In the matter of Octaviar Limited (receivers and managers appointed) (in liquidation) and In the matter of Octaviar Administration Pty Limited (in liquidation) [2012] NSWSC 1460

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Octaviar Limited (receivers and managers appointed) (in liquidation) and In the matter of Octaviar Administration Pty Limited (in liquidation) [2012] NSWSC 1460 Hearing dates: 22-24 October 2012 Decision date: 30 November 2012 Jurisdiction: Equity Division - Corporations List Before: Black J Decision: Parties to bring in Short Minutes of Order to give effect to judgment within 7 days. Parties to be heard as to costs. Catchwords: CORPORATIONS - Voidable transactions - Application to set aside orders made under Corporations Act 2001 (Cth) s 588FF(3)(b) - Proper construction and scope of application of orders - Power of court to make orders - Entitlement to have orders set aside ex debito justitiae - Whether applicant was a person identified as an actual or likely target, or potential target, of an application under s 588FF(1) of Corporations Act 2001 (Cth) - Whether applicant likely to be affected by orders and thereby entitled to have orders set aside - Discretion of court as to extension of time. Legislation Cited: - Corporate Law Reform Act 1992 (Cth) - Corporations Act 2001 (Cth) Pt 5.7B, ss 588FA, 588FB, 588FC, 588FE, 588FF, 588FF(1), 588FF(3), 588FF(3)(a), 588FF(3)(a)(i), 588F(3)(a)(ii), 588FF(3)(b), 1322(4) - Uniform Civil Procedure Rules 1999 (Q) r 26D - Uniform Civil Procedure Rules 2005 (NSW) rr 36.15, 36.16(2)(b), 36.17 Cases Cited: - Ansell Ltd v Davies [2008] SASC 203; (2008) 219 FLR 329; 67 ACSR 356 - Arnatovic v Nichola [2009] NSWSC 233 - Australian Securities and Investments Commission v Karl Suleman Enterprizes Pty Ltd (in liq) [2004] NSWSC 1244; (2004) 52 ACSR 103 - BP Australia Ltd v Brown [2003] NSWCA 216; (2003) 58 NSWLR 322; 46 ACSR 677 - Brink's Mat Ltd v Elcombe [1988] 1 WLR 1350 - Brisbane South Regional Health Authority v Taylor [1996] HCA 25; (2002) 41 ACSR 299 - Brown v DML Resources Pty Ltd (in liq) (No 7) [2002] NSWSC 162; (2002) 41 ACSR 299 - Cameron v Cole [1944] HCA 5; (1944) 68 CLR 571 - Green v Chiswell Furniture Pty Ltd (in liq) [1999] NSWSC 608 - Greig v Stramit Corporation Pty Ltd [2003] QCA 298; [2004] 2 Qd R 17 - New Cap Reinsurance Corporation v Reaseguros Alianza SA [2004] NSWSC 787; (2004) 186 FLR 175 - Re Clarecastle Pty Ltd (in liq) [2011] NSWSC 857; (2011) 85 ACSR 260 - Re McGrath and Macintosh (as joint liquidators of the HIH companies) (2004) 205 ALR 6423; 48 ACSR 723 Re Octaviar Ltd (recs and mgrs apptd) (in liq) [2011] NSWSC 1691 - Roach v B & W Steel Pty Ltd (1991) 23 NSWLR 110 - Savcor Pty Ltd v Cathodic Protection International APS (2005) 12 VR 639 - Taylor v Woden Constructions Pty Ltd [1998] FCA 1228 - Tolcher v Capital Finance Australia Ltd [2005] FCA 108; (2005) 143 FCR 300; 52 ACSR 328 - Tolcher v Gordon [2005] NSWCA 135; (2005) 53 ACSR 442 - Walker v CBA Corporate Services (NSW) Pty Ltd (2012) 88 ACSR 153 - Williams (as liquidator of Willahra Pty Ltd (in liq)) v Kim Management Pty Ltd [2012] QSC 143 Category: Interlocutory applications Parties: William John Fletcher and Katherine Elizabeth Barnet as Liquidators of Octaviar Limited (receivers and managers appointed) (in liquidation) and Octaviar Administration Pty Limited (in liquidation) (First Plaintiffs) Octaviar Limited (Receivers and Managers Appointed) (In Liquidation) (Second Plaintiff) Octaviar Administration Pty Limited (in liquidation) (Third Plaintiff) Fortress Credit Corporation (Australia) II Pty Limited and Fortress Investment Group (Australia) Pty Limited (Applicants) Representation: Counsel: B.A. Coles QC/P. Dowdy (Plaintiffs) N. C. Hutley SC/S. Brown SC/R.C.A. Higgins (Applicants) Solicitors: Henry Davis York (Plaintiffs) Baker & McKenzie (Applicants) File Number(s): 11/153330