In the matter of Australasian Barrister Chambers Pty Ltd (in liquidation) [2017] NSWSC 597

In the matter of Australasian Barrister Chambers Pty Ltd (in liquidation) [2017] NSWSC 597

Even if a failure to advertise or to sell on the open market can found a prima facie case under s 420A, the evidence shows the property was sold at above market value to a bona fide purchaser. Any potential breach is not shown to cause compensable loss. Damages would be an adequate remedy; balance of convenience favours denying interlocutory relief—especially given applicant's delay. Application dismissed with costs.

Jurisdiction
Australia
Judgment Date
16 May 2017
Procedural Posture
Interlocutory Application / Application for Interim Injunction and Related Leave
Outcome
Application dismissed with costs
Legal Topics
["receivers' Duties" 'power of Sale by Receiver' 'market Value Under S 420 A' 'injunctions' 'adequacy of Damages' 'balance of Convenience']
['corporations Law' 'equity'] ["receivers' Duties" 'power of Sale by Receiver' 'market Value Under S 420 A' 'injunctions' 'adequacy of Damages' 'balance of Convenience']

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 1 Authorities cited 2 Party arguments 2 Amounts and remedies 1
Sign in to unlock

Procedural Posture

Interlocutory Application / Application for Interim Injunction and Related Leave

Legal Issues

  1. 1 ['Whether the receiver breached duties under Corporations Act 2001 (Cth) s 420A by selling land without advertising and by private treaty' 'Whether reasonable care to sell for not less than market value requires advertising or open market sale' 'Whether ABCD suffered loss as a result of any breach' 'Whether interlocutory injunction should issue to restrain completion of contract']

Ratio Decidendi

Even if a failure to advertise or to sell on the open market can found a prima facie case under s 420A, the evidence shows the property was sold at above market value to a bona fide purchaser. Any potential breach is not shown to cause compensable loss. Damages would be an adequate remedy; balance of convenience favours denying interlocutory relief—especially given applicant's delay. Application dismissed with costs.

Court Disposition

Application dismissed with costs

Orders

  • ['Leave granted to Applicant to bring its Amended Interlocutory Application dated 23 March 2017' 'Amended Interlocutory Application dated 23 March 2017 dismissed with costs']