Catchwords:

CORPORATIONS – statutory derivative action – Corporations Act 2001 (Cth), s 237 – application to bring proceedings on behalf of company – where company is corporate trustee – leave sought by former director of company who is a discretionary object of trust – nature of good faith requirement – whether applies to application for leave and to the desire to bring the underlying proceedings – where impugned transaction occurred 11 years after applicant ceased to be a director and 19 years before applicant sought leave under s 237 – where unexplained delay

APPEALS – nature of appeal – application for leave to bring statutory derivative action – standard of appellate review – correctness standard applies