The High Court held that rule 36.16(2)(b) of the Uniform Civil Procedure Rules 2005 (NSW) could not be utilised to vary the time for the bringing of proceedings for orders with respect to voidable transactions under s588FF(3) of the Corporations Act 2001 (Cth).
The High Court allowed an appeal against a decision of the Victorian Court of Appeal, declaring that the respondent was not entitled to certain monies that were payable to a forest company (“the third appellant”) under Land Sale Contracts and a milling company (“the fourth appellant”) pursuant to a tree Sale Agreement. The Court held that the proceeds of the sale of at the timber and land scheme payable to the third and fourth respondent were not subject to an express trust in favour of the scheme of investors.
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