Peter Exton & Anor v Extons Pty Ltd & Ors  VSC 14 (10 February 2017): Oppressio and deadlincok sections 233 and 461(1)(k) and 467(4) of the Corporations Act 2001)
February 14, 2017
The Supreme Court, per Sifris J, heard an application under sections 233 and 461(1)(k) of the Corporations Act 2001 in Peter Exton & Anor v Extons Pty Ltd & Ors  VSC 14.
Many oppression proceedings in the Corporations List involve family run companies. Exton v Extons Pty Ltd is not unusual in this regard. The First Plaintiff, Peter, and the Sixth Defendant, Ian, are brothers. They each hold, either directly or indirectly, 50% of the shares in each of the companies that made up the Extons group. They are also directors of those companies .
The Extons group was commenced by Peter and Ian’s father and uncle in the 1950s, when it was started . It engages in earthworks, excavating and contracting in New South Wales and Victoria and occasionally sells machines including machines that it holds for the purposes of its contracting work .
Peter started Read the rest of this entry »