Anthony Magafas & Anor v Peter Carantinos & Anor [2008] NSWSC 691

Anthony Magafas & Anor v Peter Carantinos & Anor [2008] NSWSC 691

Section 241(1) of the Corporations Act gives the Court wide powers to make any orders or directions it considers appropriate in relation to derivative proceedings, including relief beyond subparagraphs (a)-(d); the proposed orders do not constitute an improper asset distribution and are in the interests of Pac-Com to preserve the fund secure pending the taking of accounts.

Jurisdiction
Australia
Judgment Date
08 July 2008
Procedural Posture
Derivative Action / Civil Motion / Ruling on Interlocutory Orders on Notice of Motion
Outcome
The plaintiffs' notice of motion is granted in terms of orders 1, 2, 3, 6, 7 and 8.
Legal Topics
['proper Construction of S 241(1)(c) Corporations Act' 'court Powers in Derivative Proceedings' 'distribution of Company Assets' 'ratification of Trustee Actions' 'interlocutory and Final Orders']
['corporations Law' 'equity'] ['proper Construction of S 241(1)(c) Corporations Act' 'court Powers in Derivative Proceedings' 'distribution of Company Assets' 'ratification of Trustee Actions' 'interlocutory and Final Orders']

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Procedural Posture

Derivative Action / Civil Motion / Ruling on Interlocutory Orders on Notice of Motion

Legal Issues

  1. 1 ['Construction of s 241(1)(c) Corporations Act 2001 (Cth): scope of relief that may be granted' 'Whether the orders represent an impermissible distribution of company assets' 'Whether the proposed orders are in the interests of Pac-Com Pty Limited']

Ratio Decidendi

Section 241(1) of the Corporations Act gives the Court wide powers to make any orders or directions it considers appropriate in relation to derivative proceedings, including relief beyond subparagraphs (a)-(d); the proposed orders do not constitute an improper asset distribution and are in the interests of Pac-Com to preserve the fund secure pending the taking of accounts.

Court Disposition

The plaintiffs' notice of motion is granted in terms of orders 1, 2, 3, 6, 7 and 8.

Orders

  • ['Orders in terms of paragraphs 1, 2, 3, 6, 7 and 8 of the notice of motion filed 13 June 2008 are made.' 'Parties have leave to exchange and furnish written submissions as to costs by 14 July 2008 and in response by 21 July 2008.' 'Decision as to costs will be given in chambers.' 'Orders to be entered forthwith.']