In the matter of Clarecastle Pty Ltd (in liq) - Kassem and Secatore as liquidators of Clarecastle Pty Ltd (in liq) In the matter of ACN 050 070 463 Pty Ltd (in liq) - Kassem and Secatore as liquidators of ACN 050 070 463 Pty Ltd (in liq) [2011] NSWSC 857

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Clarecastle Pty Ltd (in liq) - Kassem and Secatore as liquidators of Clarecastle Pty Ltd (in liq) In the matter of ACN 050 070 463 Pty Ltd (in liq) - Kassem and Secatore as liquidators of ACN 050 070 463 Pty Ltd (in liq) [2011] NSWSC 857 Hearing dates: 6 May & 29 June 2011 Decision date: 22 July 2011 Jurisdiction: Equity Division - Corporations List Before: Ward J Decision: Applications for extension of time under s 588FF(3)(b) dismissed other than in respect of one identified claim Catchwords: CORPORATIONS - application for leave pursuant to s 588FF(3)(b) of the Corporations Act 2001 (Cth) to extend the time to bring claims in relation to voidable transactions under s 588FF(1) - whether an extension of time can be granted in relation to the bringing of voidable transaction claims in general or 'blanket' terms - application of test for exercise of discretion in respect of such applications - HELD - decision in BP Australia v Brown binding on a single judge of this Court - discretion should be exercised in favour of particular claim identified against Jasmic Nominees Pty Ltd - otherwise claim for extension of time dismissed. Legislation Cited: Civil Procedure Act 2005 (NSW) Corporations Act 2001 (NSW) Cases Cited: Ansell Ltd v Davies [2008] SASC 203; (2008) 67 ACSR 356 Arnautovic v Nichola [2009] NSWSC 233 Arthur Andersen Corporate Finance Pty Ltd v Buzzle Operations Pty Ltd (in liq) [2009] NSWCA 104 Australian Securities and Investments Commission v Karl Suleman Enterprises Pty Ltd (in liq) [2004] NSWSC 1244; (2004) 52 ACSR 103 BP Australia v Brown [2003] NSWCA 216; (2003) 58 NSWLR 322 Brisbane South Regional Health Authority v Taylor (1996) 186 CLR 541 Brown v DML Resources Pty Ltd (2001) 52 NSWLR 685 Davies v Chicago Boot Co Pty Ltd (No 2) (2007) 96 SASR 164 Derwinto Pty Ltd (in liq) v Lewis (2002) 42 ACSR 645 Green v Chiswell Furniture Pty Ltd [1999] NSWSC 608 Greig & Duff as Liquidators of Australian Building Industries P/L (in liq) v Australian Building Industries P/L (in liq) & Anor [2003] QCA 298 Hall v Sherman [2001] NSWSC 810 Hans Pet Constructions Pty Ltd v Cassar [2009] NSWCA 230 HIH Insurance Ltd (in liq), Re McGrath [2004] 22 ACLC 449 Itek Graphix Pty Ltd v Elliott (2002) 54 NSWLR 207 Jackamarra v Krakouer [1998] HCA 27; (1998) 195 CLR 516 Matthews v Ipex ITG Pty Limited [2007] SASC 387 McGrath v National Indemnity Co (2004) 182 FLR 309 New Cap Reinsurance Corp v Reaseguros Alianza SA [2004] NSWSC 787; (2004) 186 FLR 175 Re Estate of Knight (a bankrupt); Rocom International Pty Ltd (in liq) v Prentice [2002] FCA 604 Re Harris Scarfe Ltd (in liq) and Harris Scarfe Wholesale Pty Ltd (in liq) (No 3) [2008] SASC 74; (2008) 65 ACSR 616 Rodgers v Commissioner of Taxation (1998) 88 FCR 61 Taylor v Woden Constructions Pty Ltd [1998] FCA 1228 Tolcher v Capital Finance Australia Ltd [2005] FCA 108 Tolcher v Gordon [2005] NSWCA 135; (2005) 53 ACSR 442 Weston v Publishing and Broadcasting Ltd [2011] NSWSC 433 Texts Cited: Austin & Black's Annotations to the Corporations Act Broderick, Matthew 'Voidable transactions - extending the limitation period under s 588FF(3) of the Corporations Act 2001 (Cth)' (2009) 17 Insolvency Law Journal 121 Ford's Principles of Corporations Law Category: Principal judgment Parties: (10/081756) Ozem Kassem and Bruno Secatore as liquidators of Clarecastle Pty Ltd (in liq)(First Plaintiff) Clarecastle Pty Ltd (in liq)(Second Plaintiff) Jasmic Nominees Pty Ltd and Mr and Mrs Shea (Jasmic Interested Parties) Mr Ross Seller, Mr Patrick McCarthy and Grant McKenzie Pty Limited (Other Interested Parties (10/081786) Ozem Kassem and Bruno Secatore as liquidators of ACN 050 070 463 Pty Ltd (in liq)(First Plaintiff) ACN 050 070 463 Pty Ltd (in liq)(Second Plaintiff) Jasmic Nominees Pty Ltd and Mr and Mrs Shea (Jasmic Interested Parties) Representation: R Harper SC (with M Condon on 6 May 2011) (Plaintiffs) D R Pritchard SC (Jasmic Interested Parties) Sage Solicitors (Plaintiffs) Spinks Eagle Lawyers (Jasmic Interested Parties) T Castle (6 May 2011) S Anderton (29 June 2011) (Atanaskovic Hartnell) (Other Interested Parties) File Number(s): 10/081756, 10/081786