Graham Lewis Herbert v Nozala Pty Ltd & 1 Or [2006] NSWSC 1437

New South Wales Supreme Court

CITATION : Graham Lewis Herbert v Nozala Pty Ltd & 1 Or [2006] NSWSC 1437

HEARING DATE(S) : 24/11/06

JUDGMENT DATE : 24 November 2006

JURISDICTION : Equity Division Corporations List

JUDGMENT OF : White J

EX TEMPORE JUDGMENT DATE : 11/24/2006

DECISION : Order that the originating process be dismissed with costs.; Exhibits may be returned after 28 days.

CATCHWORDS : CORPORATIONS – Deregistration – Reinstatement – Plaintiff and second defendant acquired first defendant, a company, for joint venture – Dispute between plaintiff and second defendant led to plaintiff's removal as a director of first defendant – Second defendant conducted business of first defendant without assistance of plaintiff for over a decade – Contrary to second defendant's assumption, plaintiff remained shareholder of first defendant – Second defendant sought to deregister first defendant – Plaintiff did not object to deregistration – First defendant deregistered – Plaintiff sought order that Australian Securities and Investments Commission (ASIC) reinstate registration of first defendant – Where plaintiff's application for reinstatement brought in order to prosecute proceedings on behalf of first defendant against second defendant – Where foreshadowed proceedings have no reasonable prospects for success – Where plaintiff's application for reinstatement brought in circumstances of serious delay – s 601AH(2) Corporations Act 2001 (Cth) considered – Whether plaintiff a "person aggrieved" by deregistration of first defendant – Whether just that first defendant be reinstated – Application dismissed

LEGISLATION CITED : Corporations Act 2001 (Cth) Limitation Act 1969 (NSW)