In the matter of Imperium Projects Pty Limited [2015] NSWSC 16

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Imperium Projects Pty Limited [2015] NSWSC 16 Hearing dates: 25 – 27 November 2014 Decision date: 03 February 2015 Jurisdiction: Equity Division - Corporations List Before: Black J Decision: Parties to bring in agreed short minutes of order to give effect to judgment, including as to costs, within 14 days or, if they are unable to reach agreement, their respective draft short minutes of order and short submissions as to the differences between them. Catchwords: CORPORATIONS – membership, rights and remedies – derivative action – application for grant of leave by shareholder to bring proceedings in name of company against directors under Corporations Act 2001 (Cth) s 237 – whether company will bring proceedings – whether applicant acting in good faith in bringing proceedings – whether in the best interests of company that applicant be granted leave – whether proposed proceedings involved serious questions to be tried – indemnity – whether written notice of application has been provided to company. Legislation Cited: - Corporations Act 2001 (Cth) ss 181, 182, 233, 236, 237, 237(2), 237(2)(a), 237(2)(b), 237(2)(c), 237(2)(d), 247A, 461(1)(e), 461(1)(k), 1317E, 1317H Cases Cited: - Browne v Dunn (1893) 6 R 67 - Carpenter v Pioneer Park Pty Ltd [2004] NSWSC 1007; (2004) 211 ALR 457 - Celermajer Holdings Pty Ltd v Kopas [2011] NSWSC 40 - Chahwan v Euphoric Pty Ltd t/as Clay & Michel [2008] NSWCA 52; (2008) 245 ALR 780 - Fexuto Pty Ltd v Bosnjak Holdings Pty Ltd [2001] NSWCA 97; (2001) 37 ACSR 672 - Fitzpatrick v Cheal [2010] NSWSC 717 - Macquarie Developments Pty Ltd v Forrester [2005] NSWSC 674 - 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 - One.Tel Ltd (in liq) v Rich [2005] NSWSC 226; (2005) 190 FLR 443 - Primacy Underwriting Agency Pty Ltd v Kilborn [2007] NSWSC 158; (2007) 25 ACLC 160 - Re Colorado Products Pty Ltd (in prov liq) [2014] NSWSC 789; (2014) 101 ACSR 233 - Re Fishinthenet Investments Pty Ltd and Coastal Waters Seafood Pty Ltd [2014] NSWSC 260 - Re Gladstone Pacific Nickel Ltd [2011] NSWSC 1235; (2011) 86 ACSR 432 - Re JGS Investment Holdings Pty Ltd [2014] NSWSC 1532 - Seamez v McLaughlin [1999] NSWSC 9 - Showtime Management Australia Pty Ltd v Showtime Presents Pty Ltd [2008] NSWSC 618 - 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: Procedural and other rulings Parties: Michael Hourican (Plaintiff) Imperium Projects Pty Ltd (First Defendant) Justin Mahaffy (Second Defendant) Peter Lord (Third Defendant) Representation: Counsel: R A Parsons (Plaintiff) P Folino-Gallo (Defendants)