In the matter of Fixed Interest Pty Limited [2017] NSWSC 1872

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Fixed Interest Pty Limited [2017] NSWSC 1872 Hearing dates: 5-6 December 2017 Date of orders: 07 December 2017 Decision date: 07 December 2017 Jurisdiction: Equity - Corporations List Before: Brereton J Decision: (1) The first defendant's rejection of the first plaintiff's proof of debt with respect to Fixed Interest Pty Ltd in the amount of $37,000 is reversed, and the first plaintiff be admitted to proof in the amount of $37,000. (2) The first defendant's rejection of the second plaintiff's proof of debt with respect to Fixed Interest in the amount of $1,014,267.21 be reversed, and the second plaintiff be admitted to proof in the amount of $1,014,267.21. (3) The first and second defendant's rejection of the first plaintiff's proof of debt with respect to Lewis Securities Ltd in the amount of $179,301.64 be reversed, and the first plaintiff be admitted to proof in the amount of $54,925. (4) The defendants' rejection of the first plaintiff's proof of debt with respect to LSL Holdings Pty Ltd in the amount of $87,479 be reversed, and the first plaintiff be admitted to proof in the amount of $87,479. (5) The defendants pay the plaintiffs' costs. Catchwords: CORPORATIONS – voluntary administration and liquidation – decision by liquidator – proof of debt – appeal to Court from liquidator's decision

CORPORATIONS – Statute of Limitations – limitation defence – cause of action is from date of winding up Legislation Cited: Corporations Act 2001 (Cth) ss 286, 1305 Cases Cited: Duke Group v Pilmer (1994) 15 ACSR 255 Frontier Touring Company Pty Ltd v Rodgers [2005] NSWSC 608 Motor Terms Company Pty Ltd v Liberty Insurance Limited (1966) 116 CLR 177 Re Art Reproduction Company [1952] Ch 89 Re Fleetwood and District Electric Light Syndicate [1915] 1 Ch 486 Re General Rolling Stock Company (1872) 7 Ch App Cas 646 Re JAY-O-BEES Pty Ltd (2004) 50 ACSR 565 Re Northern Ontario Down Company 1954 1 DLR 627 Solla v Scott [1982] 2 NSWLR 832 Tanning Research Laboratories Inc v O'Brien (1990) 169 CLR 332 Van Reesema v Flavel (1992) 7 ACSR 225 Category: Principal judgment Parties: Anthony Richard Lewis (first plaintiff) Dawngrange Pty Ltd (second plaintiff) Sule Arnautovic and Daniel Jean Civil as joint liquidators of Fixed Interest Pty Limited (in Liquidation), Lewis Securities Pty Limited (in Liquidation) and LSL Holdings Pty Limited (in Liquidation) (first & second defendants) Representation: Counsel: