NSW Caselaw
Reported Decision : 40 ACSR 83 (2002) 20 ACLC 326
New South Wales Supreme Court
CITATION : One.Tel Networks Holdings [2001] NSWSC 1065 CURRENT JURISDICTION: Equity FILE NUMBER(S) : SC 5547/01 HEARING DATE(S) : 19 & 20 November 2001 JUDGMENT DATE : 21 November 2001
PARTIES : Gregory Winfield Hall as the Receiver and Manager of One.Tel Networks Holdings Pty Ltd and four other companies (P) JUDGMENT OF : Austin J
COUNSEL : R McDougall QC and M R Ellicott (P) SOLICITORS : Dibbs Barker Gosling (P) CATCHWORDS : COMPANY LAW - Court's power to give directions to controller of property of the corporation - whether Court should give directions that controller is justified in entering into compromise agreement - whether Court should give direction that controller is not prevented from entering into agreement which confers benefit on mortgagee MORTGAGES - principle that mortgagee cannot exercise of power of sale in favour of itself - scope and content of principle - whether principle applies when receiver enters into an agreement under which mortgagee and related entities acquire option to purchase secured property Conveyancing Act 1919 (NSW) s 24 LEGISLATION CITED : Corporations Act 2001 (Cth) ss 424, 479(3), 511, 1318 Trustee Act 1925 (NSW) s 63 Bastion v Gideon Investments Pty Ltd (in liq) (2000) 35 ACSR 466 Deputy Commissioner of Taxation v Best & Less (Wollongong) Pty Ltd (1992) 7 ACSR 2 Downes v Grazebrook 3 Mer 200 Expo International Pty Ltd v Chant (1979) 2 NSWLR 820 Farrar v Farrar's Ltd (1888) 40 ChD 395 Farrar v Farrar's Ltd (1888) 40 Ch D 395 Franbridge Pty Ltd v Societe and Generale Finance Corporation Pty Ltd (1994) 14 ACSR 304 Glazier Holdings Pty Ltd v Australian Men's Health Pty Ltd (Young J, unreported, 30 April 1998 Glazier Holdings Pty Ltd v Australian Men's Health Pty Ltd [2000] NSWSC 253 Hall v Sherman [2001] NSWSC 810 Holder v Holder [1968] 1Ch 353 CASES CITED : Mariconte v Batiste (2000) 48 NSWLR 724 MTM Funds Management Ltd v Cavalane Holdings Pty Ltd (2000) 35 ACSR 440 Re GB Nathan & Co Pty Ltd (in liq) (1991) 5 ACSR 673 Re IOOF Australia Trustees Ltd [1999] SASC 461 Re Mineral Securities Australia Ltd (in liq) [1973] 2 NSWLR 207 Re Mirvac Ltd (1999) 32 ACSR 107 Re North City Developments Pty Ltd; ex parte Walker (1990) 20 NSWLR 286 Re Vartex Petroleum Industries Pty Ltd; application of Dunn (Supreme Court of New South Wales, unreported, 17 August 1989); BC 8901834 Robertson v Norris 1 Giff 421 Sanderson v Classic Car Insurances Pty Ltd (1985) 10 ACLR 115 Tse Kwong Lam v Wong Chit Sen [1983] 1 WLR 1349 Whitcomb v Minchin 5 Madd 9 DECISION : Directions given
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