SW Investments NSW Pty Ltd v 16 Boondilla Pty Ltd (No 2) [2018] NSWSC 299

SW Investments NSW Pty Ltd v 16 Boondilla Pty Ltd (No 2) [2018] NSWSC 299

As the plaintiffs established no causes of action against the fourth defendant and no interest in the property or proceeds, the undertaking monies should be released to the fourth defendant, who is prima facie entitled to the net proceeds of the sale.

Parties
First Plaintiff: SW Investments NSW Pty Ltd; Second Plaintiff: Huijing Song; First Defendant: 16 Boondilla Pty Ltd; Second Defendant: PRM Development (NSW) Pty Ltd; Third Defendant: Xin Li; Fourth Defendant: PRCM Constructions Pty Ltd
Jurisdiction
Australia
Judgment Date
12 March 2018
Procedural Posture
Civil / Post Judgment Application for Release of Funds
Outcome
Funds held by stakeholder to be paid to fourth defendant; costs awarded to fourth defendant.
Legal Topics
Trusts, Stakeholder Funds, Liquidation, Jurisdiction
Equity Trusts Stakeholder Funds Liquidation Jurisdiction

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Parties

SW Investments NSW Pty Ltd

First Plaintiff

Huijing Song

Second Plaintiff

16 Boondilla Pty Ltd

First Defendant

PRM Development (NSW) Pty Ltd

Second Defendant

Xin Li

Third Defendant

PRCM Constructions Pty Ltd

Fourth Defendant

Procedural Posture

Civil / Post Judgment Application for Release of Funds

Legal Issues

  1. 1 Whether funds held by stakeholder should be released to the plaintiffs or the fourth defendant
  2. 2 Court's jurisdiction over undertaking monies after liquidation of fourth defendant

Ratio Decidendi

As the plaintiffs established no causes of action against the fourth defendant and no interest in the property or proceeds, the undertaking monies should be released to the fourth defendant, who is prima facie entitled to the net proceeds of the sale.

Court Disposition

Funds held by stakeholder to be paid to fourth defendant; costs awarded to fourth defendant.

Orders

  • Monies held by plaintiffs' solicitors pursuant to the undertaking given by the fourth defendant on 20 May 2016 be paid to the fourth defendant.
  • Plaintiffs to pay the fourth defendant's costs of the application.