Westpac Banking Corporation -v- Rafick Sayah [2015] NSWSC 1167

Supreme Court New South Wales

Medium Neutral Citation: Westpac Banking Corporation -v- Rafick Sayah [2015] NSWSC 1167 Hearing dates: 20, 21, 22, 23, 27, 28, 29, 30 July 2015 Decision date: 19 August 2015 Jurisdiction: Equity - Commercial List Before: Hammerschlag J Decision: Judgment for Plaintiff for $1,467,506.28 Cross-Claims dismissed Catchwords: CORPORATIONS – RECEIVERS AND MANAGERS – Corporations Act 2001 (Cth) s 420A – duties of receivers and managers in exercising a power of sale or otherwise dealing with property of a Corporation – obligation to obtain the market value or best price reasonably obtainable in the prevailing circumstances – obligation not to act wilfully or recklessly or sacrifice the interests of a mortgagor – complaint that receivers failed to sell property of a mortgagor company, being lighting, showerheads and insulation products useable in energy conservation schemes, at market value or for the best price reasonably obtainable – complaint that receivers sacrificed the interests of the mortgagor in settling an insurance claim for damage to insulation batts at an undervalue – position of guarantor of the debt owed by the mortgagor – HELD: Complaints not established – mortgagee entitled to judgment against guarantor Legislation Cited: Corporations Act 2001 (Cth) Category: Principal judgment Parties: Westpac Banking Corporation – Plaintiff and First Cross-Defendant Peter William Marsden – Second Cross-Defendant David John Kerr – Third Cross-Defendant Rafick Sayah – Defendant and First Cross-Claimant Green Alliance Pty Ltd – Second Cross-Claimant Representation: Counsel: K. Rees SC with J.A.C. Potts and C. Parkin - Plaintiff and Cross-Defendants N.A. Cotman SC with C. Carroll - Defendant and Cross-Claimants