K & B Trading Pty Ltd v Riverina Hay Pty Ltd (Receiver and Manager Appointed) [2020] NSWSC 1257

Supreme Court New South Wales

Medium Neutral Citation: K & B Trading Pty Ltd v Riverina Hay Pty Ltd (Receiver and Manager Appointed) [2020] NSWSC 1257 Hearing dates: 14 September 2020 Date of orders: 16 September 2020 Decision date: 16 September 2020 Jurisdiction: Common Law Before: N Adams J Decision: (1) Judgment for the plaintiff against the first defendant in the sum of $1,949,662.66 and foreign currency exchange rate losses in the sum of $21,032.64. (2) The first defendant is to pay the plaintiff interest in the sum of $881,354.35 being the interest calculated in accordance with clauses 3.2(a) and 3.2(f) of the Riverina Loan Deed executed on or about 2 October 2018. (3) Judgment for the plaintiff against each of the second and third defendants in the sum of $2,649,662.66 (being the total of $1,949,662.66 and $700,000) and foreign currency exchange rate losses in the sum of $21,032.64. (4) The first, second and third defendants are to pay to the plaintiff the fees and disbursements of the Receiver and Manager of the first defendant. (5) Judgment for the plaintiff against the fourth defendant in the sum of $700,000. (6) The fourth defendant is to pay the plaintiff interest in the sum of $254,071.24 being the interest calculated in accordance with clauses 3.2(a) and 3.2(c) of the Currabubula Loan Deed executed on or about 1 March 2018 less the amount of $44,646.57 already paid. (7) The second and third defendants are to pay the plaintiff interest in accordance with the Loan Deeds referred to in Orders 2 and 6 above pursuant to clause 3.2(a) of Deeds of Indemnity and Guarantee executed by each of those defendants on or about 1 March 2018 and 2 October 2018 respectively. (8) The defendants are to pay the plaintiff's costs of the proceedings on the ordinary basis. Catchwords: MONEY CLAIM – loan associated with farming business – two separate deeds – interest payable – personal guarantees – default – defendants indicate that they do not wish appear at the hearing – amounts owed Legislation Cited: Civil Procedure Act 2005 (NSW), s 98(1)(a) Corporations Act 2001 (Cth) Uniform Civil Procedure Rules 2005 (NSW), Pt 42, r 42.1, r 42.5 Cases Cited: Du v Feng [2020] NSWSC 875 Category: Principal judgment Parties: K & B Trading Pty Ltd (Plaintiff) Riverina Hay Pty Ltd (Receiver & Manager appointed) (First Defendant) Jimmy Yang (Second Defendant) Freda Feng (Third Defendant) Currabubula Property Pty Ltd (Fourth Defendant) Representation: Counsel: L T Livingston (Plaintiff)