In the matter of Gorji Property Investment Pty Limited [2018] NSWSC 1671

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Gorji Property Investment Pty Limited [2018] NSWSC 1671 Hearing dates: 12 October 2018 Decision date: 12 October 2018 Jurisdiction: Equity - Corporations List Before: Black J Decision: The creditor's statutory demand dated 2 May 2018 issued by the Defendant to the Plaintiff is set aside. The Defendant pay the Plaintiff's costs of the proceedings as agreed or as assessed. Catchwords: CORPORATIONS – winding up – application to set aside creditor's statutory demand under Corporations Act 2001 (Cth) s 459H – where serious question to be tried as to whether the terms of the mortgage under which the debt is claimed could be found to be unconscionable – whether a genuine dispute has been established –whether condition should be imposed on an order setting aside the demand under Corporations Act s 459M. Legislation Cited: - Australian Consumer Law - Australian Securities and Investments Commission Act 2001 (Cth) s 12CC - Contracts Review Act 1980 (NSW) - Corporations Act 2001 (Cth) ss 127, 459H, 459M Cases Cited: - Britten-Norman Pty Ltd v Analysis & Technology Australia Pty Ltd [2013] NSWCA 344; (2013) 85 NSWLR 601 - Get'm Pty Ltd v Triulcio [2004] NSWSC 291 - Ipstar Australia Pty Ltd v APS Satellite Pty Ltd [2018] NSWCA 15 - Knight Frank Australia Pty Ltd v Paley Properties Pty Ltd [2014] SASCFC 103; (2014) 120 SASR 532 - Paciocco v Australia and New Zealand Banking Group Ltd (2015) 236 FCR 199 - Panel Tech Industries (Aust) Pty Ltd v Australian Skyreach Equipment Pty Ltd (No 2) [2003] NSWSC 896 - Re Erma Properties Pty Ltd [2017] NSWSC 1748 - Re Wabbits Pty Ltd [2018] NSWSC 532 - Re Wollongong Coal Ltd [2015] NSWSC 1680; (2015) 110 ACSR 134 - Spencer Constructions Pty Ltd v G & M Aldridge Pty Ltd [1997] FCA 681; (1997) 76 FCR 452 - TR Administration Pty Ltd v Frank Marchetti & Sons Pty Ltd [2008] VSCA 70; (2008) 66 ACLR 67 - The Trust Company (PTAL) Pty Ltd v Romeo (No 3) [2013] NSWSC 347 Category: Principal judgment Parties: Gorji Property Investment Pty Limited (Plaintiff) Nu Horizon property Holdings Pty Limited (Defendant) Representation: Counsel: M W Young SC (Plaintiff) D Pritchard SC/W J Nathan (Defendant)