Minumbra Pty Ltd v AM Lancewood Investment Nominees Pty Limited [2015] NSWSC 302

Supreme Court New South Wales

Medium Neutral Citation: Minumbra Pty Ltd v AM Lancewood Investment Nominees Pty Limited [2015] NSWSC 302 Hearing dates: 9 March 2015 Date of orders: 31 March 2015 Decision date: 31 March 2015 Jurisdiction: Equity Division Before: Young AJA Decision: 1. The plaintiff's claim wholly fails. 2. The proceedings must be dismissed with costs. 3. The exhibits may be returned after 28 days. Catchwords: CONTRACTS – Guarantees – whether guarantee subject to a liability cap a guarantee of part – whether guarantor has rights of subrogation before lender fully paid Cases Cited: Barclays Bank Ltd v T.O.S.G. Trust Fund Ltd [1984] AC 626 C & J Clark Ltd v Inland Revenue Commissioners [1973] 1 WLR 905, 911 Challenge Bank Ltd v Mailman (1993) NSWCA 54 (BC9301897) Ellis v Emmanuel (1876) 1 ExD 157 Goodwin v Gray [1874] 22 WR 312 Harding v Coburn [1976] 2 NZLR 577 Liberty Mutual Insurance Co (UK) Ltd v HSBC Bank Plc [2002] EWCA Civ 691 Mailman v Challenge Bank Ltd (Cohen J, 10 April 1992, NSWSC) (BC9201948) Re Bland Bros v The Council of the Borough of Inglewood (No 2) [1920] VLR 522 Re Butlers Wharf Limited [1995] BCLC 43 Liberty Mutual Insurance Co (UK) Ltd v HSBC Bank Plc [2002] EWCA Civ 691 Texts Cited: Pearce & Geddes "Statutory Interpretation in Australia" para 12.4 (LexisNexis Butterworths, 8th Edn, 2014) Category: Principal judgment Parties: PLAINTIFF - Minumbra Pty Ltd FIRST DEFENDANT - AM Lancewood Investment Nominees Pty Limited (ACN 158561365) as trustee for the Lancewood Investment Trust and as trustee for the Lancewood Investment Trust 2 SECOND DEFENDANT - Minumbra Lancewood Pty Ltd (ACN 156 281 711) as trustee for the Minumbra Lancewood Trust (Receivers and Managers Appointed) Representation: Counsel: Plaintiff – G Curtin SC; SR Derham & EB Cowpe Defendant 1 – GKJ Rich SC & BK Lim