Holdings (in provisional liquidation) v Exception Finance [2005] NSWSC 690

HEARING DATE(S) : 6/7/05 & 7/7/05

JUDGMENT DATE : 7 July 2005

JURISDICTION : Equity

JUDGMENT OF : Campbell J

DECISION : Provisional liquidator appointed

CATCHWORDS : CORPORATIONS - winding up - appointment of provisional liquidator - factors relevant to appointment - undertaking as to damages - powers appropriate to confer

Corporations Act 2001 (Cth) LEGISLATION CITED : Supreme Court Rules 1970

Clemada Pty Ltd v Hire It Pty Ltd (No.2) (1990) 3 ACSR 202 Collier v Howard (McLelland CJ in Eq, 23 April 1996, unreported) EPP National Buying Group Pty Ltd v Levy [2001] NSWSC 482 CASES CITED : Natural Extracts Pty Ltd v Stotter (Hely J, 18 December 1998, unreported) Triulcio v Chase Properties Investments Pty Ltd [2003] NSWSC 861 Wentworth v Rogers (Sperling J, 28 April 1995, unreported) Wentworth v Wentworth (Hodgson J, 12 June 1997, unreported):

Exception Holdings Pty Limited (in provisional liquidation) - First Plaintiff/Applicant PARTIES : Michael Joseph Patrick Ryan (as provisional liquidator of Exception Holdings Pty Ltd) - Second Plaintiff Exception Finance Pty Limited - Defendant/Respondent

FILE NUMBER(S) : SC 3164/05

D Robertson - Plaintiffs/Applicant COUNSEL : G K Burton SC - (for Mr Pomfret) C Brown, solicitor - (for Receiver & Manager of Exception Holdings)

Henry Davis York - Plaintiffs SOLICITORS : Dibbs Abbott Stillman - (for Mr Pomfret) NOT Lawyers - (Receiver & Manager of Exception Holdings)