Mizuho Bank Ltd -v- Mark Anthony Ackroyd [2016] NSWSC 1148

Supreme Court New South Wales

Medium Neutral Citation: Mizuho Bank Ltd -v- Mark Anthony Ackroyd [2016] NSWSC 1148 Hearing dates: 29 July 2016 Decision date: 19 August 2016 Jurisdiction: Equity - Commercial List Before: Hammerschlag J Decision: Motion for stay of proceedings filed on 26 July 2016 dismissed Catchwords: CORPORATIONS – Corporations Act 2001 (Cth) – s 440J(1) provides that during the administration of a company a guarantee of a liability of the company cannot be enforced as against a director of the company who is a natural person and that a proceeding in relation to such a guarantee cannot be begun against such a director, except with the leave of the Court – proceedings on a guarantee given by a director were begun before the administration – whether s 440J(1) applies to such proceedings – HELD the section does not apply Legislation Cited: Corporations Act 2001 (Cth) Motor Traffic Act 1909 (NSW) Public Trustee Act 1978 (Qld) Cases Cited: Bank of Western Australia Limited v Clift (2010) 80 ACSR 163; [2010] QSC 366 Coates Hire Operations v McNaughton (2006) 58 ACSR 518 Di Carlo v Kashani-Malaki (2013) 2 Qd R 17 Fraser v Deputy Commissioner of Taxation (1996) 69 FCR 99 Hanson & Younghan Pty Ltd [1987] VR 615 Holt v AEG Electric Co [1918] 1 Ch 320 Mudginberri Station Pty Ltd v Langhorne (1985) 7 FCR 482 Muirfield Properties Pty Ltd v Hanson & Younghan Pty National Australia Bank v King (2003) 45 ACSR 413 R v Bates [1982] 2 NSWLR 894 Re Behan Ex parte Pioneer Concrete (Qld) Pty Ltd (1995) 17 ACSR 725 Shergold v Tanner (2002) 209 CLR 126 Wade v New South Wales Rutile Mining Co Pty Ltd (1969) 121 CLR 177 Wallabah Pty Ltd v Navillo (1997) 23 ACSR 444 Category: Principal judgment Parties: Mizuho Bank Ltd - Plaintiff/Respondent Mark Anthony Ackroyd - Defendant/Applicant Representation: Counsel: G. Ng - Plaintiff/Respondent A. Stewart SC with T. March - Defendant/Applicant