Boyd v Feeney & Ors [2017] NSWSC 1595

Supreme Court New South Wales

Medium Neutral Citation: Boyd v Feeney & Ors [2017] NSWSC 1595 Hearing dates: 19 – 20 September 2017, 20 October 2017 Decision date: 22 November 2017 Jurisdiction: Equity - Corporations List Before: Black J Decision: The Court holds that the company should be wound up, with the order for the winding up stayed for 21 days after it is made, and that no decree for specific performance of the memorandum of understanding should be made. Catchwords: CORPORATIONS — Members' rights and remedies — Oppression — closely held family company – where relationship between shareholders has broken down

CORPORATIONS — Winding up — Grounds for winding up — Just and equitable ground – where company has no director – where affairs of company managed by shareholder under power of attorney

EQUITY — Equitable remedies — Specific performance – Suit for specific performance of memorandum of understanding – whether parties to memorandum intended to be legally bound by it – whether specific performance should be decreed Legislation Cited: - Corporations Act 2001 (Cth), ss 232–233, 461(1)(k), 467 - Evidence Act 1995 (NSW), s 136 - Income Tax Assessment Act 1936 (Cth), Div 7A - Succession Act 2006 (NSW), Ch 3 Cases Cited: - Accurate Financial Consultants Pty Ltd v Koko Black Pty Ltd [2008] VSCA 86; (2008) 66 ACSR 325 - Australian Securities and Investments Commission v ABC Fund Managers Ltd [2001] VSC 383; (2001) 39 ACSR 443 - Bagot & Grieve v Chameleon Mining NL [2012] NSWSC 1331 - Byrne v A J Byrne Pty Ltd [2012] NSWSC 667 - Cacace v Bayside Operations Pty Ltd [2006] NSWSC 572 - CIC Insurance Ltd v Hannan & Co Pty Ltd [2001] NSWSC 437; (2001) 38 ACSR 245 - Commonwealth of Australia v Gretton [2008] NSWCA 117 - Dick v Alan Powell Holdings Pty Ltd [2009] QSC 184 - Great Australian Resources Pty Ltd v Platinum Mining Ventures Ltd [2011] FCA 1472 - Heath v Greenacre Business Park Pty Ltd [2016] NSWCA 34 - Hoy Mobile Pty Ltd v Allphones Retail Pty Ltd (No 2) [2008] FCA 810 - JC Williamson Ltd v Lukey & Mulholland (1931) 45 CLR 282 - MacLean v MacLean [2017] FCA 194 - Morgan v 45 Flers Avenue Pty Ltd (1986) 10 ACLR 692 - Munstermann v Rayward [2017] NSWSC 133 - Nassar v Innovative Precasters Group Pty Ltd [2009] NSWSC 342; (2009) 71 ACSR 343 - Protocom Holdings Pty Ltd v Kent Street Chambers Pty Ltd [2015] FCA 751 - RBC Investor Services Australia Nominees Pty Ltd v Brickworks Ltd [2017] FCA 756; (2017) 120 ACSR 517 - Re AJ Roberts Removals & Storage Pty Ltd [2017] NSWSC 1054 - Re Catombal Investments Pty Ltd [2012] NSWSC 775 - Re George Raymond Pty Ltd; Salter v Gilbertson [1999] VSC 460; (2000) 18 ACLC 85 - Re Hayes Steel Framing Systems Pty Ltd (admins apptd) [2017] NSWSC 385 - Re Ledir Enterprises Pty Ltd [2013] NSWSC 1332; (2013) 96 ACSR 1 - Re Lowes Park Pty Ltd; Headlam v Lowes Park Pty Ltd (1994) 62 FCR 535 - Re Swan Services Pty Ltd [2017] NSWSC 692 - The Owners – Strata Plan No 58087 v Matthews [2015] NSWSC 1906 - Thomas v HW Thomas Ltd [1984] 1 NZLR 686; (1984) 2 ACLC 610 - Tomanovic v Argyle HQ Pty Ltd [2010] NSWSC 152 - Tomanovic v Global Mortgage Equity Corporation Pty Ltd [2011] NSWCA 104; (2011) 288 ALR 310; 84 ACSR 121 - Varma v Varma [2010] NSWSC 786; (2010) 6 ASTLR 152 - Victory Projects Pty Ltd v AAA Self Storage Pty Ltd [2016] NSWSC 1758 - Watson v Foxman (1995) 49 NSWLR 315 - Wayde v New South Wales Rugby League Ltd [1985] HCA 68; (1985) 180 CLR 459 Category: Principal judgment Parties: Lynette Boyd (Plaintiff) Judy Feeney (First Defendant) Marie Ellersdorfer (Second Defendant) Dane Corak (Third Defendant) D & D Corak Investments Pty Ltd (Fourth Defendant) Representation: Counsel: N Simpson (Plaintiff) M Klooster (First Defendant) M Bennett (Second to Fourth Defendants)