Dunner, in the matter of Capital Securities (Aust) Mortgage Fund One Pty Ltd (In Liquidation) (ACN 114 766 157) v Capital Securities (Aust) Limited [2011] FCA 1264

Dunner, in the matter of Capital Securities (Aust) Mortgage Fund One Pty Ltd (In Liquidation) (ACN 114 766 157) v Capital Securities (Aust) Limited [2011] FCA 1264

Because all parties agreed that the management fees issue should be determined first, and if that issue were determined there was no pressing need for the s 500(2) application to be progressed at present, the Court made directions for preparation of the management fee claim, adjourned the directions hearing, and reserved costs.

Jurisdiction
Australia
Judgment Date
14 October 2011
Procedural Posture
Application by the Second Defendant for Leave Under S 500(2) of the Corporations Act 2001 (cth) to Proceed Against a Company in Liquidation / Directions Hearing
Outcome
Directions made; application under s 500(2) not progressed at present; costs reserved.
Legal Topics
['leave to Proceed Against Company in Liquidation' 'management Fees Under Trust Deed' 'directions' 'costs Reserved']
['corporations Law' 'insolvency' 'trusts'] ['leave to Proceed Against Company in Liquidation' 'management Fees Under Trust Deed' 'directions' 'costs Reserved']

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Procedural Posture

Application by the Second Defendant for Leave Under S 500(2) of the Corporations Act 2001 (cth) to Proceed Against a Company in Liquidation / Directions Hearing

Legal Issues

  1. 1 ["Whether the second defendant's application under s 500(2) of the Corporations Act 2001 (Cth) should be progressed at present." 'Whether Capital Securities (Aust) Mortgage Fund One Pty Ltd (in liquidation) is entitled to management fees claimed under the trust deed for October, November and December 2009.' 'What preparatory directions should be made for determination of the management fee issue.']

Ratio Decidendi

Because all parties agreed that the management fees issue should be determined first, and if that issue were determined there was no pressing need for the s 500(2) application to be progressed at present, the Court made directions for preparation of the management fee claim, adjourned the directions hearing, and reserved costs.

Court Disposition

Directions made; application under s 500(2) not progressed at present; costs reserved.

Orders

  • ['By 28 October 2011, the second defendant file and serve any amended defence, if so advised, limited to the management fee issue.' 'By 25 November 2011 the first plaintiff file and serve any affidavit on which he intends to rely in support of the management fee claim.' 'The directions hearing is adjourned to 10.15...