Buildx Constructions v Perpetual Trustee Company [2007] NSWSC 1282

This was an urgent application seeking to restrain a mortgagee auction brought on the very morning the property was due to be auctioned. The borrower (Buildx) was represented by its director Mr Maamari. The injuction was sought on the grounds that the property had been sold to Mr Maamari’s two 20 year old children who had received an indicative letter of offer to finance the purchase 6 weeks before from Arab Bank. Justice Hamilton refused the injunction because there was no evidence as to the current status of the finance from Arab Bank, there was no evidence as to how the two children were going to raise the more than half a million dollars needed to complete the purchase, no copy of the contract was in evidence, and Mr Maamari was unable to convince the court he knew what an undertaking as to damages was.

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