NSW Caselaw
56 ACSR 528 Reported Decision : 65 NSWLR 281 (2006) 24 ACLC 165
New South Wales Supreme Court
CITATION : ASIC v Vines [2005] NSWSC 1349
HEARING DATE(S) : 15 & 16 December 2005
JUDGMENT DATE : 23 December 2005
JURISDICTION : Equity
JUDGMENT OF : Austin J
DECISION : Relief from liability not granted to first or second defendant
CATCHWORDS : CORPORATIONS - failure by first and second defendants as officers to discharge statutory duty of care and diligence - whether they should be relieved from liability under s 1317JA or s 1318 - history of provisions - legal requirements for relief - discretionary factors - significance of whether conduct was reasonable
Corporations Act 2001 (Cth), ss 1400, 1403 LEGISLATION CITED : Corporations Law, ss 232, 1317EA, 1317JA, 1318 Trustee Act 1925 (NSW), s 85
Advance Bank Australia Ltd v FAI Insurances Ltd (1987) 9 NSWLR 464 ASIC v Adler (2002) 42 ACSR 80 ASIC v Plymin (No 2) (2003) 21 ACLC 1237 ASIC v Vines [2005] NSWSC 738 ASIC v Whitlam (No 2) (2002) 42 ACSR 515 Circle Petroleum (Qld) Pty Ltd v Greenslade (1998) 16 ACLC 1577 Commonwealth Bank v Friedrich (1991) 5 ACSR 115 Daniels v Anderson (1995) 37 NSWLR 438 Dimond Manufacturing Co Ltd v Hamilton [1969] NZLR 609 Edwards v Attorney General (2004) 60 NSWLR 667 Gamble v Hoffman (1997) 24 ACSR 369 Kenna & Brown Pty Ltd v Kenna (1999) 32 ACSR 430 Lasscock's Nurseries Ltd (in liq) v Lyons & Leader Ltd [1940] SASR 251 Lawson v Mitchell [1975] VR 579 CASES CITED : Maelor Jones Investments (Noarlunga) Pty Ltd v Heywood-Smith (1989) 7 ACLC 1232 Manpac Industries Pty Ltd v Ceccattini (2002) 20 ACLC 1304 Pacific Acceptance Corporation Ltd v Forsyth (1970) 92 WN (NSW) 29 Partridge v Equity Trustees Executors & Agency Co Ltd (1947) 75 CLR 149 Permakraft (NZ) Ltd (in liq) v Nicholson (1982) 1 ACLC 488 Re Brazilian Rubber Plantations and Estates Ltd [1911] 1 Ch 425 Re City Equitable Fire Insurance Co Ltd [1925] Ch 407 Re Claridge's Patent Asphalte Co Ltd [1921] 1 Ch 543 Re HIH Insurance (in prov liq); ASIC v Adler (2002) 42 ACSR 80 Reiffel v ACN 075 839 266 Ltd (2003) 45 ACSR 67 Rich v ASIC (2004) 78 ALJR 1354 Standard Charted Bank of Australia v Antico (Nos 1 & 2) (1995) 38 NSWLR 290 The Duke Group Ltd (in liq) v Pilmer (1998) 16 ACLC 567 Travel Compensation Fund v Tambree [2005] HCA 69 Wall v Timbertown Community Enterprises Ltd (in liq) (2002) 42 ACSR 1
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