Australia Capital Financial Management Pty Ltd v Linfield Developments Pty Ltd; Guan v Linfield Developments Pty Ltd [2017] NSWCA 99

Court of Appeal Supreme Court New South Wales Medium Neutral Citation: Australia Capital Financial Management Pty Ltd v Linfield Developments Pty Ltd; Guan v Linfield Developments Pty Ltd [2017] NSWCA 99 Hearing dates: 30 November and 1 December 2016 Decision date: 17 May 2017 Before: McColl JA at [1]; Ward JA at [2]; Gleeson JA at [379] Decision: In proceedings 2016/104216 (the ACFM appeal)

(1) Appeal allowed in part. (2) Set aside orders 4 and 5 of the declarations and orders made on 31 March 2016 and in lieu thereof: (a) Order that the plaintiff (Linfield Developments Pty Limited) pay to the sixth defendant (Australia Capital Financial Management Pty Limited) the sum of $360,364.14 plus interest on the sum of $20,360,364.14 at 12% p.a. from 5 August 2014 to 31 March 2016, together with the sixth defendant's reasonable costs in relation to land tax, insurance rates and utility charges incurred from 5 August 2014 to 31 March 2016 in respect of the Land; (b) Declare that the plaintiff is entitled to receive from the first defendant (Shuangxing Development Pty Ltd (in liq) (receivers and managers appointed)), through its receivers and managers, on payment of the sum of $20,000,000, a transfer of the Land in registrable form free from any mortgage, charge or encumbrance other than the plaintiff's Caveat No. AI792023. (3) Order that the appellant pay the first respondent 75% of the first respondent's costs of the appeal. (4) Grant liberty to the first respondent to apply on 3 days' notice for any further order necessary to effect the transfer of the Auburn Land to it.