In the matter of The Gosford Pty Ltd (Receivers and Managers Appointed) [2023] NSWSC 1232

Supreme Court New South Wales

Medium Neutral Citation: In the matter of The Gosford Pty Ltd (Receivers and Managers Appointed) [2023] NSWSC 1232 Hearing dates: 16 October 2023 Date of orders: 16 October 2023 Decision date: 17 October 2023 Jurisdiction: Equity - Corporations List Before: Williams J Decision: The Court directs pursuant to section 424 of the Corporations Act 2001 that the plaintiff, David Anthony Hurst in his capacity as receiver and manager of the property of The Gosford Pty Ltd ACN 630 253 557 (Receivers and Managers Appointed) (The Gosford), is justified in causing The Gosford to authorise the deposits paid by purchasers named in off the plan contracts for the sale and purchase of lots to be developed as part of The Gosford's development of the land described in paragraphs 11 and 33 of the affidavit of 64 paragraphs of David Anthony Hurst sworn on 16 August 2023 being contracts between The Gosford and those purchasers to be released to those purchasers. Catchwords: CORPORATIONS – receivers and managers – company entered into contracts with numerous purchasers for sale off the plan of lots in a mixed residential and commercial development being undertaken by the company – purchasers paid deposits to stakeholder – secured creditor appointed receiver and manager to company's assets, including the land – appointor later sold the partly-developed land as mortgagee in possession – company thereby became unable to complete contracts with purchasers – direction that receiver is justified in causing the company to direct the stakeholder to release the deposits to the purchasers. Legislation Cited: Conveyancing Act 1919 (NSW), s 66ZT Corporations Act 2001 (Cth), s 424 Property and Stock Agents Act 2002 (NSW), s 86 Cases Cited: Grant v O'Leary (1955) 93 CLR 587; (1955) 29 ALJ 379; [1955] HCA 33 i-Prosperity Waterside Rhodes Pty Ltd in its own capacity and in its capacity as trustee for the i-Prosperity Waterside Rhodes Unit Trust [2021] NSWSC 1065. In the matter of Mirabela Nickel Ltd (receivers and managers appointed) (in liq); ex parte Madden [2018] WASC 335 Mario Salvo v New Tel Limited [2005] NSWCA 281 Polbratek v Annross Partners Pty Ltd trading as Centro Real Estate (2016) 18 BPR 35,899; [2016] NSWSC 385 Texts Cited: J D Heydon, M J Leeming, and P G Turner, Meagher, Gummow & Lehane's Equity Doctrines & Remedies (5th ed, 2015, LexisNexis) Category: Principal judgment Parties: David Anthony Hurst in his capacity as Receiver and Manager of the Property of The Gosford Pty Ltd (Receivers and Managers Appointed) ACN 630 253 557 (Plaintiff) Representation: Counsel: Mr H Somerville (Plaintiff)