Honey & Smith v Amazing Loans Limited (Receivers And Managers Appointed) [2012] NSWSC 1631

Honey & Smith v Amazing Loans Limited (Receivers And Managers Appointed) [2012] NSWSC 1631

Because the defendants had practically no notice to consider or impugn the validity of the receivers' appointment, and their undertakings adequately addressed the short-term risks of asset dissipation, business jeopardy, and interference with documents or electronic data, the appropriate course was to note the undertakings and adjourn the proceedings to 21 December 2012.

Jurisdiction
Australia
Judgment Date
18 December 2012
Procedural Posture
Interlocutory Applications / Ex Tempore Application for Interim Relief in Aid of Appointment of Receivers and Managers
Outcome
Proceedings adjourned to 21 December 2012 at 10am before Brereton J, with defendants' undertakings noted upon the plaintiffs giving the usual undertaking as to damages.
Legal Topics
['receivers and Managers' 'interim Relief' 'undertakings to the Court' 'preservation of Assets and Documents' 'adjournment']
['equity' 'corporations'] ['receivers and Managers' 'interim Relief' 'undertakings to the Court' 'preservation of Assets and Documents' 'adjournment']

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Procedural Posture

Interlocutory Applications / Ex Tempore Application for Interim Relief in Aid of Appointment of Receivers and Managers

Legal Issues

  1. 1 ["Whether interim relief should be granted in aid of the plaintiffs' appointment as receivers and managers before the defendants had a practical opportunity to challenge the validity of the appointment." "Whether the defendants' undertakings were sufficient in the short term to address risks of dissipation of assets, jeopardy to the business, and interference with documents or electronic data."]

Ratio Decidendi

Because the defendants had practically no notice to consider or impugn the validity of the receivers' appointment, and their undertakings adequately addressed the short-term risks of asset dissipation, business jeopardy, and interference with documents or electronic data, the appropriate course was to note the undertakings and adjourn the proceedings to 21 December 2012.

Court Disposition

Proceedings adjourned to 21 December 2012 at 10am before Brereton J, with defendants' undertakings noted upon the plaintiffs giving the usual undertaking as to damages.

Orders

  • ["Upon the plaintiffs by their counsel giving to the Court the usual undertaking as to damages, the Court noted the defendants' undertakings until 5pm Friday 21 December 2012." "The defendants undertook that their officers, employees, servants and/or agents would not take any steps to deal with the Collections...