In the matter of Italasia Pty Ltd [2017] NSWSC 811

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Italasia Pty Ltd [2017] NSWSC 811 Hearing dates: 2 June 2017 Date of orders: 02 June 2017 Decision date: 02 June 2017 Jurisdiction: Equity - Corporations List Before: Brereton J Decision: Originating process dismissed with costs Catchwords: CORPORATIONS – deregistration – application for reinstatement under Corporations Act s 601AH(2) – where claim of applicant alleging creditor status has no prospects of success – where reinstatement would therefore be vexatious – held, reinstatement declined.

LIMITATION OF ACTIONS – contracts – when time begins to run – Limitation Act s 14 – where alleged loans made over six years ago – where alleged loans were said to be repayable 'on demand' – where no contractual term preventing cause of action arising upon making of loan advance – held, claim time-barred. Legislation Cited: (CTH) Corporations Act 2001, s 471B, s 601AA, s 601AH(2) (NSW) Limitation Act 1969, s 14 Cases Cited: Chidiac v Maatouk [2010] NSWSC 386 Drinkwater v Caddyrack Pty Ltd (No 3) (SC(NSW), Young J, No 3970/1996, 28 November 1997) Haller v Ayre [2005] 2 Qd R 410 Ogilvie v Adams [1981] VR 1041 Young v Queensland Trustees Ltd (1956) 99 CLR 560 Category: Principal judgment Parties: Hiromichi Kure (plaintiff) Italasia Pty Ltd (deregistered) (first defendant) Australian Securities and Investments Commission (second defendant) Xin Mei He (third defendant) Representation: Counsel: S Burchett with T Rickard (plaintiff) L Feng (sol) (third defendant)