In the matter of Endeavour Energy Network Management Pty Limited [2017] NSWSC 1825

In the matter of Endeavour Energy Network Management Pty Limited [2017] NSWSC 1825

Leave was granted because Mr D'Sylva's bankruptcy arose from family property investments affected by external economic circumstances rather than dishonesty or corporate misconduct; he had recognised the financial difficulty, proposed an arrangement with creditors, submitted to bankruptcy, cooperated with his trustee and made required contributions; the Companies were large commercial entities with structured management and financial reporting arrangements; the proposed role would be within a senior management team reporting to the chief executive officer and board; the Companies' senior management and board supported the appointment despite knowledge of the bankruptcy; the trustee had not...

Jurisdiction
Australia
Judgment Date
27 November 2017
Procedural Posture
Application for Leave to Manage Corporations Under S 206 G of the Corporations Act 2001 (cth) / Principal Judgment; Ex Tempore Judgment on Originating Process
Outcome
Leave granted to the Plaintiff to manage Endeavour Energy Network Management Pty Ltd and Ausconnex Management Pty Ltd as General Manager, Strategy and Development, subject to a condition; order under s 1322(4) made.
Legal Topics
['disqualification From Managing Corporations' 'undischarged Bankrupt' 'leave to Manage Corporations' 'validation of Procedural Irregularity' 'notice to Asic']
['corporations Law' 'bankruptcy Law'] ['disqualification From Managing Corporations' 'undischarged Bankrupt' 'leave to Manage Corporations' 'validation of Procedural Irregularity' 'notice to Asic']

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 1 Authorities cited 2 Party arguments 2 Amounts and remedies 1
Sign in to unlock

Procedural Posture

Application for Leave to Manage Corporations Under S 206 G of the Corporations Act 2001 (cth) / Principal Judgment; Ex Tempore Judgment on Originating Process

Legal Issues

  1. 1 ['Whether an undischarged bankrupt should be granted leave under s 206G of the Corporations Act 2001 (Cth) to manage Endeavour Energy Network Management Pty Ltd and Ausconnex Management Pty Ltd as General Manager, Strategy and Development.' 'Whether an order under s 1322(4) of the Corporations Act 2001 (Cth) should be made notwithstanding that less than the full period of notice contemplated by s 206G had been given to ASIC.']

Ratio Decidendi

Leave was granted because Mr D'Sylva's bankruptcy arose from family property investments affected by external economic circumstances rather than dishonesty or corporate misconduct; he had recognised the financial difficulty, proposed an arrangement with creditors, submitted to bankruptcy, cooperated with his trustee and made required contributions; the Companies were large commercial entities with structured management and financial reporting arrangements; the proposed role would be within a senior management team reporting to the chief executive officer and board; the Companies' senior management and board supported the appointment despite knowledge of the bankruptcy; the trustee had not...

Court Disposition

Leave granted to the Plaintiff to manage Endeavour Energy Network Management Pty Ltd and Ausconnex Management Pty Ltd as General Manager, Strategy and Development, subject to a condition; order under s 1322(4) made.

Orders

  • ['The Court grants leave to the Plaintiff to manage Endeavour Energy Network Management Pty Ltd and Ausconnex Management Pty Ltd as the General Manager Strategy and Development, on condition that he not be the sole signatory on any account maintained by the corporations with any bank or financial institution.' "An...