Young v ICM Agriculture Pty Ltd (No 2)

The applicants, Daryl William Young, Australian Agricultural Commodities Pty Ltd, Susan Bestow Young, and Casey Kevin Alan Young, sought to set aside earlier orders dismissing their claims against ICM Agriculture Pty Ltd. The applicants argued that the dismissal should be set aside to allow further investigation into the status of the shares in question and the appointment of directors for AAC. The court had to determine whether the applicants had made a sufficient case for an adjournment to allow for further investigation.

Justice Lindgren considered the timeline of events and the opportunities for investigation that had already been afforded to the applicants. The court noted that there had been ample time for the applicants to investigate the matter since the sequestration order was made on 6 October 2009 and again since the earlier orders were made on 4 November 2009. The court found that the applicants had not established a case for a further delay. Furthermore, the position of ICM Agriculture Pty Ltd, the respondent, also needed to be taken into account.

Given the ample opportunity for investigation and the lack of a compelling case for an extension, Justice Lindgren dismissed the applicants' motion to set aside the earlier orders. The court held that the dismissal of the motion and the proceedings was not intended to preclude the applicants from commencing any other proceeding as they may be advised. Additionally, the court varied the costs orders to include the respondent's costs of predecessor proceedings in the District Court of NSW and the Supreme Court of NSW.