I think you are kidding yourselves. In the same article athttp://www.austlii.edu.au/cgi-bin/sinodisp/au/cases/nsw/NSWCA/2006/360.html?query=ca2001172%20s254u
the judge quotes Sec 254V of the Corporations Act:
254V When does the company incur a debt?
(1) A company does not incur a debt merely by fixing the amount or time for payment of a dividend. The debt arises only when the time fixed for payment arrives and the decision to pay the dividend may be revoked at any time before then.
Do you really think they did this without proper advice?
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I think there advice is flawed if they got advice.
Firstly they dont claim to have revoked the dividend and secondly even if they did then the time for revocation is prior to the 21st.
However if the company has a constitution and it allows the declaring of dividends then the debt arises on the date of declaration.
The amount I am owed will fit within the jurisdictional limits of small claims.The only right of appeal from there is District Court only on the ground of lack of jurisdiction or denial of procedural fairness.
I will be pursuing this.
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