In the matter of Lorebray Pty Ltd (No 2) [2024] NSWSC 105

In the matter of Lorebray Pty Ltd (No 2) [2024] NSWSC 105

It is appropriate to appoint the plaintiff as receiver and manager (not trustees for sale) with power to sell both Brooklyn Property and Kellyville Property, as the partnership and joint venture have been dissolved and relations have broken down. A receiver with these powers avoids duplication and extra costs. Set-off in case of purchase by co-owners is allowed at receiver's discretion. Directions for winding up, accounts, costs, and stays are ordered accordingly.

Parties
Plaintiff and First Cross Defendant: David Henry Sampson in his capacity as receiver and manager of the assets of McNamee Property Trust; First Defendant and Second Cross Defendant: Lorebray Pty Limited; Second Defendant: Red Hill MCN Pty Limited; Third Defendant and Second Cross Claimant: Peter McNamee; Fourth Defendant and First Cross Claimant: Brooklyn Road Pty Limited; Fifth Defendant: McMardi Pty Limited; Sixth Defendant and Third Cross Claimant: Helen Monica McNamee; Seventh Defendant and Fourth Cross Claimant: Philippa Margaret Hardy; Eighth Defendant and Fifth Cross Claimant: John Hardy
Jurisdiction
Australia
Judgment Date
14 February 2024
Procedural Posture
Equity Proceeding / Final Consequential Orders and Directions After Judgment
Outcome
Orders made as set out in the judgment; cross-claim dismissed; stay of certain orders for 14 days.
Legal Topics
Partnerships and Joint Ventures, Dissolution, Winding Up, Appointment of Receiver, Accounts, Land Law, Co Ownership, Statutory Trust for Sale, Appointment of Trustees
Equity Property Law Partnerships and Joint Ventures Dissolution Winding Up Appointment of Receiver Accounts Land Law +3 more

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 3 Authorities cited 17 Party arguments 2
Sign in to unlock

Parties

David Henry Sampson in his capacity as receiver and manager of the assets of McNamee Property Trust

Plaintiff and First Cross Defendant

Lorebray Pty Limited

First Defendant and Second Cross Defendant

Red Hill MCN Pty Limited

Second Defendant

Peter McNamee

Third Defendant and Second Cross Claimant

Brooklyn Road Pty Limited

Fourth Defendant and First Cross Claimant

McMardi Pty Limited

Fifth Defendant

Helen Monica McNamee

Sixth Defendant and Third Cross Claimant

Philippa Margaret Hardy

Seventh Defendant and Fourth Cross Claimant

John Hardy

Eighth Defendant and Fifth Cross Claimant

Procedural Posture

Equity Proceeding / Final Consequential Orders and Directions After Judgment

Legal Issues

  1. 1 Whether to appoint a receiver and manager or trustees for sale for properties held under partnership, joint venture or co-ownership; the proper form and scope of consequential orders relating to the winding up and sale of properties; entitlement to set-off on purchase by co-owners; timing and process for sale; costs; stay of orders pending appeal.

Ratio Decidendi

It is appropriate to appoint the plaintiff as receiver and manager (not trustees for sale) with power to sell both Brooklyn Property and Kellyville Property, as the partnership and joint venture have been dissolved and relations have broken down. A receiver with these powers avoids duplication and extra costs. Set-off in case of purchase by co-owners is allowed at receiver's discretion. Directions for winding up, accounts, costs, and stays are ordered accordingly.

Court Disposition

Orders made as set out in the judgment; cross-claim dismissed; stay of certain orders for 14 days.

Orders

  • Plaintiff appointed receiver and manager (without security) of 35, 37, 39 Brooklyn Road, Brooklyn and 41 Arnold Avenue, Kellyville, with power to sell under Court supervision.
  • Defendant parties to deliver certificates of title and vacant possession within specified periods.