In the matter of Metroland Australia Limited [2013] NSWSC 98

In the matter of Metroland Australia Limited [2013] NSWSC 98

The Deed of Assignment, read with the annexed notice to debtors, effected an absolute assignment by Austino to Bank of China Ltd of Austino's rights and benefits under the rental guarantee, including moneys payable or to become payable. Austino therefore no longer stood in the relevant creditor relationship with Metroland in respect of that debt and had no standing to maintain the proceeding. The proceeding was dismissed with costs.

Jurisdiction
Australia
Judgment Date
07 February 2013
Procedural Posture
Corporations List Proceeding by Originating Process, Described as an Appeal From a Voluntary Administrator's Decision on Admission of a Proof of Debt for Voting at a Second Creditors' Meeting / Principal Ex Tempore Judgment After Hearing on 7 February 2013
Outcome
Plaintiff has no standing. Proceedings dismissed with costs.
Legal Topics
["administrator's Decision on Proof of Debt" "admission to Vote at Creditors' Meeting" 'deed of Company Arrangement' 'standing' 'absolute Assignment of Chose in Action' 'security Assignment']
['corporations' 'voluntary Administration' 'assignment'] ["administrator's Decision on Proof of Debt" "admission to Vote at Creditors' Meeting" 'deed of Company Arrangement' 'standing' 'absolute Assignment of Chose in Action' 'security Assignment']

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Procedural Posture

Corporations List Proceeding by Originating Process, Described as an Appeal From a Voluntary Administrator's Decision on Admission of a Proof of Debt for Voting at a Second Creditors' Meeting / Principal Ex Tempore Judgment After Hearing on 7 February 2013

Legal Issues

  1. 1 ["Whether Austino Wentworthville Pty Ltd had standing to challenge the administrator's decision after assigning its rights under the rental guarantee to Bank of China Ltd." 'Whether the Deed of Assignment was an absolute assignment or only an equitable assignment by way of charge.' "Whether the administrator's decision to admit Austino to vote only for $353,000 rather than $2.8 million should be modified."]

Ratio Decidendi

The Deed of Assignment, read with the annexed notice to debtors, effected an absolute assignment by Austino to Bank of China Ltd of Austino's rights and benefits under the rental guarantee, including moneys payable or to become payable. Austino therefore no longer stood in the relevant creditor relationship with Metroland in respect of that debt and had no standing to maintain the proceeding. The proceeding was dismissed with costs.

Court Disposition

Plaintiff has no standing. Proceedings dismissed with costs.

Orders

  • ['The proceedings be dismissed with costs.' 'The exhibits will be retained for a period of 28 days and, if an application for leave to appeal is lodged, pending the hearing of any such application.']