Pascoe v Lyon [2014] NSWSC 308

An owner failed to pay his levies for many years and was bankrupted by the body corporate. The mortgagee obtained a writ of possession and the owner applied for a stay in the hope that a scheme of arrangement could be entered into to enable the unit not to be sold by the trustee in bankruptcy.

The court noted that it might take an extended period of time and the only possible benefit is a possibly increased sale price because the property is not being sold directly by the trustee. The court held that it would simply be a matter of delaying the inevitable in the hope that some increased purchase price would be obtainable.

Click here to read the full judgment

Scroll to Top