NSW Caselaw
Reported Decision : 67 ACSR 192
New South Wales Supreme Court
CITATION : Heesh v Baker [2008] NSWSC 711
HEARING DATE(S) : 09/07/08
JUDGMENT DATE : 15 July 2008
JURISDICTION : Equity Division Corporations List
JUDGMENT OF : Barrett J
DECISION : Declaration that holders of redeemable preference shares are not creditors for purpose of voluntary administration.
CATCHWORDS : CORPORATIONS - share capital - redeemable preference shares - cumulative dividends at fixed rates - dividend instalments not paid - some shares not redeemed at time fixed by terms of issue - company in voluntary administration - whether non-payment of dividend or redemption sum caused shareholder to be "creditor" of company for purpose of voluntary administration provisions
Bankruptcy Act 1966 (Cth), s 82(2) LEGISLATION CITED : Companies Act 1929 (Eng), s 46 Corporations Act 2001 (Cth), Part 5.3A, ss 9, 124(1(a), 135(2). 140, 254A, 254A(1)(b), 254A(2). 254A(3), 254J, 254K, 254L, 254T, 254V, 254W, 436A, 439A, 553, 588G(1A) Uniform Civil Procedure Rules 2004, rule 7.4(2)
CATEGORY : Principal judgment
Brash Holdings Ltd v Katile Pty Ltd [1996] 1 VR 24 Commissioner of Taxation v Sun Alliance Investments Pty Ltd [2005] HCA 70; (2005) 80 ALJR 202 Edwards v Attorney-General [2004] NSWCA 272; (2004) 60 NSWLR 667 Federal Commissioner of Taxation v Coppleson (1981) 39 ALR 30 Fitzgerald v Masters (1956) 95 CLR 420 Godfrey Phillips Ltd v Investment Trust Corporation Ltd [1953] 1 All ER 7 Long Acre Press Ltd v Odhams Press Ltd [1930] 2 Ch 196 Marra Developments Ltd v B W Rofe Pty Ltd [1977] 2 NSWLR 616 CASES CITED : Re Marra Developments Ltd (No 2) (1978) 3 ACLR 798 MSP Nominees Pty Ltd v Commissioner of Stamps (South Australia) [1999] HCA 51; (1999) 198 CLR 494 Mutual Life and Citizens Assurance Co Ltd v Mosgiel Ltd [1994] 1 NZLR 146 Re Dividend Fund Incorporated [1974] VR 451 Re Media World Communications Ltd; Crosbie v Naidoo [2005] FCA 51; (2005) 216 ALR 105 Re Wakley; Wakley v Vachell [1920] 2 Ch 205 Secured Income Real Estate (Australia) Ltd v St Martin's Investments Pty Ltd (1979) 144 CLR 596 TNT Australia Ltd v Normandy Resources NL (1989) 53 SASR 156 UOB Venture Investments Ltd v Tong Garden Holdings Pte Ltd [2001] 1 SLR 362
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