ING Bank NV, Sydney Branch ABN 32 080 178 196, in the matter of Airport West Pty Limited (ACN 101 179 408) [2005] FCA 686
[2005] FCA 686
At a glance
Source factsCourt
Federal Court of Australia
Decision date
2005-05-24
Before
Gyles J
Source
Original judgment source is linked above.
Judgment (5 paragraphs)
REASONS FOR JUDGMENT 1 This is an application pursuant to s 266(4) of the Corporations Act 2001 (Cth) (the Act) by ING Bank NV, Sydney Branch, for orders extending the period provided by s 263 of the Act for the lodging of documents with the Australian Securities and Investment Commission (ASIC) relating to certain charges in its favour. 2 The charges all relate to the provision of an $18 million term facility by the applicant and an associated overseas entity to Airport West Pty Limited (Airport West), a company which holds an underlease at Adelaide Airport at which it has developed a shopping centre. It is the trustee of the Airport West Unit Trust, which is the operating entity. Airport West is, in substance, a joint venture between two parties: ING Real Estate on the one hand and the Lewis Land group of companies on the other through several corporate vehicles. The charges were taken to secure the facility from Airport West and four other companies in the chain of ownership. I need not set out the detail of those companies or the charges in these reasons. 3 Some of the charges were executed on 22 December 2004 and some on 23 December 2004. Section 263 of the Act required that each chargor company was to ensure that documents were lodged within 45 days after the creation of the charge. Section 266 of the Act has the consequence that if this were not done the charges would be void as against a liquidator, an administrator of a company or the administrator of a deed of company arrangement. That result may be ameliorated by s 266(4) which provides as follows: 'The Court, if it is satisfied that the failure to lodge a notice in respect of a charge, or in respect of a variation in the terms of a charge, as required by any provision of this Part: