In the matter of Great Wall Resources Pty Limited (in liq) [2013] NSWSC 354

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Great Wall Resources Pty Limited (in liq) [2013] NSWSC 354 Hearing dates: 28 February 2013 Decision date: 05 March 2013 Jurisdiction: Equity Division - Corporations List Before: Brereton J Decision: The payments to the defendant by the plaintiff were in the nature of a loan. The evidence does not establish that the payments were contributions to the purchase price of the properties. The payments were not unreasonable director-related transactions. Catchwords: CORPORATIONS - external administration - winding up - (CTH) Corporations Act 2001, s 588FDA - whether payments made to associated company was a loan - whether payments were contributions to the purchase price of the properties - whether payments made to associated company were unreasonable director-related transactions Legislation Cited: (Cth) Corporations Act 2001, s 588FDA Cases Cited: Damberg v Damberg [2001] NSWCA 87 Shaw v Minsden Pty Limited [2011] NSWSC 964 Universal Financial Group v Mortgage Elimination Services (2006) 205 FLR 186 Verge v Stinson [2011] WASC 158 Welcome Homes Real Estate Pty Limited v Ziade Investments Pty Limited [2007] NSWCA 167 Ziade Investments Pty Limited v Welcome Homes Real Estate Pty Limited [2006] NSWSC 457 Texts Cited: Ford's Principles of Corporations Law Category: Principal judgment Parties: Great Wall Resources Pty Limited (in liq) (First Plaintiff) David Gregory Young (Second Plaintiff) Comserve (No 1074) Pty Limited (Defendant) Representation: Counsel: Mr B Koch (Plaintiffs, 12/106488) Ms V Whittaker (Plaintiffs, 12/260733) Mr F Capocchiano (Defendant Director - by leave) Solicitors: Swaab Attorneys (Plaintiffs, 12/106488) Kemp Strang (Plaintiffs, 12/260733) File Number(s): 12/ 106488