Circuit Finance Australia Limited (Receivers and Managers appointed) (in liquidation) v Panella & Anor [2011] NSWSC 311

Supreme Court New South Wales

Medium Neutral Citation: Circuit Finance Australia Limited (Receivers and Managers appointed) (in liquidation) v Panella & Anor [2011] NSWSC 311 Hearing dates: 30 March 2011 Decision date: 15 April 2011 Jurisdiction: Equity Division Before: Pembroke J Decision: See paragraph [23] Catchwords: PRIORITIES - postponing conduct - necessity for conduct that is blameworthy and causative SUBROGATION - nature and scope - not available to purchaser who pays outgoing mortgagee at vendor's direction EQUITABLE INTEREST - commensurate only with purchaser's right to specific performance - no equitable interest in land Cases Cited: Black v Garnock (2007) 230 CLR 438 Bofinger v Kingsway Group Ltd (2009) 239 CLR 269 Butler v Fairclough (1917) 23 CLR 78 Capital Finance Australia Ltd v Struthers [2008] NSWSC 440 Circuit Finance Australia Limited v Bessouinan [2006] NSWSC 1190 Cochrane v Cochrane (1985) 3 NSWLR 403 Ghana Commercial Bank v Chandiram [1960] AC 732 Heid v Reliance Finance Corporation (1983) 154 CLR 326 Latec Investments Ltd v Hotel Terrigal Pty Ltd (in liq) (1965) 113 CLR 265 Lew v Bluescope Distribution Pty Ltd [2010] NSWSC 794 Porter v Associated Securities Ltd (1976) 1 BPR 9279 Registrar General v Gill, Court of Appeal unreported, 16 August 1994 Stern v McArthur (1988) 165 CLR 489 Tanwar Enterprises Pty Ltd v Cauchi (2003) 217 CLR 315 Texts Cited: Meagher, Heydon and Leeming "Equity Doctrines & Remedies" (4th ed, Butterworths LexisNexis, 2002) Category: Principal judgment Parties: Circuit Finance Australia Limited (Receivers and Managers Appointed) (in liquidation) - plaintiff Teddy John Panella - first defendant (no appearance) Merrile Jean Herbert - second defendant Representation: Counsel: T J Morahan - for the plaintiff J Baird - for the second defendant Solicitors: Jade Lawyers - for the plaintiff Clarke & Cunningham - for the second defendant File Number(s): 2008/00349808