Foxman v Credex [2007] NSWSC 1422

New South Wales Supreme Court

CITATION : Foxman v Credex [2007] NSWSC 1422

HEARING DATE(S) : 01-02/11/07

JUDGMENT DATE : 12 December 2007

JURISDICTION : Equity Corporations List

JUDGMENT OF : White J

DECISION : See para 72 of judgment.

CATCHWORDS : WINDING UP – Examination – Liquidator – Application to set aside summonses for examination – Whether summonses relate to "examinable affairs" – Whether summonses sought for improper purpose – Where liquidator has reason to apprehend that deregistered company's trade exchange scheme was transferred to, or continued to be conducted through, other entities, after deregistration – Whether persons funding liquidator, who claim to be creditors, could be creditors of the company if their claims arose from participation in trade exchange scheme after company's deregistration – Operation of Part 5A.1 of the Corporations Act 2001 (Cth) does not lead to necessary result that no person may be taken to have acquired any rights against, or to have become subject to any liability, to the company during the period of deregistration – Held that investigation into whether, and if so, when, asserted claims against the company may have arisen, whether before or after deregistration, is within the legitimate scope of examinations under s 596A or s 596B of the Corporations Act. - CORPORATIONS – Reinstatement of deregistered company under s 601AH(2) of Corporations Act 2001 (Cth) – Measure of retrospective validation, under s 601AH(5), of acts carried out by persons purporting to act as officers of deregistered company. - CORPORATIONS – Application to restrain creditor from accessing records of examination – Statutory regime entitling creditors of a company to access written records of examination – Section 597, Corporations Act – No basis for restricting such access. - (CTH) Corporations Act 2001, ss 596A, 596B, 597, 601AH