Receivers

Saward v J & A Developments [2012] FCA 404

The borrower sought an injunction to stop the sale of three blocks of land in a larger aggregation of properties all securing the same debt. They wanted the other properties sold first. The application was made pursuant to s 1321 of the Corporations Act which essentially allows appeals from the decisions of Receivers. The borrowers …

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Victor Seeto v Bank of WA [2010] NSWSC 922

This case involved a $22 million facility where the lender appointed receivers to borrower’s hotel businesses and properties. The borrower responded by bringing an application for a mandatory injunction for removal of receivers, on the grounds that the appointments were invalid. There were several established defaults including a failure to provide accounts and to keep …

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Magar v Arab Bank [2010] NSWSC 553

The mortgagor (“Aldi”) appointed receivers and managers to the mortgage security comprised of a service station property. The lender was mortgagee. The receivers sought declaratory relief to enable them to take possession of the property. Magar sought to restrain them from interfering with his right to possession, claiming an interest by way of a sub-lease …

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ACN 113 137 397 v Winterbottom [2010] NSWSC 421

The loan went into default and a receiver appointed by the lender served an eviction notice on the lessee. The lessee approached the court and sought an injunction. The receiver resisted the injunction raising s 53(4) of the Real Property Act which reads: A lease of land which is subject to a mortgage, charge or …

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Constantinidis v Equititrust [2010] NSWSC 299

The lender appointed a receiver to the corporate borrowers for defaults under the mortgages. The borrowers and Mr Achilles Constantinidis, the sole director of each, responded by seeking a declaration under s 418A(2) of the Corporations Act 2001 that the appointments were not valid. It is not disputed that defaults which gave the lender the …

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Brighten v BankWest [2010] NSWSC 133

In late 2006 the Bank of Western Australia (the Bank) loaned over $32 million to Noble Growth Investment Limited to purchase the Fairmont resort in Leura. The loan was secured by a mortgage over the resort and a fixed and floating charge. In April 2009 Channel 9 program, A Current Affair, ran two “very critical” …

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Dean-Willcocks v Nothintoohard [2005] NSWSC 357

A receiver was appointed by the holder of a mortgage debenture over the assets of the first defendant. The lender was first registered mortgagee who exercised a power of sale in respect of the land secured by the mortgage. The proceeds of sale were placed into a controlled money account pending the resolution of the …

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Johnston v ANZ [2004] NSWSC 1250

The claim was a motion by the plaintiff seeking leave to rely upon a second further amended statement of claim (SFASC). The three defendants can be divided into two groups – the first defendant which is the Bank and the second and third defendants, the Receiver and his associate. The defendants opposed leave being given …

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