La Trobe Capital & Mortgage Corporation Ltd v REA Australasia Pty Ltd [2007] NSWSC 652

New South Wales Supreme Court

CITATION : La Trobe Capital & Mortgage Corporation Ltd v REA Australasia Pty Ltd [2007] NSWSC 652

HEARING DATE(S) : 13/06/07

JUDGMENT DATE : 13 June 2007

JURISDICTION : Equity Division Corporations List

JUDGMENT OF : White J

EX TEMPORE JUDGMENT DATE : 13 June 2007

DECISION : 1. Order that the Australian Securities and Investments Commission be added as a defendant to the proceedings; 2. order that the Australian Securities and Investments Commission reinstate the registration of Real Collections No 2 Pty Limited, ACN 096 061 488; 3. order that Richard Henry Hudson of 9/100 Christie Street, St Leonards, New South Wales be removed as liquidator of Real Collections No 2 Pty Limited and that Morgan Kelly of Level 13, Grosvenor Place, 225 George Street, Sydney, official liquidator, be appointed in his place; 4. order that each party pay his and its own costs; these orders may be entered forthwith; 5. the exhibits may be returned after 28 days.

CATCHWORDS : CORPORATIONS – Reinstatement of deregistered company under s 601AH(2) of Corporations Act 2001 (Cth) – Plaintiff alleges that it suffered loss by lending money in reliance upon company's negligent valuation of property by which loan ultimately secured – Circumstances in which plaintiff may not be entitled to make claim against company's insurer under s 601AG of the Corporations Act – Where arguable that insurer would be liable to indemnify company if claim were made against the company after reinstatement, because company arguably reported circumstances that may give rise to a claim before deregistration – Order that defendant company be reinstated. - CORPORATIONS – Winding up of reinstated company – Where not just and equitable that defendant be wound up by the Court – Order that member's voluntary winding up be continued – Liquidators –Removal of liquidator under s 503 of the Corporations Act – In best interests of those interested in liquidation that liquidator removed and new liquidator appointed – Order that liquidator be removed and new liquidator appointed.