Smith v Australian Securities and Investments Commission [2018] NSWSC 1695

Supreme Court New South Wales

Medium Neutral Citation: Smith v Australian Securities and Investments Commission [2018] NSWSC 1695 Hearing dates: 5 November 2018 Date of orders: 09 November 2018 Decision date: 09 November 2018 Jurisdiction: Equity - Corporations List Before: Parker J Decision: Adjourn the proceedings to allow the plaintiff, Michael John Morris Smith, to consider these reasons for judgment. Catchwords: CORPORATIONS – deregistration – application to reinstate company – company in liquidation at the time of deregistration – whether liquidator at the time of the company's deregistration should be re-appointed – where liquidator enters into an agreement with former creditor of the company to sell property which was discovered after the company's deregistration – where agreement potentially gives a particular creditor an advantage over other creditors of the company – where agreement potentially fetters liquidator's duties under the Corporations Act 2001 (Cth) – suitability of re-appointment

CORPORATIONS – deregistration – application to reinstate company – suspension of limitation periods – whether order under Corporations Act 2001 (Cth), s 601AH(3)(d) should be made to suspend limitation period – order not necessary Legislation Cited: Corporations Act 2001 (Cth), ss 9, 473, 513A, 532, 563B, 601AB, 601AD, 601AH Corporations Regulations (Cth), reg 5.6.70A Judiciary Act 1903 (Cth), s 79 Limitation Act 1969 (NSW), s 63 Cases Cited: Fiorentino v Australian Securities and Investments Commission (2014) 283 FLR 223; [2014] NSWSC 200 Donmastry Pty Ltd v Albarran (2004) 49 ACSR 745; [2004] NSWSC 632 J P Morgan Portfolio Services Ltd v Deloitte Touche Tohmatsu (2008) 167 FCR 212; [2008] FCA 433 Pagnon v WorkCover Queensland [2001] 2 Qd R 492; [2000] QCA 421 Ramantanis v G & M Excavations Pty Ltd (2003) 22 ACLC 22; [2003] NSWSC 1250 Re Donald Kenyon Ltd [1956] 1 WLR 1397 Re Regional Planners Developments Co Pty Ltd (2015) 110 ACSR 457; [2015] NSWSC 1996 Rizeq v Western Australia (2017) 91 ALJR 707; [2017] HCA 23 Category: Principal judgment Parties: Michael John Morris Smith (Plaintiff) Australian Securities and Investments Commission (Defendant) Representation: Solicitors: Keypoint Law Pty Ltd (Plaintiff – appearing ex parte) File Number(s): 2018/299829 Publication restriction: Nil