Tolcher (as Liquidator of Lloyd Scott Enterprises Pty Ltd (In Liq) v Capital Finance Australia Ltd [2005] FCA 108

Tolcher (as Liquidator of Lloyd Scott Enterprises Pty Ltd (In Liq) v Capital Finance Australia Ltd [2005] FCA 108

The Court has power under s 588FF(3)(b) of the Corporations Act to grant an extension of time on a general application not limited to specific transactions, and as a matter of discretion, such extension should be granted in the present circumstances. Joinder of Capital Corporate Finance Ltd is not precluded by the expiration of the three year limitation period, as the amendment powers operate independently from the limitation provision.

Parties
First Applicant: Raymond George Tolcher (as Liquidator of Lloyd Scott Enterprises Pty Ltd (In Liquidation)); Second Applicant: Lloyd Scott Enterprises Pty Ltd (In Liquidation); First Respondent: Capital Finance Australia Ltd; Second Respondent: Capital Corporate Finance Ltd
Jurisdiction
Australia
Judgment Date
18 February 2005
Procedural Posture
Interlocutory Application / Ruling on Application for Extension of Time and Joinder
Outcome
Application granted
Legal Topics
Winding Up, Voidable Transactions, Extension of Time, Joinder of Parties
Corporations Law Insolvency Law Winding Up Voidable Transactions Extension of Time Joinder of Parties

Case Brief

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Parties

Raymond George Tolcher (as Liquidator of Lloyd Scott Enterprises Pty Ltd (In Liquidation))

First Applicant

Lloyd Scott Enterprises Pty Ltd (In Liquidation)

Second Applicant

Capital Finance Australia Ltd

First Respondent

Capital Corporate Finance Ltd

Second Respondent

Procedural Posture

Interlocutory Application / Ruling on Application for Extension of Time and Joinder

Legal Issues

  1. 1 Whether the Court has power under s 588FF(3)(b) of the Corporations Act 2001 (Cth) to grant an extension of time on an application made in general form without reference to specific transactions
  2. 2 Whether it is appropriate as a matter of discretion to grant an extension of time
  3. 3 Whether joinder of Capital Corporate Finance Ltd as a respondent is precluded by the expiration of the limitation period under s 588FF(3)

Ratio Decidendi

The Court has power under s 588FF(3)(b) of the Corporations Act to grant an extension of time on a general application not limited to specific transactions, and as a matter of discretion, such extension should be granted in the present circumstances. Joinder of Capital Corporate Finance Ltd is not precluded by the expiration of the three year limitation period, as the amendment powers operate independently from the limitation provision.

Court Disposition

Application granted

Orders

  • The application be granted.
  • The applicant bring in Short Minutes to give effect to these Reasons for Judgment.