A&D Beaumont Pty Ltd atf A&D Beaumont Family Trust v Commonwealth Bank of Australia [2023] NSWSC 728

Supreme Court New South Wales

Medium Neutral Citation: A&D Beaumont Pty Ltd atf A&D Beaumont Family Trust v Commonwealth Bank of Australia [2023] NSWSC 728 Hearing dates: 23, 27 June 2023 Date of orders: 27 June 2023 Decision date: 27 June 2023 Jurisdiction: Equity - Duty List Before: Meek J Decision: Order for preliminary discovery made. Order made restraining defendant from permitting funds to be withdrawn from bank account below value of $559,698.93 Catchwords: PRELIMINARY DISCOVERY — The plaintiff completed an application to place funds through a fund manager in a managed investment scheme — The application form included a mistaken reference to the BSB of the plaintiff's Commonwealth Bank of Australia account — Funds were placed — Later, the plaintiff sought to redeem the funds — The redemption form indicated that the funds should be paid to an account "previously advised" being the incorrect account — Subsequently, the plaintiff and the fund manager became aware the redeemed monies had been paid to an incorrect account belonging to a third party account holder with the Commonwealth Bank of Australia — The plaintiff, the fund manager and the fund manager's bank, corresponded with each other and also with the Commonwealth Bank of Australia to attempt to ascertain the identity of the incorrect third-party payee — The plaintiff was unable to readily obtain that information — The plaintiff sought preliminary discovery pursuant to r 5.2(2)(b) Uniform Civil Procedure Rules 2005 (NSW) (UCPR) — Order for preliminary discovery made CIVIL PROCEDURE — injunctive relief — Application for order pursuant to r 25.14(5) UCPR or inherent jurisdiction of the Court restraining defendant from permitting funds to be withdrawn from bank account in question unless after such withdrawal an amount equal to or greater than approximately $560,000 remains in bank account Legislation Cited: Uniform Civil Procedure Rules 2005 (NSW) Category: Principal judgment Parties: A&D Beaumont Pty Ltd atf A&D Beaumont Family Trust (Plaintiff) Commonwealth Bank of Australia (Defendant) Representation: Counsel: B Mostafa (Plaintiff)