Morrison, P. & Anor v Shoreline Currencies (Australia) Pty Ltd [1986] FCA 664

Morrison, P. & Anor v Shoreline Currencies (Australia) Pty Ltd [1986] FCA 664

The general language and purpose of s.50 of the Bankruptcy Act enable the Court to empower the receiver to complete the contract for sale of land, to preserve the value of the bankrupt estate, even prior to any sequestration order, in the specific circumstances where delay is prejudicial and the merits warrant such action.

Parties
Debtor: Phillip Morrison; Debtor: Elizabeth Mary Morrison; Creditor: Shoreline Currencies (Australia) Pty. Limited (in liquidation)
Jurisdiction
Australia
Judgment Date
19 December 1986
Procedural Posture
Creditor's Petition Under Bankruptcy Act 1966 / Application for Orders by Receiver Prior to Hearing of Petition
Outcome
Orders made empowering the receiver to complete the contract for sale of the land and serve the orders forthwith as per amended minutes.
Legal Topics
Appointment of Receiver, Powers of Receiver Under Bankruptcy Act S.50, Completion of Contract for Sale of Land
Bankruptcy Property Law Appointment of Receiver Powers of Receiver Under Bankruptcy Act S.50 Completion of Contract for Sale of Land

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Parties

Phillip Morrison

Debtor

Elizabeth Mary Morrison

Debtor

Shoreline Currencies (Australia) Pty. Limited (in liquidation)

Creditor

Procedural Posture

Creditor's Petition Under Bankruptcy Act 1966 / Application for Orders by Receiver Prior to Hearing of Petition

Legal Issues

  1. 1 Whether the Court can empower a receiver appointed under s.50 of the Bankruptcy Act to complete a contract for sale of land prior to a sequestration order
  2. 2 Scope of powers conferred by s.50 of the Bankruptcy Act

Ratio Decidendi

The general language and purpose of s.50 of the Bankruptcy Act enable the Court to empower the receiver to complete the contract for sale of land, to preserve the value of the bankrupt estate, even prior to any sequestration order, in the specific circumstances where delay is prejudicial and the merits warrant such action.

Court Disposition

Orders made empowering the receiver to complete the contract for sale of the land and serve the orders forthwith as per amended minutes.

Orders

  • Order empowering the receiver to proceed to complete the contract for sale of land at 88 Hopetoun Avenue, Vaucluse, and execute the transfer in the names of the debtors as registered proprietors.
  • Order that copies of these orders be served forthwith on the persons referred to in the order for substituted service of 26 November 1986.