Ostabridge Pty. Ltd. (In Liquidation)(Receiver & Manager Appointed) v. Stafford & Ors. [2001] NSWCA 335

New South Wales Court of Appeal

CITATION : Ostabridge Pty. Ltd. (In Liquidation)(Receiver & Manager Appointed) v. Stafford & Ors. [2001] NSWCA 335 FILE NUMBER(S) : CA 40216/01 HEARING DATE(S) : 12th September 2001 JUDGMENT DATE : 25 September 2001

Ostabridge Pty. Ltd. (In Liquidation)(Receiver & Manager Appointed) - Appellant PARTIES : Wayne Albert Stafford - 1st respondent Garry Leslie Stafford - 2nd respondent Leslie Richard Stafford - 3rd respondent JUDGMENT OF : Powell JA at 1; Giles JA at 2; Hodgson JA at 6

LOWER COURT JURISDICTION : Supreme Court LOWER COURT ED50058/00 FILE NUMBER(S) : LOWER COURT Rolfe J JUDICIAL OFFICER :

COUNSEL : Mr. T.E.F. Hughes QC with Ms. S. Dowling for appellant Mr. B. Coles QC with Mr. M. Ashhurst for respondents SOLICITORS : Smits Leslie, Camperdown for appellant M.D. Nikolaidis & Co., Sydney for respondents CATCHWORDS : CONTRACT - Settlement of claim by bank against guarantors - Assignment of bank's debt to one guarantor - Covenant by bank to take no further steps - Whether assignee took subject to that covenant - LIMITATION OF ACTIONS - Confirmation of cause of action - Acknowledgement - Settlement of dispute on terms involving payment to bank - Provision for judgment for greater sum if terms not complied with - Terms complied with - Whether cause of action for greater sum confirmed. D. LEGISLATION CITED : Limitation Act 1969 s.54(2)(a) Bucknell v. The Commercial Banking Co. of Sydney Ltd. (1937) 58 CLR 155 CASES CITED: Hepburn v. McDonnell (1918) 25 CLR 199 Surrendra Overseas Ltd. v. Government of Sri Lanka (1977) 2AllER 481 Stage Club Ltd. v. Millers Hotels Pty. Ltd. (1981) 150 CLR 535 DECISION : Appeal dismissed with costs