Grocon Constructors Pty Ltd v Kimberley Securities Ltd [2009] NSWSC 541

Reported Decision : 72 ACSR 305

New South Wales Supreme Court

CITATION : Grocon Constructors Pty Ltd v Kimberley Securities Ltd [2009] NSWSC 541 This decision has been amended. Please see the end of the judgment for a list of the amendments.

HEARING DATE(S) : 04/05/09, 05/05/09, 06/05/09

JUDGMENT DATE : 16 June 2009

JURISDICTION : Equity Division Corporations List

JUDGMENT OF : Barrett J

DECISION : Orders to be made setting aside resolution of creditors, terminating deed of company arrangement and for winding up of company.

CATCHWORDS : CORPORATIONS - voluntary administration - deeds of company arrangement - creditor seeks orders setting aside resolution for execution of deed of company arrangement and terminating deed - various aspects of s 600A discussed - all positive votes were votes of related creditors, company officers or nominees holding debts purchased and paid for by director related entity - aspects of prejudice to non-assenting creditors discussed - fertile ground for examination of possible related party recoveries by liquidator

LEGISLATION CITED : Corporations Act 2001 (Cth), Part 5.3A, ss 9, 445D, 447A, 600A

CATEGORY : Principal judgment

Bell Group Ltd v Westpac Banking Corporation (No 9) [2008] WASC 239; (2008) 70 ACSR 1 Bidald Consulting Pty Ltd v Miles Special Builders Pty Ltd [2005] NSWSC 1235; (2005) 226 ALR 510 Deputy Commissioner of Taxation v Portinex Pty Ltd [2000] NSWSC 99; (2000) 34 ACSR 391 CASES CITED : Deputy Commissioner of Taxation v Wellnora Pty Ltd (2007) 163 FCR 232; [2007] FCA 1234 Deputy Commissioner of Taxation v Woodings (1995) 16 ACSR 266 Earl of Chesterfield v Janssen (1750) 2 Ves Sen 125; 28 ER 82 Re Paradise Constructors Pty Ltd [2004] VSC 92; (2004) 8 VR 171 Wood v Laser Holdings Ltd (1996) 19 ACSR 245