In the matter of MINMXT Holdings Pty Limited [2017] NSWSC 1678

Supreme Court New South Wales

Medium Neutral Citation: In the matter of MINMXT Holdings Pty Limited [2017] NSWSC 1678 Hearing dates: 5 June 2017; 18 October 2017 (written submissions) Date of orders: 01 December 2017 Decision date: 01 December 2017 Jurisdiction: Equity - Corporations List Before: Brereton J Decision: Subject to stamping its loan agreement, Prospa has a security interest entitled to priority over liquidator and beneficiaries to the extent of $587,035.06; Osborne has a security interest which is entitled to priority over the liquidator and the beneficiaries to the extent of $360,183.06. Catchwords: TRUSTS AND TRUSTEES – equitable interests in trust property – ranking of priorities – claims of equitable interest as charge pursuant to loan agreements – claim of equitable interest by charge or constructive trust or subrogation – whether stamping pursuant to (NSW) Duties Act 1997, s 211, operates retrospectively. Legislation Cited: (CTH) Corporations Act 2001, s 468 (NSW) Duties Act 1997, s 211 Cases Cited: ACN 075 911 470 Pty Ltd v Almaty Pty Ltd [2011] NSWSC 333 Angus Carnegie Gordon as liquidator of Lyon Form Pty Ltd v Leon Plant Hire Pty Ltd [2015] NSWSC 397 Barlin Investments Pty Ltd v Westpac Banking Corporation (2012) 16 BPR 30,671 Beechworth Land Estates Pty Ltd and Griffith Estates Pty Ltd (Admin Apt (No 2), In the matters of [2015] NSWSC 336 Bellissimo v JCL Investments Pty Ltd [2009] NSWSC 1260 Boral Recycling v Wake [2009] NSWSC 712 C & L Cameron Pty Ltd, In the matter of [2012] NSWSC 676 Electricity Meter Manufacturing Coy Ltd v Manufacturers' Products Proprietary Ltd (1930) 30 SR(NSW) 422 Heid v Reliance Finance Corporation Pty Limited (1983) 154 CLR 326 McKensey v Hewitt (2004) 61 NSWLR 54 MINMXT Holdings Pty Ltd, In the matter of [2017] NSWSC 156 MINMXT Holdings Pty Ltd (No 2), In the matter of [2017] NSWSC 231 Neoform Developments & Interiors Pty Ltd v Town & Country Marketing Pty Ltd [2002] NSWSC 344 Shepherd v Felt and Textiles of Australia Ltd (1931) 45 CLR 359 Universal Distributing Co Ltd (in liq), Re (1933) 48 CLR 171 Westpac Banking Corporation v Mousellis (1985) 37 NTR 1 Category: Principal judgment Parties: Adam Bernard Preiner (first plaintiff) MINMXT Holdings Pty Ltd (second plaintiff) Nichole Paula Schlebusch (first defendant) Morney Schlebusch (second defendant) Winghouse Australia Pty Ltd (third defendant) Peter Bernard Shade and Emily Long (fourth defendant) Prospa Advance Pty Ltd (third respondent) Hoot Townsville Pty Ltd (in liquidation) (fourth respondent) Hoot Gold Coast Pty Ltd (in liquidation) (fifth respondent) Andrew Kent Osborne (sixth respondent) Prime Capital Securities Pty Limited (seventh respondent) Representation: Counsel: A Narayan (sol) (plaintiffs/applicants) MW Young SC (third respondent) D Edney (sol) (fourth and fith respondents) J White (sixth respondent)