In the matter of Wideform Investments Pty Ltd (receivers and managers appointed) (in liquidation) and Luso Holdings Pty Limited (receivers and managers appointed) (in liquidation) [2012] NSWSC 554

In the matter of Wideform Investments Pty Ltd (receivers and managers appointed) (in liquidation) and Luso Holdings Pty Limited (receivers and managers appointed) (in liquidation) [2012] NSWSC 554

Horizon was a connected entity of Luso because it was a related body corporate of Luso, and the Receivers were entitled to examine into Horizon's business affairs, including its transactions, dealings and property. Those matters included the correction of Webton's register by which Horizon ceased to be shown as beneficial owner of 40 Webton shares and the nature of Horizon's interest in those shares. Questions about the Rush G Unit Trust could be asked so far as they were relevant to establishing the facts concerning that correction and the circumstances in which the beneficial interest was recorded as held by the Rush G Unit Trust rather than Horizon. The question asking who set up the...

Jurisdiction
Australia
Judgment Date
21 March 2012
Procedural Posture
Corporations Mandatory Examination; Application for Review of Registrar's Decision to Disallow a Question in Examination / Ex Tempore Judgment on Application Under Uniform Civil Procedure Rules 2005 (nsw) R 49.19
Outcome
Registrar's decision to disallow the question was set aside; the Receivers were substantially successful; declaratory relief as to future questions was refused as unnecessary or inappropriate.
Legal Topics
['mandatory Examination' 'examinable Affairs' "review of Registrar's Decision" 'receivers and Managers' 'connected Entity' 'unit Trust']
['corporations Law' 'civil Procedure'] ['mandatory Examination' 'examinable Affairs' "review of Registrar's Decision" 'receivers and Managers' 'connected Entity' 'unit Trust']

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Procedural Posture

Corporations Mandatory Examination; Application for Review of Registrar's Decision to Disallow a Question in Examination / Ex Tempore Judgment on Application Under Uniform Civil Procedure Rules 2005 (nsw) R 49.19

Legal Issues

  1. 1 ['Whether a question put, and potentially further questions sought to be put, by the Receivers at examination on 15 November 2011 regarding the Rush G Unit Trust fell within the examinable affairs of Wideform or Luso for the purposes of s 596A of the Corporations Act 2001 (Cth).' 'Whether a question, and potentially further questions, about the circumstances in which the shares in Webton Pty Ltd in which Wideform and Luso at one point had an indirect interest purportedly came to be recorded as beneficially held on behalf of the Rush G Unit Trust were within the examinable affairs of Wideform or Luso.']

Ratio Decidendi

Horizon was a connected entity of Luso because it was a related body corporate of Luso, and the Receivers were entitled to examine into Horizon's business affairs, including its transactions, dealings and property. Those matters included the correction of Webton's register by which Horizon ceased to be shown as beneficial owner of 40 Webton shares and the nature of Horizon's interest in those shares. Questions about the Rush G Unit Trust could be asked so far as they were relevant to establishing the facts concerning that correction and the circumstances in which the beneficial interest was recorded as held by the Rush G Unit Trust rather than Horizon. The question asking who set up the...

Court Disposition

Registrar's decision to disallow the question was set aside; the Receivers were substantially successful; declaratory relief as to future questions was refused as unnecessary or inappropriate.

Orders

  • ["The Registrar's decision to disallow the particular question as to who set up the Rush G Unit Trust is set aside." "The First and Third Examinees are to pay the Receivers' costs on the application."]