Minumbra Lancewood Pty Ltd v AM Lancewood Investment Nominees Pty Limited [2013] NSWSC 1929

Supreme Court New South Wales

Medium Neutral Citation: Minumbra Lancewood Pty Ltd v AM Lancewood Investment Nominees Pty Limited [2013] NSWSC 1929 Hearing dates: 23-24 October, 8 November 2013 Decision date: 20 December 2013 Jurisdiction: Equity Division Before: Robb J Decision: (1)The court dismisses the plaintiffs' claim. (2)The court orders the plaintiffs to pay the costs of the defendant on the ordinary basis. Catchwords: CONSTRUCTION OF CLAUSE - whether Notice of Default accelerating repayment of loan is valid - whether an event of default under loan agreement has occurred - construction of material and adverse change provision - whether the existence of a material and adverse change had to be assessed objectively - events that could constitute a material and adverse change. Cases Cited: Australian and New Zealand Banking Group Ltd v Pan Foods Company Importers and Distributors Pty Ltd [1999] 1 VR 29 Grupo Hotelero Urvasco S.A. v Carey Value Added S.L. [2013] EWHC 1039 Pan Foods Company Importers & Distributors Pty Ltd v Australia and New Zealand Banking Group Ltd (2000) 170 ALR 579 Vision Telecommunications Pty Ltd v Australian and New Zealand Banking Group Limited [2001] WASC 139 Texts Cited: Lewison and Hughes, The Interpretation of Contracts in Australia, 1st Aust ed (2012) Lawbook Co. Category: Principal judgment Parties: Minumbra Lancewood Pty Ltd (First plaintiff) Minumbra Pty Ltd (Second plaintiff) Oncer Pty Limited (Third plaintiff) AM Lancewood Investment Nominees Pty Limited (Defendant) Representation: Counsel: R Webb SC and E Cowpe G Rich SC and D Sulan (Defendant) Solicitors: James Beatty & Associates (Plaintiffs) Arnold Bloch Leibler (Defendant) File Number(s): 13/250087