Roadships Logistics Ltd v Tree [2007] NSWSC 1084

Reported Decision : (2007) 25 ACLC 1,374

New South Wales Supreme Court

CITATION : Roadships Logistics Ltd v Tree [2007] NSWSC 1084 This decision has been amended. Please see the end of the judgment for a list of the amendments.

HEARING DATE(S) : 28/09/07

JUDGMENT DATE : 28 September 2007

JURISDICTION : Equity Division Corporations List

JUDGMENT OF : Barrett J

EX TEMPORE JUDGMENT DATE : 28 September 2007

DECISION : Order that statutory demand be set aside. Order that defendant pay plaintiff's costs.

CATCHWORDS : CORPORATIONS - winding up - statutory demand - application to set aside - whether genuine dispute as to existence of debt - CORPORATIONS - fundraising - debt said to arise from and reflect rights of defendant under s.724 of Corporations Act - disclosure document issued by plaintiff in relation to offer of shares for subscription - chief executive of plaintiff later dismissed - shares later issued - whether s.724 gave defendant right of action to recover subscription moneys

LEGISLATION CITED : Acts Interpretation Act 1901 (Cth), s.13 Corporations Act 2001 (Cth), ss.5C, 9, 459E(1)(a), 459G, 459H(1)(a), 724, 728, 729, 737

Cackett v Keswick [1902] 2 Ch 456 Commissioner of State Taxation v Pollock (1993) 12 ACSR 217 Eyota Pty Ltd v Hanave Pty Ltd (1994) 12 ACSR 785 CASES CITED : ICAL Ltd v County Natwest Securities Australia Ltd (1988) 39 NSWLR 214 Mibor Investments Pty Ltd v Commonwealth Bank of Australia [1994] 2 VR 290; (1993) 11 ACSR 601 Re Morris Catering (Aust) Pty Ltd (1993) 11 ACSR 601 Spencer Constructions Pty Ltd v G & M Aldridge Pty Ltd (1997) 76 FCR 452; 147 ALR 444; (1997) 24 ACSR 353 West Gold Resources NL v Metals Australia Ltd (2002) 41 ACSR 67