Deangrove Pty Limited (Receivers and Managers Appointed) v Buckby [2006] FCA 212

FEDERAL COURT OF AUSTRALIA

Deangrove Pty Limited (Receivers and Managers Appointed) v Buckby [2006] FCA 212

CORPORATIONS – receivers' duties in relation to exercise of power of sale – where receiver rejected offer to purchase property – consideration of s 420A of the Corporations Act 2001 (Cth) – whether receiver exercised his power and discharged his duty with degree of care and diligence that a reasonable person would exercise in the circumstances then prevailing – whether receiver failed to take all reasonable case to sell property for not less than its market value or alternatively if the property did not have a market value the best price reasonable obtainable in the circumstances – no breach of common law or statutory duties.

Corporations Act 2001 (Cth) ss 180, 420A Artistic Builders Pty Ltd v Elliott & Tuthill (Mortgages) Pty Ltd (2002) 10 BPR 19,565 cited Expo International Pty Ltd (Receivers and Managers Appointed) (In Liq) v Chant [1979] 2 NSWLR 820 cited Florgale Uniforms Pty Ltd v Orders (2005) 51 ACSR 699 considered Forsyth v Blundell (1973) 129 CLR 477 cited GE Capital Australia v Davis (2002) 180 FLR 250 considered Gomez v State Bank of NSW Ltd [2001] FCA 1059 cited Hawkesbury Valley Developments Pty Ltd v Custom Credit Corporation Ltd (1995) NSW Conv R 55‑731 cited Skinner v Jeogla Pty Ltd (2001) 37 ACSR 106 considered Ultimate Property Group Pty Ltd v Lord (2004) 60 NSWLR 646 considered DEANGROVE PTY LIMITED (RECEIVERS AND MANAGERS APPOINTED) v RICHARD WILLIAM BUCKBY AND JOHN DENNIS NSD 501 of 2002 BRANSON J 14 MARCH 2006 SYDNEY

IN THE FEDERAL COURT OF AUSTRALIA

NEW SOUTH WALES DISTRICT REGISTRY NSD 501 of 2002

BETWEEN: DEANGROVE PTY LIMITED (RECEIVERS AND MANAGERS APPOINTED)

APPLICANT

AND: RICHARD WILLIAM BUCKBY

FIRST RESPONDENT