Jenner, Barry Lorne v Selmoore Pty Ltd [1997] FCA 318

IN THE FEDERAL COURT OF AUSTRALIA) ) VICTORIA DISTRICT REGISTRY ) No. VG 3322 of 1995 ) GENERAL DIVISION ) BARRY LORNE JENNER in his capacity as Receiver and Manager of Selmoore Pty Ltd (ACN 053 244 152) (Receiver and Manager appointed) (Applicant) and SELMOORE PTY LTD (ACN 053 244 152) (Receiver and Manager Appointed) by its directors CAROL JANE WILLIAMS and BARRY JOHN WILLIAMS (Respondents) JUDGE MAKING ORDER:Ryan J DATE OF ORDER: 5 May 1997 WHERE MADE: Melbourne MINUTES OF ORDER THE COURT ORDERS: 1. That the application be dismissed. 2. That the applicant pay the respondent's costs of and incidental to the application, such costs to be taxed in default of agreement. NOTE: Settlement and entry of orders is dealt with in Order 36 of the Federal Court Rules

IN THE FEDERAL COURT OF AUSTRALIA) ) VICTORIA DISTRICT REGISTRY ) No. VG 3322 of 1995 ) GENERAL DIVISION ) BARRY LORNE JENNER in his capacity as Receiver and Manager of Selmoore Pty Ltd (ACN 053 244 152) (Receiver and Manager appointed) (Applicant) and SELMOORE PTY LTD (ACN 053 244 152) (Receiver and Manager Appointed) by its directors CAROL JANE WILLIAMS and BARRY JOHN WILLIAMS (Respondents) CORAM: Ryan J DATE: 5 May 1997 PLACE: Melbourne REASONS FOR JUDGMENT RYAN J: On 19 April 1994, Selmoore Pty Ltd ("Selmoore") executed a mortgage debenture in favour of the National Australia Bank ("the Bank"). The mortgage debenture, at least in part, secured an overdraft facility to Selmoore from the Bank under which, when it expired on 31 October 1994, Selmoore was indebted to the Bank in an amount of approximately $102,000. The mortgage debenture under the heading "Payment of Secured Amounts" stipulated that "the Mortgagor undertakes to pay the Bank on demand all the secured amounts referred to in the demand." It was further stipulated by cl. 12 under the heading "Events of Default:"