Sunny Capital Group Pty Ltd v Stamford Bridge SW6 Pty Ltd (In Liq) [2024] NSWSC 1357

Supreme Court New South Wales

Medium Neutral Citation: Sunny Capital Group Pty Ltd v Stamford Bridge SW6 Pty Ltd (In Liq) [2024] NSWSC 1357 Hearing dates: 22 October 2024 Date of orders: 22 October 2024 Decision date: 28 October 2024 Jurisdiction: Equity - Duty List Before: Pike J Decision: (1) The Plaintiff is to pay the First and Second Defendants' costs of the Plaintiff's application for interlocutory relief, as agreed or assessed. (2) The proceedings are listed for directions before his Honour Pike J on 9 December 2024. The Court notes that: (3) The First Defendant undertakes to deal with the proceeds from the sale of 22B Ney Street Mascot to the Second Defendant in the following manner: (a) Firstly, payment of the costs of the sale (including GST, legal fees and the Liquidator's costs of realising the property). (b) Secondly, deduct the payment of all amounts owing to the ANZ which are secured by mortgage AQ276498. (c) Thirdly, place the remaining proceeds in their solicitor's trust account for two weeks, and notify all caveators, and the plaintiff, of the sum held by them and these orders. If the caveators and the plaintiff are able to reach agreement between themselves as to how the remaining proceeds should be distributed between them, the First Defendant will distribute the funds as agreed. (d) Fourthly, agreement cannot be reached between caveators and the plaintiff as to how the proceeds held in their solicitor's trust account are to be distributed, the First Defendant will pay those proceeds into the Supreme Court of New South Wales. Catchwords: EQUITY – real property – caveats – application to extend operation of caveat under s 74K of the Real Property Act 1900 (NSW) – whether purchase price of property is significantly below market value – where there is a serious question to be tried – where balance of convenience does not favour extension of caveat – injunctive relief not granted Legislation Cited: Corporations Act 2001 (Cth) s 500(2) Real Property Act 1900 (NSW) s 74K Cases Cited: Furlong v Wise & Young Pty Ltd [2016] NSWSC 1839 Golden Goal Pty Ltd v Dapto Bowling Club (Ltd) (In Liq) [2018] NSWSC 1431 Hann Nominees Pty Ltd v National Australia Bank Ltd [2000] FCA 454 Kitanovski v Ibrahim [2022] NSWSC 1232 Texts Cited: Nil Category: Principal judgment Parties: Sunny Capital Group Pty Ltd (ACN 667 627 161) (Plaintiff) Stamford Bridge SW6 Pty Ltd (ACN 424 099 473) (in liq) (First Defendant) Experience DNA Pty Ltd (ACN 668 950 669) (Second Defendant) Representation: Counsel: E Walker (Plaintiff) A Crossland (Second Defendant)