Rupert Co v Chameleon Mining [2006] NSWSC 415

Reported Decision : (2006) 24 ACLC 635

New South Wales Supreme Court

CITATION : Rupert Co v Chameleon Mining [2006] NSWSC 415

HEARING DATE(S) : 8 May 2006

JUDGMENT DATE : 11 May 2006

JURISDICTION : Equity

JUDGMENT OF : Austin J

DECISION : Winding up terminated.

CATCHWORDS : CORPORATIONS - winding up - termination of winding up after completion of deed of company arrangement - deed and accompanying creditors' trust provide for recapitalisation of company and payment of subscription amount into a trust for the benefit of participating creditors, while releasing the company from its obligation to pay them - interests of existing and future creditors, contributories and the public - relevant considerations in a case involving a creditors' trust

LEGISLATION CITED : Corporations Act 2001 (Cth), s 482

Mercy & Sons Pty Ltd v Wanari Pty Ltd (2000) 35 ACSR 70 Re Gympie Gold Ltd (2006) 56 ACSR 690 CASES CITED : Re Nardell Coal Corporation Pty Ltd (2004) 49 ACSR 110 Sutherland v Rahme Enterprises Pty Ltd (2003) 46 ACSR 458 Vero Workers Compensation v Ferretti [2006] NSWSC 292

Rupert Company Ltd (P) PARTIES : Chameleon Mining NL (in liq) (D) John Vouris, as liquidator of Chameleon Mining NL (in liq) (A) Centrebright Pty Ltd (contributory, by leave)

FILE NUMBER(S) : SC 4822/04

SOLICITORS : Dibbs Abbott Stillman (A) Deacons (contributory)

IN THE SUPREME COURT OF NEW SOUTH WALES EQUITY DIVISION CORPORATIONS LIST

AUSTIN J

THURSDAY 11 MAY 2006

4822/04 RUPERT COMPANY LTD V CHAMELEON MINING NL (IN LIQ)

JUDGMENT

1 HIS HONOUR: Mr Vouris, the liquidator of the defendant company, Chameleon, has applied by interlocutory process for an order under s 482 of the Corporations Act terminating the winding up of the company. He has standing to make the application, under s 482(1A)(a). At the hearing of the application, a contributory called Centrebright Pty Ltd appeared by leave, and supported the application. The creditor that applied for and obtained the order for the winding up of Chameleon, Rupert Company Ltd, has provided a letter supporting the application. The Australian Securities and Investments Commission has informed the court by letter that it neither consents to nor opposes the application.