Perpetual Trustee Company Ltd v HIH Holdings (NZ) Ltd (in liquidation) [2013] NSWCA 47

Court of Appeal Supreme Court New South Wales Medium Neutral Citation: Perpetual Trustee Company Ltd v HIH Holdings (NZ) Ltd (in liquidation) [2013] NSWCA 47 Hearing dates: 7 December 2012 Decision date: 08 March 2013 Before: Beazley P at [1] Macfarlan JA at [2] Sackville AJA at [33] Decision: Appeal dismissed with costs. [Note: The Uniform Civil Procedure Rules 2005 provide (Rule 36.11) that unless the Court otherwise orders, a judgment or order is taken to be entered when it is recorded in the Court's computerised court record system. Setting aside and variation of judgments or orders is dealt with by Rules 36.15, 36.16, 36.17 and 36.18. Parties should in particular note the time limit of fourteen days in Rule 36.16.] Catchwords: BANKING AND FINANCE - instruments - convertible notes issued by HIH NZ to be converted into ordinary shares in HIH unless HIH NZ elected to redeem them in cash - no such election or conversion - whether noteholders entitled to prove in HIH NZ liquidation for face value of notes Cases Cited: Commissioner of Taxation v Firth [2002] FCAFC 95; 192 ALR 542 Hawkins v Bank of China (1992) 26 NSWLR 562 Matthew v Blackmore (1857) 1 H & N 762; 156 ER 1409 McDonald v Dennys Lascelles Ltd [1933] HCA 25; 48 CLR 457 McGrath v Perpetual Trustee Co Ltd [2008] FCA 623; 66 ACSR 210 Re HIH Insurance Ltd (in liq); McGrath v Perpetual Trustee Co Ltd [2008] FCA 623; 66 ACSR 210 R v New Queensland Copper Co Ltd [1917] HCA 34; 23 CLR 495 Wingecarribee Shire Council v Lehman Brothers Australia Ltd (in liq) [2012] FCA 1028 Category: Principal judgment Parties: Perpetual Trustee Company Ltd (First Appellant) Societe Generale Australia Ltd (Second Appellant) HIH Holdings (NZ) Ltd (in liquidation) (First Respondent) HIH Insurance Ltd (in liquidation) (Second Respondent) Representation: Counsel: M J Leeming SC/J A C Potts (Appellants) A S Bell SC/M Izzo (First Respondent) S A Ingui (Solicitor) (Second Respondent) Solicitors: Corrs Chambers Westgarth (Appellants) Gilbert + Tobin (First Respondent) Colin Biggers & Paisley (Second Respondent) File Number(s): 2012/226656 Decision under appeal Jurisdiction: 9111 Citation: Perpetual Trustee Company Limited v HIH Holdings (N.Z.) Limited (in liquidation) [2012] NSWSC 611 Date of Decision: 2012-06-05 00:00:00 Before: Stevenson J File Number(s): 2011/305530