NSW Caselaw
Reported Decision : 59 ACSR 602
New South Wales Supreme Court
CITATION : Australian Steel Company v EPS Group [2006] NSWSC 1080
HEARING DATE(S) : 20 March 2006, 1 September 2006, 9 September 2006 (further evidence)
JUDGMENT DATE : 18 October 2006
JURISDICTION : Equity
JUDGMENT OF : Austin J
DECISION : Application for order under s 564 dismissed; declaration made as sought.
CATCHWORDS : CORPORATIONS - winding up - application by liquidator for order granting advantage to one creditor in winding up - creditor granted indemnity in respect of one recovery proceeding but not another - indemnity granted only after substantial settlement offer had been made - order would diminish funds available for priority creditors - relevant considerations
LEGISLATION CITED : Corporations Act, 2001 (Cth), ss 555, 556, 560, 564
Australia and New Zealand Banking Group Ltd v TJF EBC Pty Ltd (2006) 56 ACSR 570 Commonwealth of Australia v Rocklea Spinning Mills Pty Ltd (2005) 145 FCR 220 CASES CITED : Household Financial Services Pty Ltd v Chase Medical Centre Pty Ltd (1995) 18 ACSR 249 Jarbin Pty Ltd v Clutha Ltd (2004) 180 FLR 393 State Bank of New South Wales v Brown (2001) 38 ACSR 715
The Australian Steel Company (Operations) Pty Ltd t/as Welded Mesh (P,R) PARTIES : EPS Group Pty Ltd (in liq) (D) David Gregory Young, as liquidator of EPS Group Pty Ltd (in liq) (A) Commonwealth of Australia (intervening creditor, by leave)
FILE NUMBER(S) : SC 3234/01
J T Johnson (R) COUNSEL : R D Marshall (A) M Murray (Creditor)
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