In the matter of Wollongong Coal Limited [2017] NSWSC 201

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Wollongong Coal Limited [2017] NSWSC 201 Hearing dates: 2 March 2017 Decision date: 07 March 2017 Jurisdiction: Equity - Corporations List Before: Black J Decision: Dismiss the Plaintiff's Originating Process. Catchwords: CORPORATIONS – share capital – share capital transactions – where company seeks order allowing it to purchase shares in itself, without shareholder approval of selective buy-back, to implement settlement of other proceedings – whether Corporations Act 2001 s 259A(c) confers a power on the Court to make such an order – whether such an order ought to be made. Legislation Cited: - Civil Procedure Act 2005 (NSW), s 56 - Company Law Review Act 1997 (Cth) - Corporations Act 2001 (Cth), Chs 2E, 6, Pts 2J.1–2J.2, ss 64, 208, 216, 233(1)(e), 257A, 257D, 257H, 259A, 259D, 471B, 477(2A), 606, 609(4), 611, 1322 Cases Cited: - Australian Securities Commission v Marlborough Gold Mines Ltd [1993] HCA 15; (1993) 177 CLR 485 - Carr v Finance Corp of Australia Ltd (No 1) [1981] HCA 20; (1981) 147 CLR 246 - Farah Constructions Pty Ltd v Say-Dee Pty Ltd [2007] HCA 22; (2007) 230 CLR 89 - M Dalley & Co Pty Ltd v Sims (1968) 120 CLR 603 - Patrick Stevedores Operations No 2 Pty Ltd v Maritime Union of Australia [1998] HCA 30; (1998) 195 CLR 1 - Quinlan v Fiboze Pty Ltd (1998) 14 ACLR 312; 6 ACLC 993 - Re M Dalley & Co Pty Ltd (1968) 1 ACLR 489 - Re Summit Resources (Aust) Pty Ltd [2012] WASC 125; (2012) 42 WAR 401; 261 FLR 365; 88 ACSR 60 - Re Taipan Resources NL (No 9) [2001] ATP 4; (2001) 38 ACSR 111 - Re Wave Capital Ltd [2003] FCA 969; (2003) 47 ACSR 418 - U&D Coal Ltd v Australian Kunqian International Energy Co Pty Ltd [2014] VSC 386 - Weinstock v Beck [2013] HCA 14; (2013) 251 CLR 396; 93 ACSR 231 - Winpar Holdings Ltd v Goldfields Kalgoorlie Ltd [2001] NSWCA 427; (2001) 166 FLR 144; 40 ACSR 221 Texts Cited: - M Leeming, "Farah and its Progeny: Comity among Intermediate Appellate Courts" (2015) 12 TJR 165 Category: Principal judgment Parties: Wollongong Coal Limited (Plaintiff) Bellpac Pty Limited (receivers and managers appointed) (in liquidation) (Defendant) Representation: Counsel: D L Williams SC (Plaintiff) N Cotman SC/J Wells (Defendant)