Coeur De Lion Investments Pty Limited v The President's Club Limited

[2020] FCA 462

FEDERAL COURT OF AUSTRALIA

Coeur De Lion Investments Pty Limited v The President’s Club Limited
[2020] FCA 462

File number(s):	QUD 79 of 2020
Judge(s):	GREENWOOD J
Date of judgment:	7 April 2020
Catchwords:	CORPORATIONS - consideration of an application to restrain the respondents from conducting a meeting of shareholders of the first respondent on 8 April 2020
Legislation:	Corporations Act 2001 (Cth), s 260B
Cases cited:	Coeur De Lion Investments Pty Limited v The President’s Club Limited [2020] FCA 456
Date of hearing:	2 April 2020
Date of last submissions:	2 April 2020
Registry:	Queensland
Division:	General Division
National Practice Area:	Commercial and Corporations
Sub-area:	Corporations and Corporate Insolvency
Category:	Catchwords
Number of paragraphs:	1
Counsel for the Applicants:	P Dunning QC and M Karam
Solicitor for the Applicants:	Alexander Law
Counsel for the Respondents:	R Newlinds SC and G Handran
Solicitor for the Respondents:	McBride Legal

ORDERS

QUD 79 of 2020

BETWEEN:

COEUR DE LION INVESTMENTS PTY LIMITED ACN 006 334 872 (and another named in the Schedule)

First Applicant

AND:

THE PRESIDENT'S CLUB LIMITED ACN 010 593 263 and others named in the Schedule)(

First Respondent

JUDGE:	GREENWOOD J
DATE OF ORDER:	7 APRIL 2020

THE COURT ORDERS THAT:

1.The application is dismissed. 

2.The costs of and incidental to the application are reserved for later determination. 

3.Pursuant to s 23 and s 37P of the Federal Court of Australia Act 1976 (Cth), rule 1.32 and rule 1.36 of the Federal Court Rules 2011, these orders and the reasons for judgment in support of these orders are made and published from Chambers. 

Note:   Entry of orders is dealt with in Rule 39.32 of the Federal Court Rules 2011.

REASONS FOR JUDGMENT

GREENWOOD J:

1. This proceeding is concerned with an application to restrain the first respondent and the second to sixth respondents from taking, or causing to be taken, any further steps in connection with giving notice of or calling or holding a general meeting of shareholders of the first respondent pursuant to s 260B of the Corporations Act 2001 (Cth) for the purpose of seeking shareholder approval for the raising of levies from shareholders of the first respondent or the raising of a special levy from shareholders of the first respondent, for the purpose of funding a representative proceeding (QUD 734 of 2019) commenced by Ian Lewis Consulting Pty Ltd against the applicants. The applicants also seek an order that the first respondent and the second to sixth respondents take steps to revoke any notice given to shareholders of the first respondent or to the Australian Securities and Investments Commission in connection with the proposed meeting. This application was heard together with two other applications as a matter of urgency. The questions in issue in this application are addressed in the reasons published in Coeur De Lion Investments Pty Limited v The President’s Club Limited [2020] FCA 456. Accordingly, these reasons should be read together with the reasons in that matter.

I certify that the preceding one (1) numbered paragraph is a true copy of the Reasons for Judgment herein of the Honourable Justice Greenwood.

Associate:

Dated:       7 April 2020

SCHEDULE OF PARTIES

QUD 79 of 2020
Applicants
Second Applicant	PALMER LEISURE COOLUM PTY LTD ACN 146 828 122
Respondents
Second Respondent	PATRICK JOHN KELLY
Third Respondent	IAN GEORGE LEWIS
Fourth Respondent	BRUCE MURDOCH WALLIS
Fifth Respondent	COLIN WAYNE OWEN
Sixth Respondent	MAREE KAY FRECKLINGTON