In the matter of Fishinthenet Investments Pty Ltd and Coastal Waters Seafood Pty Ltd [2014] NSWSC 260

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Fishinthenet Investments Pty Ltd and Coastal Waters Seafood Pty Ltd [2014] NSWSC 260 Hearing dates: 18 February 2014 Decision date: 18 March 2014 Jurisdiction: Equity Division - Corporations List Before: Black J Decision: Order made for application to be dismissed but stayed for a period of 28 days. Catchwords: CORPORATIONS - membership, rights and remedies - derivative action - application for grant of leave by shareholder to bring proceedings in name of relevant companies against former director under Corporations Act 2001 (Cth) s 237 - whether applicant was acting in good faith in bringing proceedings - whether in the best interests of companies that applicant be granted leave - whether proposed proceedings involved serious questions to be tried - whether leave should be on terms that companies be indemnified from costs. Legislation Cited: - Corporations Act 2001 (Cth) s 180, 181, 182, 237, 237(2) Cases Cited: - 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 - Cassegrain v Gerard Cassegrain & Co Pty Ltd [2008] NSWSC 976; (2008) 68 ACSR 132 - 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 - Goozee v Graphic World Group Holdings Pty Ltd [2002] NSWSC 640; (2002) 42 ACSR 534 - Maher v Honeysett & Maher Electrical Contractors [2005] NSWSC 859 - MG Corrosion Consultants Pty Ltd v Vinciguerra [2011] FCAFC 31; (2011) 82 ACSR 367 - Oates v Consolidated Capital Services Pty Ltd [2009] NSWCA 183; (2009) 76 NSWLR 69; (2009) 72 ACSR 506 - Power v Ekstein [2010] NSWSC 137; (2010) 77 ACSR 302 - Re Colorado Products Pty Ltd (in prov liq) [2014] NSWSC 64 - Re Gladstone Pacific Nickel Ltd [2011] NSWSC 1235 - Re Mycorp Group Pty Ltd [2013] NSWSC 1344 - Showtime Management Australia Pty Ltd v Showtime Presents Pty Ltd [2008] NSWSC 618 - South Johnstone Mill Ltd v Dennis [2007] FCA 1448; (2007) 163 FLR 343; (2007) 64 ACSR 447 - Swansson v RA Pratt Properties Pty Ltd [2002] NSWSC 583; (2002) 42 ACSR 313 - Vinciguerra v MG Corrosion Consultants Pty Ltd [2010] FCA 763; (2010) 79 ACSR 293 Category: Interlocutory applications Parties: Dennis G Pamplin Pty Ltd (Applicant) Fishinthenet Investments Pty Ltd (First Respondent) Coastal Waters Seafoods Pty Ltd (Second Respondent) Jeffrey Scott Hunt (Third Respondent) Representation: Counsel: P Folino-Gallo (Applicant) A Lo Surdo SC/D Robertson (Respondents) Solicitors: Ron Winter Legal (Applicant) Robertson Saxton Primrose Dunn (Respondents) File Number(s): 2013/256801