Jackgreen (International) Pty Ltd [2010] NSWSC 817

New South Wales Supreme Court

CITATION : Jackgreen (International) Pty Ltd [2010] NSWSC 817

HEARING DATE(S) : 19/07/10, 22/07/10

JUDGMENT DATE : 27 July 2010

JURISDICTION : Equity Division Corporations List

JUDGMENT OF : Barrett J

1. The Court declares that any amount payable by the Second Defendant to the Second Plaintiff pursuant to paragraph 3.15.13 of the National Electricity Rules falls within the definition of 'Secured Property' in the Charge provided by the Second Plaintiff to Australian Executor Trustees Limited dated 6 November 2007 and registered No. 1545824 in the register of company charges at the Australian Securities and Investments Commission. DECISION : 2. The Court orders that the Second Defendant pay any amount presently due to the Second Plaintiff pursuant to paragraph 3.15.13 of the National Electricity Rules to the First plaintiffs as receivers and managers of the Second Plaintiff. 3. The Court declares that the First Plaintiffs are not an electricity entity within the meaning of section 120X of the Electricity Act 1994 (Qld). 4. The Court orders that the First Plaintiffs' costs and expenses of this application are to form part of the costs of the receivership of the Second Plaintiff.

CATCHWORDS : CORPORATIONS - receivers controllers and managers - receivers appointed out of court - whether sum payable to company is within charge held by receivers' appointor - liabilities of receivers - where company may be susceptible to civil penalty order under Queensland electricity legislation - whether personal liability may attach to receivers - receivers' lien in support of indemnity by company - proposed retention by receivers upon retirement - no demonstrated basis for finding of actual or contingent liability of receivers