In the matter of Treadtel International Pty Ltd (No 2) [2016] NSWSC 791

In the matter of Treadtel International Pty Ltd (No 2) [2016] NSWSC 791

Leave granted to the plaintiff, Mr Cocco, to file an amended statement of claim pleading alternative grounds of standing to seek relief under ss 232, 233, 461 and 462 of the Corporations Act, including as the beneficiary of a trust where the trustee is conflicted, as a contingent creditor, and on basis of possible nunc pro tunc rectification, as the grounds pleaded are sufficiently arguable and should proceed to trial. Leave is subject to conditions including costs, discontinuance of Italian proceedings, and payment of costs occasioned by amendment, but not, at this stage, the provision of further security for costs.

Jurisdiction
Australia
Judgment Date
20 June 2016
Procedural Posture
Application for Leave to Amend Statement of Claim in Equity Proceedings / Interlocutory Application; Ruling on Application for Leave to Amend
Outcome
Leave to amend statement of claim granted subject to conditions, with short minutes of order to be brought in.
Legal Topics
['oppression Proceedings' 'standing of Beneficiaries to Sue' 'amendment of Pleadings' 'breach of Trust' 'rectification of Register' 'security for Costs']
['corporations Law' 'equity' 'civil Procedure'] ['oppression Proceedings' 'standing of Beneficiaries to Sue' 'amendment of Pleadings' 'breach of Trust' 'rectification of Register' 'security for Costs']

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Procedural Posture

Application for Leave to Amend Statement of Claim in Equity Proceedings / Interlocutory Application; Ruling on Application for Leave to Amend

Legal Issues

  1. 1 ['Whether plaintiff has standing to seek relief for oppression under s 233 of Corporations Act as unregistered beneficial owner of shares' 'Whether relief can be sought by a beneficiary where the registered holder is a conflicted trustee' 'Appropriate grounds and principles for allowing amendments to pleadings at the interlocutory stage' 'Whether amendment should be subject to conditions including costs, security for costs, and the discontinuance of parallel proceedings in Italy']

Ratio Decidendi

Leave granted to the plaintiff, Mr Cocco, to file an amended statement of claim pleading alternative grounds of standing to seek relief under ss 232, 233, 461 and 462 of the Corporations Act, including as the beneficiary of a trust where the trustee is conflicted, as a contingent creditor, and on basis of possible nunc pro tunc rectification, as the grounds pleaded are sufficiently arguable and should proceed to trial. Leave is subject to conditions including costs, discontinuance of Italian proceedings, and payment of costs occasioned by amendment, but not, at this stage, the provision of further security for costs.

Court Disposition

Leave to amend statement of claim granted subject to conditions, with short minutes of order to be brought in.

Orders

  • ['Plaintiff granted leave to file amended Statement of Claim (in the form attached to application of 4 March 2016, minus abandoned partnership/joint venture claims).' "Plaintiff to pay defendants' costs occasioned by the amendment, including costs thrown away and costs of interlocutory applications related to the...