Financial v Lucsan [2009] NSWSC 944

New South Wales Supreme Court

CITATION : Financial v Lucsan [2009] NSWSC 944

HEARING DATE(S) : 08/09/09

JUDGMENT DATE : 9 September 2009

JURISDICTION : Equity Division

JUDGMENT OF : Macready AsJ at 1

EX TEMPORE JUDGMENT DATE : 9 September 2009

DECISION : Paragraph 21

CATCHWORDS : Corporations Law. Application to set aside statutory demand under S459G and 459H of the Corporations Act. Demand varied by reducing amount. No matter of principle.

PARTIES : Financial & Energy Exchange Ltd v Lucsan Capital Pty Ltd

FILE NUMBER(S) : SC 1779/2009

COUNSEL : Mr RA Dick for plaintiff Mr A Vincent for defendant

SOLICITORS : Blake Dawson for plaintiff Dibbs Barker for defendant

- 1- IN THE SUPREME COURT OF NEW SOUTH WALES EQUITY DIVISION

ASSOCIATE JUSTICE MACREADY

WEDNESDAY 9 SEPTEMBER 2009

1779/09 FINANCIAL & ENERGY EXCHANGE LIMITED v LUCSAN CAPITAL PTY LIMITED

JUDGMENT

1 HIS HONOUR: This is an application under section 459G of the Corporations Act to set aside a statutory demand dated 12 February 2009 served by the defendant on the plaintiff. The plaintiff raises genuine dispute and offsetting claims. 2 The plaintiff was providing financial derivatives exchange services in the energy and environment markets. The defendant entered into an agreement with the plaintiff to provide the relevant the IT services to enable the start up of the plaintiff's business. 3 Under the agreement made on 21 March 2007 the defendant was to provide various services which would be agreed upon from time to time in a "schedule 1 - variable conditions". These were signed during the course of the contract. The relevant one for the period of the outstanding invoices is as follows: "Schedule 1 - Variable conditions