In the matter of Mycorp Group Pty Limited (and others) [2013] NSWSC 1344

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Mycorp Group Pty Limited (and others) [2013] NSWSC 1344 Hearing dates: 3 April 2013 Decision date: 03 April 2013 Jurisdiction: Equity Division - Corporations List Before: Black J Decision: Orders made granting leave to the plaintiff to bring proceedings. Catchwords: CORPORATIONS - statutory derivative action - claim of breach of director's fiduciary and statutory obligations - application to bring proceedings on behalf of two companies - where indemnity offered by the plaintiff - criteria for granting of leave under s 237(2) Corporations Act 2001 (Cth) - whether probable that the companies will not bring proceedings - whether the plaintiff is acting in good faith - whether serious question to be tried - whether appropriate notice was given. Legislation Cited: - Corporations Act 2001 (Cth) ss 233, 236, 236(3), 237, 237(2), 237(2)(a), 237(2)(b), 237(2)(c), 237(2)(d) Cases Cited: - Chahwan v Euphoric Pty Ltd t/as Clay & Michel [2008] NSWCA 52; (2008) 245 ALR 780; 65 ACSR 661 - Fitzpatrick v Cheal [2010] NSWSC 717 - Gerard Cassegrain & Co Pty Ltd v Cassegrain [2008] NSWSC 976 - Maher v Honeysett & Maher Electrical Contractors Pty Ltd [2005] NSWSC 859 - MG Corrosion Consultants Pty Ltd v Vinciguerra [2011] FCAFC 31; (2011) 82 ACSR 367 - Power v Ekstein [2010] NSWSC 137; (2010) 77 ACSR 302 - Re Gladstone Pacific Nickel Ltd [2011] NSWSC 1235; (2011) 86 ACSR 432 - Showtime Management Australia Pty Ltd v Showtime Presents Pty Ltd [2008] NSWSC 618 - Streeter v Western Areas Exploration Pty Ltd (No 2) [2011] WASCA 17; (2011) 82 ACSR 1 - Swansson v RA Pratt Properties Pty Ltd [2002] NSWSC 583; (2002) 42 ACSR 313 Category: Interlocutory applications Parties: Fred Fajloun (Plaintiff) George Khoury (First Defendant) Mycorp Group Pty Limited (Second Defendant) Moonstone River Pty Limited (Third Defendant) Summer Tides Pty Limited (Fourth Defendant) Snowy Falls Pty Limited (Fifth Defendant) Telnac Pty Limited (Sixth Defendant) Representation: Counsel: M. Condon SC (Plaintiff) S. Duggan (First, Fifth and Sixth Defendants) Solicitors: Sage Solicitors (Plaintiff) Bamford Lawyers (First, Fifth and Sixth Defendants) File Number(s): 2012/350220