Quadrant Constructions Pty Ltd v HSBC Bank Australia Ltd, in the matter of Quadrant Constructions Pty Ltd [2004] FCA 111

FEDERAL COURT OF AUSTRALIA

Quadrant Constructions Pty Ltd v HSBC Bank Australia Ltd, in the matter of Quadrant Constructions Pty Ltd [2004] FCA 111 CORPORATIONS – statutory demand – application to set aside – money due under banking facility – whether bank estopped from claiming debt – whether bank under a duty not to sacrifice, impair or diminish value of security ESTOPPEL – estoppel by convention – where assumption about promise – estoppel by representation – no clear and unambiguous representation – no intention that plaintiff should rely on assumption

Companies Act 1862 (UK) 25 & 26 Vic c89 Corporations Act 2001 (Cth) s 459H

Caboche v Ramsay (1993) 119 ALR 215 cited Cadiz Waterworks Co v Barnett (1874) LR 19 Eq 182 cited Catholic Publishing and Bookselling Co, Re (1864) 2 DJ & S 116; 46 ER 319 cited Cercle Restaurant Castiglione Co v Lavery (1881) 18 Ch D 555 cited Commonwealth v Verwayen (1990) 170 CLR 394 referred to Con-Stan Industries of Australia Pty Ltd v Norwich Winterthur Insurance (Australia) Ltd (1986) 160 CLR 226 followed Foran v Wight (1989) 168 CLR 385 referred to Gold Hill Mines, In re (1882) 23 Ch D 210 cited Grear v Kettle [1938] AC 156 cited Grundt v Great Boulder Pty Gold Mines Ltd (1937) 59 CLR 641 referred to Low v Bouverie [1891] 3 Ch 82 followed New Travellers' Chambers Ltd v Cheese and Green (1894) 70 LT 271 cited Rhodesian Properties Ltd, In re [1901] WN 130 cited Riseda Nominees Pty Ltd v St Vincent's Hospital (Melbourne) Ltd [1998] 2 VR 70 referred to Heggies Bulkhaul Ltd v Global Minerals Australia Pty Ltd [2003] NSWSC 851 referred to Russian and English Bank, In re [1932] 1 Ch 663 cited Thompson v Palmer (1933) 49 CLR 507 referred to Waltons Stores (Interstate) Ltd v Maher (1988) 164 CLR 387 followed Woodhouse A.C. Israel Cocoa Ltd S.A. v Nigerian Produce Marketing Co Ltd [1972] AC 741 referred to