Visnic v Sywak [2011] NSWSC 1246

Supreme Court New South Wales

Medium Neutral Citation: Visnic v Sywak [2011] NSWSC 1246 Hearing dates: 10, 17 October 2011 Decision date: 21 October 2011 Jurisdiction: Equity Division - Corporations List Before: Barrett J Decision: Matter to be listed for further directions Catchwords: CORPORATIONS - winding up - winding up by the court - debts and claims satisfied in full - surplus in liquidator's hands - who is entitled to surplus - trustee in bankruptcy of shareholder is on the register - wife of that shareholder has interest in shares under Family Court order - two financiers with whom the shareholder dealt claim equitable interests - former lawyers of the shareholder claim fruits of the action lien - whether equitable interests in shares cognisable when deciding entitlements to surplus - whether surplus should be paid into court - pending applications by liquidator, one financier and the former lawyers - whether these should be cross-vested to the Federal Court - further submissions required on regime to allow liquidator to play minimal role and to determine the conflicting claims to surplus Legislation Cited: Australian Securities and Investments Commission Act 2001 (Cth), s 133 Bankruptcy Act 1966 (Cth), ss 27(1), 58(3) Companies Act 1862 (Eng), s 109 Companies (New South Wales) Code, Table A, Schedule 3 Corporations Act 2001 (Cth), Part 9.7, ss 9, 140(1), 169, 468A, 479(3), 485, 488, 501, 543(1), 1072E(10), 1337H Corporations Law of New South Wales, Table A, Schedule 1, regulation 6 Corporations Regulations 2001 (Cth), regulations 5.6.71, 5.6.72 Supreme Court (Corporations) Rules 1999, rule 7.10 Uniform Civil Procedure Rules 2005, Part 41, rule 25.3(3) Cases Cited: Binney v The Ince Hall Coal and Cannel Co (1866) 35 LJ Ch 363 Bluebottle UK Ltd v Deputy Commissioner of Taxation [2007] HCA 54; (2007) 232 CLR 598 Bradford Banking Co v Briggs (1886) 12 App Cas 29 Cheney v Spooner [1929] HCA 12; (1929) 41 CLR 532 Ilhan v Cvitanovic [2009] NSWSC 160; (2009) 73 NSWLR 644 Re Doran Constructions Pty Ltd [2002] NSWSC 215; (2002) 194 ALR 101 Re Hogg Robinson & Co Pty Ltd [1933] VR 416 Re J Earle Hermann Ltd (1914) 14 SR (NSW) 397 Re Klaus Maertin Pty Ltd; Maertin v Klaus Maertin Pty Ltd [2009] NSWSC 618; (2009) 232 FLR 239 Re Paragon Holdings Ltd [1961] Ch 346 Re Perkins (1890) 24 QBD 613 Re Phoenix Oil and Transport Co Ltd (No 2) [1958] Ch 565 Re The Australian Gold Mining Co [1877] WN 37 Re The Mount Dundas and Zeehan Railway Co Ltd (1900) 26 VLR 197 Re Weston; Employers Mutual Indemnity (Workers Compensation) Ltd v Omni Corporation Pty Ltd [2009] NSWSC 264; (2009) 255 ALR 362 Visnic v Sywak [2007] NSWSC 701 Texts Cited: M G R Gronow, "McPherson's Law of Company Liquidation", 5th edition (looseleaf) Category: Interlocutory applications Parties: Michael Gregory Jones (Liquidator) - Applicant Peter Orest Sywak (First Defendant) - by leave Maxwell William Prentice (Bankruptcy Trustee of Milan Visnic) - by leave John David Latimer Fabian & Ors (lien claimants) - by leave Quickfund Capital Pty Ltd - by leave Representation: Mr T C Russell - Applicant Ms C J Grygiel - Peter Orest Sywak Mr J T Johnson - Maxwell William Prentice Ms R Wong - John David Latimer Fabian & Ors Mr D A Allen - Quickfund Capital Pty Ltd ERA Legal - Applicant Polczynski Lawyers - Peter Orest Sywak Sally Nash & Co - Maxwell William Prentice Lander & Rogers - John David Latimer Fabian & Ors Hancocks Solicitors - Quickfund Capital Pty Ltd File Number(s): 2001/00082389