Winau Aust Pty Ltd v LCC Property Development Pty Ltd [2022] NSWSC 1258

Winau Aust Pty Ltd v LCC Property Development Pty Ltd [2022] NSWSC 1258

MF Capital effectively advanced $600,000 to LCC by vicarious performance through GCC. Assignment of debt and securities to GCC and Aquamore was valid, and estoppel by deed prevents MF Capital from disputing this. Aquamore, as chargee, validly appointed the receiver and manager. Therefore, Mr Morelli was properly appointed as receiver and manager of LCC and the Notice of Motion to strike out appearance and defence is dismissed.

Jurisdiction
Australia
Judgment Date
21 September 2022
Procedural Posture
Interlocutory Application / Notice of Motion
Outcome
Notice of Motion dismissed with costs.
Legal Topics
['receivers and Managers' 'loan Facility' 'assignment of Debt' 'security Interests' 'strike Out Appearance and Defence']
['corporations' 'equity'] ['receivers and Managers' 'loan Facility' 'assignment of Debt' 'security Interests' 'strike Out Appearance and Defence']

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Procedural Posture

Interlocutory Application / Notice of Motion

Legal Issues

  1. 1 ['Whether receiver and manager was validly appointed by Aquamore to LCC Property Development Pty Ltd' 'Whether MF Capital advanced $600,000 to LCC under the facility agreement' 'Whether assignment of debt and associated securities occurred under the First and Second Assignment Deeds' 'Whether vicarious performance of loan obligation was possible under the facility agreement' 'Application to strike out appearance and defence where receiver and manager instructed solicitor for the defendant']

Ratio Decidendi

MF Capital effectively advanced $600,000 to LCC by vicarious performance through GCC. Assignment of debt and securities to GCC and Aquamore was valid, and estoppel by deed prevents MF Capital from disputing this. Aquamore, as chargee, validly appointed the receiver and manager. Therefore, Mr Morelli was properly appointed as receiver and manager of LCC and the Notice of Motion to strike out appearance and defence is dismissed.

Court Disposition

Notice of Motion dismissed with costs.

Orders

  • ['Notice of Motion dismissed with costs.']