In the matter of Bigdeal Artist Management Pty Limited (in liquidation) [2015] NSWSC 936

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Bigdeal Artist Management Pty Limited (in liquidation) [2015] NSWSC 936 Hearing dates: 25 June 2015 Decision date: 16 July 2015 Jurisdiction: Equity Division - Corporations List Before: Black J Decision: Order that leave be granted to the Plaintiff to commence and maintain proceedings against company in liquidation. Order the First and Second Defendants to pay specified sum to the Plaintiff. No order as to costs. Catchwords: CORPORATIONS – Order sought for leave under s 500(2) of the Corporations Act 2001 (Cth) to proceed with a claim against company in voluntary liquidation – where claim is a proprietary claim – whether leave should be granted to bring claim.

EQUITY – trusts and trustees – express trusts – where disposition of trust property to First Defendant – whether disposition to First Defendant made in accordance with trust instrument after execution of amendment agreement – whether trust property received by First Defendant as volunteer. Legislation Cited: - Corporations Act 2001 (Cth) ss 500, 500(2) Cases Cited: - Associated Alloys Pty Ltd v ACN 001 452 106 Pty Ltd (in liq) (2000) 202 CLR 588 - Chong v Chanell [2009] NSWSC 765 - Hewlett Packard Australia Pty Ltd v Siltek Holdings Pty Ltd [2005] NSWSC 672 - Kauter v Hilton (1953) 90 CLR 86 - Oliveri v PM Sulcs & Associates Pty Ltd (in liq) [2012] NSWSC 1311 - Vagrand Pty Ltd (in liq) v Fielding (1993) 41 FCR 550 Texts Cited: - JD Heydon & MJ Leeming, Jacob's Laws of Trusts in Australia, (7th ed 2006, LexisNexis Butterworths) PW Young, C Croft and ML Smith, On Equity, (2009, Lawbook Co) Category: Principal judgment Parties: SEQ Pty Limited (Plaintiff) Bigdeal Artist Management Pty Limited (in liquidation) (First Defendant) Riad Tayeh and Antony Anne De Vries in their capacity as joint liquidators of Bigdeal Artist Management Pty Limited (in liquidation) (Second Defendant) Investec Bank (Australia) Limited (Third Defendant) Representation: Counsel: A Fernon (Plaintiff) M. Youssef (Solicitor – Third Defendant)