Helena Hu v PS Securities Pty Ltd as trustee of the Joseph Family Trust & anor [2011] NSWSC 303

Supreme Court New South Wales

Medium Neutral Citation: Helena Hu v PS Securities Pty Ltd as trustee of the Joseph Family Trust & anor [2011] NSWSC 303 Hearing dates: 25 March 2011 Decision date: 14 April 2011 Jurisdiction: Equity Division - Corporations List Before: Ward J Decision: Leave to bring proceedings in name of company refused. Proceedings stayed. Catchwords: PRACTICE AND PROCEDURE - application for leave nunc pro tunc pursuant to s 500(2) of the Corporations Act 2001 (Cth) to commence proceedings against company in liquidation - application for leave to bring derivative suit in name of or on behalf of company to enforce right of indemnity out of trust assets - application by first defendant to strike out plaintiff's statement of claim - HELD - leave granted nunc pro tunc - leave to bring derivative suit in name of or on behalf of company refused - proceedings stayed Legislation Cited: Corporations Act 2001 (Cth) Uniform Civil Procedure Rules 2005 (NSW) Cases Cited: ACT Commissioner for Revenue v Slaven [2009] FCA 744 Aliprandi v Griffith Vintners Pty Ltd (in liq) (1991) 9 ACLC 1530 Altinova Nominees Pty Ltd v Leveraged Capital Pty Ltd (Receivers and Managers Appointed) (in liq) [2009] FCA 42 Brightwell v RFB Holdings (2003) 44 ACSR 186 Cadima Express Pty Ltd (in liq) v Deputy Commissioner of Taxation (1999) 33 ACSR 527 Cape Breton Company v Fenn (1881) 17 Ch D 198 Carpenter v Pioneer Park Pty Ltd (2008) 71 NSWLR 577 Chahwan v Euphoric Pty Ltd trading as Clay & Michel [2008] NSWCA 52 Christianos & ors v Aloridge Pty Ltd (1995) 131 ALR 129 Crawford v Oswald Park Pty Ltd (in liq) [2006] NSWSC 987 Dean-Willcocks v Soluble Solution Hydroponics (1997) 42 NSWLR 209 Dominion Portland Cement Co Ltd [1919] NZLR 478 Fagro Ltd v Godfroy [1986] 1 WLR 1134 Ferguson v Wallbridge [1935] 3 DLR 66 Hayim v Citibank NA [1987] AC 730 Hilliard v Eiffe (1874) LR 7 HL 39 King v Yurisich [2006] FCA 1369; (2006) 59 ACSR 598 Lloyd-Owen v Bull [1936] 4 DLR 273 Nommack (No 100) Pty Ltd v FAI Insurances Ltd (in liq) (2003) 45 ACSR 215 Oates v Consolidated Capital Services Pty Ltd [2009] NSWCA 183 Octavo Investments Pty Ltd v Knight (1979) 144 CLR Ramage v Waclaw (1988) 12 NSWLR 84 Re Gordon Grant and Grant Pty Ltd [1983] 2 Qd R 314 Re Leisure Developments (Qld) Pty Ltd (in liq); Ell and Others v Palmer (2002) 41 ACSR 276 S & D International v MIG Property Services [2010] VSC 336 Scarel Pty Limited v City Loan & Credit Corporation Pty Limited (1988) 12 ACLR 730 Scarel Pty Ltd v City Loan & Credit Corporation Pty Ltd (No 1) (1988) 6 ACLC 213 Sharpe v San Paulo Railway Co (1873) LR 8 Ch App 597 Swaby v Lift Capital Partners Pty Ltd [2009] FCA 749 Vagrand Pty Ltd (in liq) v Fielding (1993) 41 FCR 550 Texts Cited: Austin & Black's Annotations to the Corporations Act Category: Principal judgment Parties: Helena Hu (Plaintiff) PS Securities Pty Ltd as Trustee of the Joseph Family Trust (First Defendant) Alphena Pty Ltd (in liq) (Second Defendant) Representation: Counsel: M W Young with S O'Brien (Plaintiff) H Stowe (First Defendant) M Condon (Second Defendant) Solicitors: Dixon Holmes du Pont Lawyers (Plaintiff) McLachlan Thorpe Partners (First Defendant) Sage Solicitors (Second Defendant) File Number(s): 10/425147