RnD Funding Pty Limited v Goldus Pty Limited (Subject to a Deed of Company Arrangement) [2021] FCA 1096

RnD Funding Pty Limited v Goldus Pty Limited (Subject to a Deed of Company Arrangement) [2021] FCA 1096

The evidence established that the listed equipment was personal property of ATG, that RnD Funding held a security interest over ATG's personal property under the General Security Deed, that ATG was in default, and that RnD Funding perfected its security interest by registration before any alleged sale to Synergy Metals. No evidence made out the pleaded sale, retention of title, or fixture defences. The equipment remained movable mining equipment and was subject to RnD Funding's security interest, so declarations and delivery up orders were warranted.

Jurisdiction
Australia
Judgment Date
10 September 2021
Procedural Posture
Corporations Cross Claim for Declaratory Relief and Delivery Up Concerning Security Interest in Mining Equipment / Judgment on Separately Determined Equipment Claims
Outcome
Application by the cross-claimants for orders in relation to the Schedule property allowed; declarations made and delivery up ordered, with liberty to apply for further relief and costs.
Legal Topics
['security Interest in Personal Property' 'perfected Security Interest' 'purported Sale of Secured Property' 'mining Equipment' 'fixtures' 'delivery Up']
['corporations' 'corporate Insolvency' 'personal Property Securities' 'mining Law'] ['security Interest in Personal Property' 'perfected Security Interest' 'purported Sale of Secured Property' 'mining Equipment' 'fixtures' 'delivery Up']

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Procedural Posture

Corporations Cross Claim for Declaratory Relief and Delivery Up Concerning Security Interest in Mining Equipment / Judgment on Separately Determined Equipment Claims

Legal Issues

  1. 1 ["Whether the property listed in the Schedule was property of ATG subject to RnD Funding's security interest under the General Security Deed." "Whether any purported sale of mining equipment to Synergy Metals defeated RnD Funding's security interest." 'Whether the mining equipment had become fixtures to land the subject of mining tenements.' 'Whether declaratory relief and delivery up orders should be made against the cross-defendants.']

Ratio Decidendi

The evidence established that the listed equipment was personal property of ATG, that RnD Funding held a security interest over ATG's personal property under the General Security Deed, that ATG was in default, and that RnD Funding perfected its security interest by registration before any alleged sale to Synergy Metals. No evidence made out the pleaded sale, retention of title, or fixture defences. The equipment remained movable mining equipment and was subject to RnD Funding's security interest, so declarations and delivery up orders were warranted.

Court Disposition

Application by the cross-claimants for orders in relation to the Schedule property allowed; declarations made and delivery up ordered, with liberty to apply for further relief and costs.

Orders

  • ['The property listed in the Schedule is property in which the first cross-claimant has a security interest by reason of the General Security Deed entered into between the first cross-claimant and Australian Tailings Group Pty Ltd (in liquidation).' 'The property listed in the Schedule is not the property of any of...