A plaintiff who is not presently a registered member or established creditor of a company cannot litigate standing and substantive statutory claims for winding up or oppression concurrently in the same proceedings. Standing must be established first. A person with an untried claim for unliquidated damages based on a disputed agreement does not qualify as a 'contingent or prospective creditor' under s 462(2)(b). The equitable principle permitting a beneficiary to sue upon a cause of action available to the trustee does not confer statutory standing as a 'member' or 'contributory' under the Corporations Act.
The full text is available to signed-in members, including the 46 later cases that cite this judgment.
6 of the 46 citing cases carry a classified treatment. How each court treated it is available to signed-in members.