In the matter of Cyprus Community of N.S.W. Limited (No 2) [2025] NSWSC 135

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Cyprus Community of N.S.W. Limited (No 2) [2025] NSWSC 135 Hearing dates: 21 February 2025 Date of orders: 21 February 2025 Decision date: 21 February 2025 Jurisdiction: Equity - Corporations List Before: Nixon J Decision: See [28] Catchwords: CORPORATIONS – charges, debentures and other borrowings – security interests – where a portion of payout figure for release of securities was disputed – where applicants proposed to pay the undisputed portion to the secured creditor and the disputed portion into court - whether secured creditor should be required to release securities on those payments being made – whether Registrar should be appointed to execute documents in the event of secured creditor's non-compliance Legislation Cited: Civil Procedure Act 2005 (NSW) s 94 Corporation Act 2001 (Cth), sch 2, s 90-15 Cases Cited: Commonwealth Bank of Australia v Dariusz Adam Gaszewski [2006] NSWSC 772 Equus Financial Services Ltd v RMBL Investments Pty Ltd [1996] 22 ACSR 744 Mackay v Dick (1881) 6 App Cas 251 Rowe v National Australia Bank [2019] WASCA 140 Secured Income Real Estate (Australia) Ltd v St Martins Investments Pty Ltd (1979) 144 CLR 596 Thumbiran v Silver Chef Rentals Pty Ltd [2022] NSWCA 148 Category: Principal judgment Parties: David Anthony Kennedy and Morgan John Kelly in their capacity as joint and several administrators of Cyprus Community of N.S.W. Limited (First Plaintiff) Cyprus Community of N.S.W. Limited (Second Plaintiff) Cyprus Capital Limited (First Respondent) Cussen and Michael Billingsley in their capacity as joint and several receivers and managers of Cyprus Community of NSW Ltd (Second Respondent) Provident Homes Pty Ltd (Third Respondent) Representation: Counsel: M A Izzo SC with A P F Ryan (Applicants) S Scott (Second Respondent)