Commonwealth Bank of Australia v Iinvest Pty Ltd (In Liq) [2014] NSWSC 1257

Supreme Court New South Wales

Medium Neutral Citation: Commonwealth Bank of Australia v Iinvest Pty Ltd (In Liq) [2014] NSWSC 1257 Hearing dates: 8.11.2013 Decision date: 15 September 2014 Jurisdiction: Common Law Before: Campbell J Decision: See paragraph [71] Catchwords: PROPERTY LAW - application to set aside default judgment for possession - whether triable issue - whether bank can rely on default alleged to have arisen from bank's misconduct EQUITY AND TRUSTS - whether property and choses in action associated held on trust - whether beneficiary has standing to bring claim where trustee insolvent Legislation Cited: Australian Securities and Investments Commission Act 2001 (Cth), ss 12CA, 12CC, 12DA, 12DB, 12GF, 12GM Conveyancing Act 1919 (NSW) Corporations Act 2001 (Cth), ss 471 and 477 Evidence Act 1995 (NSW), s 131 Real Property Act 1900 (NSW) Residential Tenancies Act 2010 (NSW), ss 3, 13, 15, 81, 122, 124 and 125 Residential Tenancies Regulation 2010 (NSW) Sheriff Act 2005 (NSW), s 7A Trustee Act 1925 (NSW), s 9 Uniform Civil Procedure Rules 2005 (NSW), r 6 Cases Cited: Australia and New Zealand Banking Group Limited v Comer (1993) 5 BPR 11,748; BC9302012; DKLR Holdings Co (No 2) v Commissioner of Stamp Duties (NSW) (1980) 1NSWLR 510; DKLR Holding Co. (No 2) v Commissioner of Stamp Duties (NSW) (1982) 149 CLR 431; Foss v Harbottle (1843) 2 HARE 461; Goater v Commonwealth Bank of Australia [2014] NSWCA 265 Horrobin v Australia & New Zealand Banking Group Ltd (1996) 40 NSWLR 89; Inglis v Commonwealth Trading Bank of Australia (1971) 126 CLR 161; Lamru Pty Ltd v Kation Pty Ltd (1998) 44 NSWLR 432; Lemery Holdings Pty Ltd v Reliance Financial Services Pty Ltd [2008] NSWSC 1344; 74 NSWLR 550; Lewis v Condon [2013] NSWCA 204; Magnate Projects Pty Ltd v Youma Constructions (No. 2) Pty Ltd [2005] NSWCA 331; Mercedes Holdings Pty Ltd & Ors v Waters (No.2) [2010] FCA 472; 78 ACSR 118; O'Brien v Bank of Western Australia Limited [2013] NSWCA 71; O'Neill v Commonwealth Bank of Australia [2013] NSWSC 836; Perpetual Finance Corp Ltd v Blain (1996) 9 BPR 16, 243; BC9605176; Ramage v Wacklaw (1988) 12NSWLR 84; Rix v Mahony & Ors (No 2) [2012] NSWCA 332; Ruthol Pty Ltd v Tricon (Australia) Pty Ltd [2005] NSWCA 443; Young v Murphy; Swinbank v Murphy [1996] 1 VR 279; Texts Cited: ELG Tyler, PW Young and C Croft, Fisher and Lightwood's Law of Mortgage (Lexis-Nexis Butterworths, 2nd Edition, 2005); JD Heydon and MJ Leeming, Jacobs' Law of Trusts in Australia (Lexis-Nexis Butterworths 7th Edition, 2006) Category: Principal judgment Parties: Commonwealth Bank of Australia (Plaintiff) Iinvest Pty Ltd (In Liquidation) (First Defendant) James Harker Mortlock (Second Defendant) Representation: Counsel: JM White (Plaintiff) NJ Kidd SC (Second Defendant) Solicitors: File Number(s): 2013/108514