NSW Caselaw
Reported Decision : 61 ACSR 532 (2007) 25 ACLC 415
New South Wales Supreme Court
CITATION : Ausino International Pty Ltd v Apex Sports Pty Ltd [2007] NSWSC 289 This decision has been amended. Please see the end of the judgment for a list of the amendments.
HEARING DATE(S) : 28/02/07, 01/03/07
JUDGMENT DATE : 30 March 2007
JURISDICTION : Equity Division Corporations List
JUDGMENT OF : Barrett J
DECISION : Order to be made under Corporations Act, s.600C(3)(a) that resolution that deed of company arrangement be terminated and company be wound up is taken to have been passed at meeting
CATCHWORDS : CORPORATIONS - deed of company arrangement - meeting of creditors considers proposed resolution that deed be terminated and company be wound up - majority in number and by value not obtained either for or against - chairperson declined to exercise casting vote - chairperson stated two reasons for this - first, doubts about whether voting entitlements of creditors properly recognised - second, pendency of these proceedings - whether these were considerations relevant to decision whether casting vote should be exercised - chairperson also stated, giving reasons, an inclination otherwise to exercise casting vote against continuation of deed - whether such reasons relevant and rational - whether chairperson should have exercised casting vote in accordance with stated inclination
LEGISLATION CITED : Corporations Act 2001 (Cth), ss.9, 444B(6), 444D, 444E, 445D, 445F, 445G, s.446A 600A, 600C Corporations Act Regulations 2001 (Cth), regs 5.6.21(3), 5.6.21(4), 5.6.23(2)(d), 5.6.26
Ausino International Pty Ltd v Apex Sports Pty Ltd (2006) 24 ACLC 1236 Bovis Lend Lease Pty Ltd v Wily (2003) 45 ACSR 612 Cresvale Far East Ltd v Cresvale Securities Ltd (2001) 37 ACSR 39 Environmental & Earth Sciences Pty Ltd v Vouris (2006) 57 ACSR 629 Ex parte Lloyd; Re Peters (1882) 47 LT 64 Global Realty Development Corp v Dominion Wines Ltd (2005) 56 ACSR 474 J Aron Corp v Newmont Yandal Operations Pty Ltd [2005] NSWSC 238 Kirwan v Cresvale Far East Ltd (2002) 44 ACSR 21 Leon v York-O-Matic Ltd [1966] 1 WLR 1450 Metal Manufactures Ltd v ACN 063 086 126 Pty Ltd [2001] QSC 106 CASES CITED : Network Exchange Pty Ltd v MIG International Communications Pty Ltd (1994) 13 ACSR 544 R v Bradford City Metropolitan Council; Ex parte Corris [1990] 2 QB 363 Re Coaleen Pty Ltd [2000] 1 QdR 245 Re Frond Pty Ltd; P Aker Flowerbulbs Pty Ltd v Livadaras (2004) 49 ACSR 86 Re Martco Engineering Pty Ltd (1999) 32 ACSR 487 Re Mineral Securities Australia Ltd [1973] 2 NSWLR 207 Re Oriel Homes Pty Ltd [1998] 1 QdR 652 Re Teller Home Furnishings Pty Ltd [1967] VR 313 Selim v McGrath (2003) 47 ACSR 537 Spiteri v Lindholm [2003] VSC 42 Vincent, White & Associates Pty Ltd v Vouris (1998) 28 ACSR 93 Young v Sherman (2002) 170 FLR 86
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