Grain Technology Australia Limited & Ors v Rosewood Research Pty Ltd & Ors [2019] NSWSC 1111

Supreme Court New South Wales

Medium Neutral Citation: Grain Technology Australia Limited & Ors v Rosewood Research Pty Ltd & Ors [2019] NSWSC 1111 Hearing dates: 16 August 2019 Date of orders: 30 August 2019 Decision date: 30 August 2019 Jurisdiction: Equity Before: Slattery J Decision: Directions given to the Receiver that he would be justified in not taking steps to sell the real estate. Catchwords: CORPORATIONS – Receivers and managers – Powers – Managing assets of company – receiver appointed as receiver of all property of three corporate defendants – plaintiffs are companies and individuals who have prominent roles in the wheat industry – undertaking and operations of the three defendants arose to facilitate research into the quality and production of bread – allegations made as to acts of misconduct contrary to an alleged charitable trust over the property of the defendants – charitable trust proceedings not finalised – risk of a fall in the market value of real estate assets – offers to purchase real estate assets received by the receiver – sale of assets may result in partial destruction of the subject matter of the claimed charitable trust – defendants have undertaken to the Court not to sell the assets – receiver seeks the Court's direction as to whether he would be justified in not selling the assets pending final hearing. Cases Cited: Deputy Commissioner of Taxation v Best & Less (Wollongong) Pty Ltd (1992) 7 ACSR 245 Mariconte v Batiste (2000) 48 NSWLR 724 Category: Procedural and other rulings Parties: First Plaintiff/Respondent: Grain Technology Australia Limited (ACN 160 044 502) Second Plaintiff/Respondent: Raymond Bruce Schwartz Third Plaintiff/Respondent: Manidra Flour Mills Pty Ltd Fourth Plaintiff/Respondent: Bakers Delight Holdings Limited