In the matter of Vaucluse 29 Pty Ltd; Bayview 66 Pty Ltd; One Lake Macquarie Pty Ltd; Point Piper One Pty Ltd [2023] NSWSC 592

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Vaucluse 29 Pty Ltd; Bayview 66 Pty Ltd; One Lake Macquarie Pty Ltd; Point Piper One Pty Ltd [2023] NSWSC 592 Hearing dates: 29 May 2023 Date of orders: 2 June 2023 Decision date: 02 June 2023 Jurisdiction: Equity - Corporations List Before: Williams J Decision: See orders at [135]. Catchwords: PRACTICE AND PROCEDURE – Interlocutory injunctions – applicant companies in provisional liquidation – provisional liquidators contend that, if companies are wound up, liquidators may cause one of the companies to bring a claim against its secured creditor alleging that no moneys are owed to the creditor or secured by the creditor's registered mortgage over the company's real property – creditor in the process of selling property as mortgagee in possession – provisional liquidators applied in the name of the companies for interlocutory injunctions restraining creditor from disposing of sale proceeds and requiring creditor to pay sale proceeds into court – where interlocutory injunction sought rather than freezing order – potential future claim did not raise serious question to be tried – discretionary factors would have favoured refusal of injunctive relief in any event Legislation Cited: Conveyancing Act 1919 (NSW) s 66W Corporations Act 2001 (Cth) ss 50, 50AAA, 461(1)(e), 461(1)(f), 461(1)(k), 588FF Cases Cited: Australian Broadcasting Corporation v Lenah Game Meats Pty Ltd (2001) 208 CLR 199; (2001) 76 ALJR 1; (2001) 185 ALR 1; [2001] Aust Torts Reports 81-627; (2001) 54 IPR 161; [2001] HCA 63 Barnes v Addy (1874) LR 9 Ch App 244; (1874) 22 WR 505; (1874) 43 LJ Ch 513; (1874) 30 LT 4 Beecham Group Ltd v Bristol Laboratories Pty Ltd (1968) 118 CLR 618; (1968) 42 ALJR 80; [1968] ALR 469; [1968] HCA 1 Cardile v LED Builders Pty Ltd (1999) 198 CLR 380; (1999) 73 ALJR 657; (1999) 162 ALR 294; (1999) 45 IPR 1; [1999] HCA 18 Finn v Carelli [2007] NSWSC 261 Frigo v Culhaci [1998] NSWCA 88 Mineralogy Pty Ltd v Sino Iron Pty Ltd [2016] WASCA 105 Papas v Grave [2013] NSWCA 308 Re Hpack Investments Pty Ltd (2020) 149 ACSR 303; [2020] NSWSC 1638 Samimi v Seyedabadi [2013] NSWCA 279 Texts Cited: N/A Category: Procedural rulings Parties: Parties to the interlocutory process filed on 17 May 2023: Vaucluse 29 Pty Ltd (ACN 641 319 851) (in provisional liquidation) (First Applicant) Bayview 66 Pty Ltd (ACN 641 317 311) (in provisional liquidation) (Second Applicant) Athena Rose Capital Ltd (ACN 660 020 842) (First Respondent) Perpetual Corporate Trust Ltd (ACN 000 341 533 (Second Respondent) MSQUARED Capital Pty Ltd (ACN 622 507 297) (Third Respondent) Representation: Counsel: Mr E A Walker (Applicants) Mr E A J Hyde (First Respondent) Mr P A Horobin (Second and Third Respondents)