NSW Caselaw
Reported Decision : 202 FLR 270
New South Wales Supreme Court
CITATION : Transocean Capital Pty Ltd v AFSIG Pty Ltd [2006] NSWSC 806
HEARING DATE(S) : 31/07/06
JUDGMENT DATE : 11 August 2006
JURISDICTION : Equity Division Corporations List
JUDGMENT OF : Barrett J
DECISION : Paragraphs of statement of claim struck out. Security for costs ordered.
CATCHWORDS : PROCEDURE - striking out parts of statement of claim - whether reasonable cause of action shown - CONTRACT - condition precedent - where condition described as "condition precedent" and consequences of non-fulfilment stated - whether claim that non-fulfilment resulted in contract being void ab initio maintainable - CORPORATIONS - subscription for shares - subscription moneys paid and shares allotted - whether alleged common intention as to application of proceeds by company may cause proceeds of allotment to be held on trust for subscriber - PROCEDURE - security for costs - plaintiff has minimal paid up capital and is a trustee - no evidence of right of indemnity or extent of trust assets - PROCEDURE - undertaking to court - application for release - whether relevant change in circumstances
LEGISLATION CITED : Corporations Act 2001 (Cth), ss.256B(1), 256D(3). 1041E, 1041F, 1335(1) Uniform Civil Procedure Rules 2005, rule 14.28(1)(a)
Barclays Bank Ltd v Quistclose Investments Ltd [1970] AC 567 Bryan E Fencott & Associates Pty Ltd v Eretta Pty Ltd (1987) 16 FCR 497 Houldsworth v The City of Glasgow Bank (1880) 5 App Cas 317 KP Cable Investments Pty Ltd v Meltglow Pty Ltd (1995) 56 FCR 189 Lagarna Pty Ltd v Bridge Wholesale Acceptance Corporation (Australia) Ltd [1995] 1 VR 150 Laundry Coin-Wash Nominees Pty Ltd v Dunlop Olympic Ltd (1985) 7 ATPR 40-584 Moseley v Cressey's Co (1865) LR 1 Eq 405 CASES CITED : Re Associated Securities Ltd [1981] 1 NSWLR 742 Re Fada (Australia) Ltd [1927] SASR 590 Re Nanwa Gold Mines Ltd [1955] 1 WLR 1080 Salvo v New Tel Ltd [2005] NSWCA 281 Sandra Invesments Pty Ltd v Booth (1983) 153 CLR 153 Second Lenbourne Pty Ltd v Beagle Management Pty Ltd [1999] FCA 486 Stewart v Austin (1866) LR 3 Eq 299 Tricontinental Corporation Ltd v HDFI Ltd (1990) 21 NSWLR 689 Webb Distributors (Aust) Pty Ltd v Victoria (1993) 179 CLR 15
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