MCDS Group Nominees Pty Limited v Angas Securities Limited [2016] NSWSC 1456

MCDS Group Nominees Pty Limited v Angas Securities Limited [2016] NSWSC 1456

The plaintiffs' challenge to Angas's power of sale was very weak and did not raise a serious question to be tried. The evidence showed a s 57(2)(b) notice, substantial outstanding debts secured by the mortgage arrangements, and no sufficient basis to doubt Angas's entitlement to exercise power of sale. The alleged breaches of duty would support monetary relief only and did not support the caveated interests. The balance of convenience was against interlocutory relief because an injunction would stymie the sale process, increase substantial debt, affect purchasers, and the plaintiffs' undertaking as to damages lacked substance. Therefore the interlocutory injunctions were refused and the...

Jurisdiction
Australia
Judgment Date
13 October 2016
Procedural Posture
Equity Proceeding Concerning Removal of Caveats and Interlocutory Injunctive Relief / Notices of Motion Heard in the Duty List on 11 October 2016
Outcome
Caveats ordered to be withdrawn. Injunctive relief refused.
Legal Topics
['interlocutory Injunctions' 'caveats Against Dealings' 'mortgagee in Possession' 'power of Sale' 'torrens Title']
['equity' 'real Property'] ['interlocutory Injunctions' 'caveats Against Dealings' 'mortgagee in Possession' 'power of Sale' 'torrens Title']

Case Brief

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Procedural Posture

Equity Proceeding Concerning Removal of Caveats and Interlocutory Injunctive Relief / Notices of Motion Heard in the Duty List on 11 October 2016

Legal Issues

  1. 1 ["Whether MCDS's caveats should be ordered to be withdrawn under s 74MA of the Real Property Act 1900 (NSW)." 'Whether the plaintiffs would have been granted interlocutory injunctions to protect the interests claimed in the caveats.' 'Whether there was a serious question to be tried that Angas had no exercisable power of sale over the property.' 'Whether the balance of convenience favoured restraining completion of two contracts for sale or restraining further exercises of rights of sale over other parts of the property.']

Ratio Decidendi

The plaintiffs' challenge to Angas's power of sale was very weak and did not raise a serious question to be tried. The evidence showed a s 57(2)(b) notice, substantial outstanding debts secured by the mortgage arrangements, and no sufficient basis to doubt Angas's entitlement to exercise power of sale. The alleged breaches of duty would support monetary relief only and did not support the caveated interests. The balance of convenience was against interlocutory relief because an injunction would stymie the sale process, increase substantial debt, affect purchasers, and the plaintiffs' undertaking as to damages lacked substance. Therefore the interlocutory injunctions were refused and the...

Court Disposition

Caveats ordered to be withdrawn. Injunctive relief refused.

Orders

  • ['Order pursuant to s 74MA of the Real Property Act 1900 (NSW) that Caveat AK648702Y, Caveat AK648720W and Caveat AK643467J registered by MCDS Group Nominees Pty Limited be withdrawn by 4pm on 13 October 2016.' "Order that paragraphs 1, 2 and 3 of the plaintiffs' Notice of Motion filed on 10 October 2016 be...