In the matter of Akierman Holdings Pty Limited [2015] NSWSC 1395

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Akierman Holdings Pty Limited [2015] NSWSC 1395 Hearing dates: 1 September 2015 Decision date: 23 September 2015 Jurisdiction: Equity - Corporations List Before: Black J Decision: Grant leave to the Plaintiff to bring derivative proceedings. Parties to bring in agreed short minutes of order to give effect to this judgment, including as to the provision of indemnity. 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 – application for order for inspection of documents. Legislation Cited: - Civil Procedure Act 2005 (NSW) s 98(1) - Companies Act 1961 - Corporations Act 2001 (Cth) ss 9, 180, 181, 182, 236, 237, 237(1), 237(2), 237(2)(a), 237(2)(b), 237(2)(c), 237(2)(d), 242, 247A, 247A(3), 247A(4), 247A(5), 1317HA - Duties Act 1997 (NSW)

- Uniform Civil Procedure Rules 2005 (NSW) pt 42, r 42.1 Cases Cited: - Cassegrain v Gerard Cassegrain & Co Pty Ltd [2008] NSWSC 1159 - Chuen v Laredo Pty Limited [2005] WASC 58 - Fitzpatrick v Cheal [2010] NSWSC 717 - Greater Pacific Investments Pty Ltd (in liq) v Australian National Industries Ltd (1996) 39 NSWLR 143 - In the matter of Staway Pty Ltd (in liquidation) (receivers and managers appointed) (Supreme Court (NSW), Black J, August 2013, unrep) - Maher v Honeysett & Maher Electrical Contractors Pty Ltd [2005] NSWSC 859 - Majestic Resources NL v Caveat Pty Limited [2004] WASCA 201 - Mathews Capital Partners Pty Limited v Coal of Queensland Holdings Pty Limited [2012] NSWSC 462 - MG Corrosion Consultants Pty Ltd v Vinciguerra [2011] FCAFC 31; (2011) 82 ACSR 367 - Oates v Consolidated Capital Services Ltd [2009] NSWCA 183; (2009) 76 NSWLR 69 - Paris King Investments Pty Ltd v Rayhill [2006] NSWSC 403 - Ragless v IPA Holdings Pty Ltd (in liquidation) [2008] SASC 90 - 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 Imperium Projects Pty Limited [2015] NSWSC 123 - Swansson v RA Pratt Properties Pty Ltd [2002] NSWSC 583; (2002) 42 ACSR 313 - Vinciguerra v MG Corrosion Consultants Pty Ltd [2007] FCA 503; (2007) 61 ACSR 583 - Vinciguerra v MG Corrosion Consultants Pty Ltd [2010] FCA 763; (2010) 79 ACSR 293 Category: Procedural and other rulings Parties: Gillian Dar (Plaintiff) Steven Akerman (Defendant) Representation: Counsel: G Curtin SC/E Cowpe (Plaintiff) D B Studdy SC (Defendant)