Corporations Cases: A note of two recent cases

The cases are:

• UBS AG, Australia Branch v Galileo Japan Funds Management Limited; In the Matter of Galileo Japan Funds Management Limited (Responsible Entity) [2012] FCA 364 (11 April 2012) (USB AG) dealing with discovery; and

• Walker and Moloney v CBA Corporate Services (NSW) Pty Ltd [2012] FCA 328 (5 April 2012) (Walker) dealing with extension of time and inslvency.

  UBS AG: A case invloving issues dealing with discovery and whether discovery should be ordered in aid of proof of surrounding circumstances claimed to be admissible in proceedings where the central issues involved the interpretation of a Facility Agreement wholly in writing and a claim in estoppel. Limited discovery was ordered.     Legislation considered in the case was the Civil Dispute Resolution Act 2011 (Cth), ss 6 and 11(b); the Corporations Act 2001 (Cth), s 459P and the Federal Court Rules 2011, r 20.11(1), r 20.14, 20.16, 20.17, 20.18.   Walker: A cases dealing with: 

• an application for extension of time under Corporations Act 2001 (Cth) s 588FF(3)(b) and whether it was appropriate to grant extension and if so for how long.

• an application pursuant to s 459A of the Act for order that companies already the subject of voluntary winding up be wound up in insolvency where the sole purpose for seeking such order is to enable the liquidators to rely upon s 588FJ.

• whether necessary for party seeking order under s 459A to adduce evidence of insolvency as at relation-back day and the relevance of the lack of such evidence to the exercise of discretion under s 459A.

Legislation considered in the case was the Corporations Act 2001 (Cth) ss 95A(1), 95A(2), 459A, 459P(1), 459R(1), 467B, 513A, 588FE, 588FF, 588FJ.

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