Reliance Rail Pty Limited v Permanent Custodians Limited [2017] NSWSC 1111

Supreme Court New South Wales

Medium Neutral Citation: Reliance Rail Pty Limited v Permanent Custodians Limited [2017] NSWSC 1111 Hearing dates: 07/08/2017 and 08/08/2017 Date of orders: 23 August 2017 Decision date: 23 August 2017 Jurisdiction: Equity - Commercial List Before: McDougall J Decision: Parties to bring in draft orders. Catchwords: CONTRACTS — construction — approach to construction – whether plaintiffs permitted to refinance debt without the consent of all creditors — determination of conditions that must be satisfied to refinance debt — determination of amount payable upon the redemption of debt — whether plaintiffs permitted to amend a deed without unanimous decision — where contracts interlock — identification of the commercial purpose or objects of the contracts Legislation Cited: Uniform Civil Procedure Rules 2005 (NSW) Cases Cited: Bank of Queensland v Chartis Australia Insurance [2013] QCA 183 Big River Timbers Pty Ltd v Stewart (1999) 9 BPR 16, 605 BNY Mellon Corporate Trustee Services Ltd v LBG Capital Number 1 PLC [2017] 1 All ER 497 Electricity Generation Corporation v Woodside Energy Ltd (2014) 251 CLR 640 Fitzgerald v Masters (1956) 95 CLR 420 Hyde Management Services Pty Ltd v FAI Insurances Ltd (1979) 144 CLR 541 Mount Bruce Mining Pty Ltd v Wright Prospecting Pty Ltd (2015) 256 CLR 104 National Roads and Motorists' Association v Parkin (2004) 60 NSWLR 224 Wilkie v Gordian Runoff Ltd (2005) 221 CLR 522 Zhu v Treasurer of New South Wales (2004) 218 CLR 530 Category: Principal judgment Parties: Reliance Rail Pty Limited (First Plaintiff) Reliance Rail Finance Pty Limited (Second Plaintiff) Reliance Rail Holdings Pty Limited (Third Plaintiff) Permanent Custodians Limited (First Defendant) BNY Trust (Australia) Registry Limited (Second Defendant) Dexia Credit Local Sa (Third Defendant) FMS Wertmanagement Aör (Fourth Defendant) Assured Guaranty Corp (Fifth Defendant) Assured Guaranty Municipal Corp (Sixth Defendant) Syncora Guarantee Inc (Seventh Defendant) FGIC UK Limited (Eighth Defendant) Representation: Counsel: MJ Darke SC / S Lawrance / E Bathurst (Plaintiffs) DR Sulan (First and Second Defendants) IM Jackman SC / DFC Thomas (Third and Fourth Defendants) R McHugh SC / N Bender (Fifth and Sixth Defendants) MS Henry SC / RCA Higgins (Seventh and Eighth Defendants)