CATCHWORDS:

CORPORATIONS - statutory derivative action - application by 35% shareholder/director to bring derivative proceedings after company's assets were transferred to a company from which the applicant is excluded - inadequacies of proposed points of claim - whether those inadequacies prevent the court from determining the application under s 237 - distinction between personal and derivative claims - whether court is satisfied concerning good faith, best interests of company and serious question to be tried - ancillary order for applicant to indemnify company with respect to costs of derivative proceedings - considerations relating to the bringing of derivative and personal claims in single proceedings

To answer your question, we need to analyze the key points and issues mentioned in your query:

1. Statutory derivative action: This refers to a legal action taken by a shareholder or director on behalf of a corporation to address a grievance or claim on behalf of the company.

2. Application by a 35% shareholder/director: In this scenario, a shareholder or director who holds a 35% stake in the company is seeking permission from the court to initiate derivative proceedings on behalf of the company.

3. Transfer of company assets: It appears that there has been a transfer of the company's assets to another company. This transfer has resulted in the applicant being excluded from the new company.

4. Inadequacies of proposed points of claim: The applicant is being evaluated for their proposed points of claim, which may contain inadequacies or shortcomings. These inadequacies will be considered by the court in determining the application under section 237.

5. Distinction between personal and derivative claims: When bringing a legal action, it is important to differentiate between personal claims, which are brought by an individual for their own benefit, and derivative claims, which are brought on behalf of the company to address a harm suffered by the company itself.

6. Good faith, best interests of the company, and serious question to be tried: In order for the court to grant permission for derivative proceedings, it must be satisfied that the applicant is acting in good faith, the action is in the best interests of the company, and there is a serious question to be tried that justifies the need for the legal action.

7. Ancillary order for applicant to indemnify company: As part of the court's decision to grant permission for derivative proceedings, it may require the applicant to provide an ancillary order to indemnify the company for any costs incurred during the legal proceedings.

8. Considerations relating to bringing derivative and personal claims in single proceedings: The court may also consider whether it is appropriate to bring both derivative and personal claims in a single set of proceedings, taking into account the complexity and potential conflict of interests involved.

In summary, answering your question would require a legal analysis of the mentioned catchwords, understanding the relevant laws and regulations governing statutory derivative actions, and applying them to the specific circumstances mentioned. It's important to consult legal experts or refer to relevant legal resources to properly address the question.