In the matter of Allco Securities Pty Limited [2011] NSWSC 1113

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Allco Securities Pty Limited [2011] NSWSC 1113 Hearing dates: 15 September 2011 Decision date: 15 September 2011 Jurisdiction: Equity Division - Corporations List Before: Barrett J Decision: Orders as in paragraph 1 Catchwords: EQUITY - equitable remedies - receivership - where plaintiffs claim to be beneficially entitled to shares held by defendant - where defendant has no directors and its sole member has made no move to rectify that situation - appropriate for the shares in question to be put under the control of a receiver pending determination of plaintiffs' claims - no claim by plaintiffs for final relief - contemplated that receiver may determine beneficial entitlements - need for plaintiffs to amend to seek final relief so that court determines such entitlements Legislation Cited: Supreme Court Act 1970, s 67 Uniform Civil Procedure Rules 2005, Division 3 of Part 20 Cases Cited: CIC Insurance Ltd v Hannan & Co Pty Ltd [2001] NSWSC 437; (2001) 38 ACSR 245 Commonwealth of Australia v ABC2 Group Pty Ltd [2009] NSWSC 1442 McMillan v Toledo Enterprises International Pty Ltd (1995) 18 ACSR 603 National Australia Bank Ltd v Bond Brewing Holdings Ltd [1991] 1 VR 386 Re United Medical Protection Ltd [2002] NSWSC 413; (2002) 41 ACSR 623 Yunghanns v Candoora No. 19 Pty Ltd (No. 2) [2000] VSC 300; (2000) 35 ACSR 34 Category: Interlocutory applications Parties: Liracroft Pty Limited, Monetti Pty Limited, NIAB Capital Markets Pty Limited, Hallcross Pty Limited, Nettex Pty Ltd, Keppoch Pty Limited, Mr Greg Jones - Plaintiffs Allco Securities Pty Ltd - Defendant Representation: Mr M K Condon - Plaintiffs Mr S Delaney - Allco Finance Australia Pty Ltd by leave DibbsBarker - Plaintiffs Corrs Chambers Westgarth - Allco Finance Australia Pty Ltd File Number(s): 2011/00290904