In the matter of Australasian Barrister Chambers Pty Ltd (in liquidation) [2017] NSWSC 597

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Australasian Barrister Chambers Pty Ltd (in liquidation) [2017] NSWSC 597 Hearing dates: 26 April 2017 Decision date: 16 May 2017 Jurisdiction: Equity - Corporations List Before: Black J Decision: The Court grants leave to the Applicant to bring its Amended Interlocutory Application dated 23 March 2017 and dismisses the application with costs. Catchwords: CORPORATIONS – Receivers, controllers and managers – Duties and liabilities – where receiver sold land without advertisement in directly negotiated sale – where sale price exceeded valuation – whether serious question to be tried that receiver breached his duty under Corporations Act 2001 (Cth) s 420A – whether controller necessarily obliged to advertise property for sale and sell on-market

EQUITY – Equitable remedies – Injunctions – where Applicant would apparently be unable to establish loss at a final hearing – where damages likely to be an adequate remedy – where Applicant delays in seeking injunction Legislation Cited: - Corporations Act 2001 (Cth), ss 420A, 423, 1324 - Evidence Act 1995 (NSW), s 136 - Transfer of Land Act 1958 (Vic), s 77 Cases Cited: - Ames v Trustees of the Birkenhead Docks [1855] EngR 373; 52 ER 630; (1855) 20 Beav 332 - Artistic Builders Pty Ltd v Elliott & Tuthill (Mortgages) Pty Ltd [2002] NSWSC 16; (2002) 10 BPR 19,565 - Australian Broadcasting Corporation v O'Neill [2006] HCA 46; (2006) 227 CLR 57 - CME Properties (Australia) Pty Ltd v Prime Capital Securities Pty Ltd [2016] WASC 231 - Commercial and General Acceptance Ltd v Nixon [1981] HCA 70; (1982) 152 CLR 491 - Emerson v Custom Credit Corporation Ltd [1992] QCA 154; [1994] 1 Qd R 516 - Florgale Uniforms Pty Ltd (rec and mgr apptd) (in liq) v Orders [2004] VSC 65; (2004) 11 VR 54 - Fortson Pty Ltd v Commonwealth Bank of Australia [2008] SASC 49; (2008) 100 SASR 162 - GE Capital Australia v Davis [2002] NSWSC 1146; (2002) 180 FLR 250 - Imac Security Services Pty Ltd v Tyco Australia Pty Ltd [2002] VSC 592 - Investec Bank (Australia) Ltd v Glodale Pty Ltd [2009] VSCA 97; (2009) 24 VR 617 - Jovanovic v Commonwealth Bank of Australia [2004] SASC 61; (2004) 87 SASR 570 - Re Australasian Barrister Chambers Pty Ltd (in liq) [2017] NSWSC 245 - Sablebrook Pty Ltd v Credit Union Australia Ltd [2008] QSC 242 - Skinner v Jeogla Pty Ltd [2001] NSWCA 15; (2001) 37 ACSR 106 - Spencer v Commonwealth of Australia [1907] HCA 82; (1907) 5 CLR 418 - Stone v Farrow Mortgage Services Pty Ltd (in liq) [1999] NSWCA 435; (1999) 12 BPR 22,175; [2000] ANZ ConvR 463 - Swerus v Central Mortgage Registry of Australia Pty Ltd [1989] ANZ Conv R 169; [1988] NSW Conv R 55-407 - Ultimate Property Group Pty Ltd v Lord [2004] NSWSC 114; (2004) 60 NSWLR 646 - Vasiliou v Westpac Banking Corporation [2007] VSCA 113; (2007) 19 VR 229 Texts Cited: J D Heydon, M J Leeming and P G Turner, Meagher, Gummow & Lehane's Equity: Doctrines and Remedies, 5th ed, 2014 Category: Procedural and other rulings Parties: ABCD Corporation Pty Ltd (Applicant) David Henry Sampson (First Respondent) Samanpat Pty Ltd as bare trustee for Relationspace Pty Ltd as Trustee for Jambol Super (Second Respondent) Catherine Mary Boland (Third Respondent) Catherine Elizabeth James (Fourth Respondent) Representation: Counsel: H W M Stitt (Applicant) R D Marshall SC/S Cirillo (Receiver)