NSW Caselaw
Supreme Court New South Wales
Medium Neutral Citation: Equititrust Limited v RM Walsh Land Holdings Pty Ltd [2012] NSWSC 427 Hearing dates: 29 March 2012 Decision date: 04 May 2012 Before: Harrison AsJ Decision: (1) The defendants' notice of motion filed 15 December 2011 is dismissed. (2) The first to fourth defendants are to pay the plaintiff costs as agreed or assessed. (3) The first to fourth defendants are to provide the proposed cross claim to the plaintiff and other cross defendants by 5.00 pm on 21 May 2012. (4) The matter is stood over for a directions hearing at 9.00 am on 28 May 2012 before the Registrar. Catchwords: COSTS - security for costs - plaintiff has no valuable assets and is a trustee - whether plaintiff has a right of indemnity - effect of potential class action - extent of trust assets - no indication that recovery of costs will be compromised - application refused. Legislation Cited: Corporations Act 2001 (Cth) Uniform Civil Procedure Rules 2005 Cases Cited: Equititrust Ltd, Re [2011] QSC 353 KP Cable Investments Pty Ltd v Meltglow Pty Ltd (1995) 56 FCR 189 Staff Benefits Pty Ltd and the Companies Act, Re [1979] NSWLR 207 Suco Gold Pty Ltd (in Liquidation), In Re (19) (1982) 33 SASR 99 Transocean Capital Pty Ltd v AFSIG Pty Ltd [2006] NSWSC 806 Texts Cited: John Heydon et al, Jacobs' Law of Trusts in Australia, 7th ed (2006) LexisNexis Lynton Tucker et al, Lewin on Trusts, 18th ed (2011) Sweet & Maxwell D Williams, "Winding Up Trading Trusts: Rights of Creditors and Beneficiaries" (1983) 57 Australian Law Journal 273 Category: Procedural and other rulings Parties: Equititrust Limited ACN 061 383 944 (Plaintiff) RM Walsh Holdings Pty Ltd ACN 095 225 502) (Receiver and Manager Appointed) (First Defendant) J Delahunty Land Holdings Pty Ltd ACN 106 666 648 (Receivers and Managers Appointed) (Third Defendant) Richard Martin Walsh (Fourth Defendant) Western Land Corporation Pty Ltd ACN 126 173 206 (Receivers and Managers Appointed) (Fifth Defendant) Perivale Capital Pty Ltd ACN 124 259 150 (Receivers and Managers Appointed) (Sixth Defendant) Representation: JA Hogan-Doran (Plaintiff) J Svehla (Defendants) Tucker & Cowen (Plaintiff) Cleary Hoare Solicitors (Defendants) File Number(s): 2011/124535
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