In the matter of Colorado Products Pty Ltd (in prov liq) [2014] NSWSC 64

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Colorado Products Pty Ltd (in prov liq) [2014] NSWSC 64 Hearing dates: 31 January 2014 Decision date: 12 February 2014 Jurisdiction: Equity Division - Corporations List Before: Black J Decision: Orders made for dismissal of interlocutory process and for the plaintiffs to pay the costs of the application, as agreed or as assessed. Catchwords: CORPORATIONS - provisional liquidation - derivative action - application for grant of leave under Court's inherent jurisdiction to continue and prosecute existing proceedings in the name of company in provisional liquidation - whether liquidator and company in provisional liquidation are financially protected by adequate means of indemnity. Legislation Cited: - Corporations Act 2001 (Cth) ss 477(2B), 236, 237 Cases Cited: - Aliprandi v Griffith Vintners Pty Ltd (in liq) (1991) 6 ACSR 250 - Brightwell v RFB Holdings Pty Ltd (in liq) [2003] NSWSC 7; (2003) 44 ACSR 186 - Cadima Express Pty Ltd (in liq) v Deputy Commissioner of Taxation [1999] NSWSC 1143; (1999) 33 ACSR 527 - Carpenter v Pioneer Park Pty Ltd [2008] NSWSC 551; (2008) 66 ACSR 564 - Hu v PS Securities Pty Ltd as trustee of Joseph Family Trust [2011] NSWSC 303 - In the matter of Colorado Products Pty Limited (in prov liq) [2013] NSWSC 611 - In the matter of Colorado Products Pty Limited (in prov liq) [2013] NSWSC 1613 - Scarel Pty Ltd v City Loan & Credit Corporation Pty Ltd (Supreme Court (NSW), Bryson J, 10 December 1987, unrep) - Staway Pty Ltd (in liq) (recs and mgrs apptd) [2013] NSWSC 819 Category: Interlocutory applications Parties: HY International (Aust) Pty Ltd (First Plaintiff) Phoenix Explorer Pty Ltd (Second Plaintiff) Clare Shu Rong Huang (First Defendant) CH Design Solutions Pty Ltd (Second Defendant) Gold Label Products Pty Ltd (Third Defendant) ACN 141 843 370 Pty Ltd (Fourth Defendant) Colorado Products Pty Ltd (in prov liq) Fifth Defendant) Representation: Counsel: R Harper SC/F Assaf (Plaintiffs) P S Braham SC/D Neggo (First, Second and Third Defendants) Solicitors: Jackson Lalic (Plaintiffs) Macpherson & Kelley (First, Second and Third Defendants) File Number(s): 2011/214522