In the matter of Press Australia Pty Ltd (receivers and managers appointed) (controllers appointed) in its own capacity and as trustee for Lassab Trust [2024] NSWSC 1219

In the matter of Press Australia Pty Ltd (receivers and managers appointed) (controllers appointed) in its own capacity and as trustee for Lassab Trust [2024] NSWSC 1219

The Interlocking Guarantee signed by Press Australia Pty Ltd covers all monies owed by 'Customer', including Xpress Fuel Australia Pty Ltd’s obligations under the Invoice Finance Facility to NAB, such that Press Australia, as Guarantor, is obliged to pay these monies and the receivers are justified in proceeding to realise relevant properties and apply proceeds towards XFA’s liabilities under the IFF, supported by directions under s 424 of the Corporations Act and a judicial declaration.

Parties
Plaintiff: Barry Kogan and Katherine Sozou; First Defendant: Press Australia Pty Ltd (receivers and managers appointed) (in liquidation) (controllers appointed) in its own capacity and as trustee for Lassab Trust; Second Defendant: Xpress Fuel Australia Pty Ltd (receivers and managers appointed) (in liquidation); Third Defendant: Xpress Group Australia Pty Ltd (receivers and managers appointed) (in liquidation); Fourth Defendant: Xpress Transport Solutions Pty Ltd (receivers and managers appointed) (in liquidation); Fifth Defendant: Press Ag Pty Ltd (in liquidation); Sixth Defendant: National Australia Bank Limited
Jurisdiction
Australia
Judgment Date
27 September 2024
Procedural Posture
Application for Directions and Declarations / Principal Judgment
Outcome
Directions and declarations granted; orders made as proposed by receivers.
Legal Topics
Receivership, Guarantees, Declaratory Relief, Court Directions
Corporations Equity Receivership Guarantees Declaratory Relief Court Directions

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 4 Authorities cited 19 Party arguments 2 Amounts and remedies 2
Sign in to unlock

Parties

Barry Kogan and Katherine Sozou

Plaintiff

Press Australia Pty Ltd (receivers and managers appointed) (in liquidation) (controllers appointed) in its own capacity and as trustee for Lassab Trust

First Defendant

Xpress Fuel Australia Pty Ltd (receivers and managers appointed) (in liquidation)

Second Defendant

Xpress Group Australia Pty Ltd (receivers and managers appointed) (in liquidation)

Third Defendant

Xpress Transport Solutions Pty Ltd (receivers and managers appointed) (in liquidation)

Fourth Defendant

Press Ag Pty Ltd (in liquidation)

Fifth Defendant

National Australia Bank Limited

Sixth Defendant

Procedural Posture

Application for Directions and Declarations / Principal Judgment

Legal Issues

  1. 1 Whether Press Australia Pty Ltd has guaranteed Xpress Fuel Australia Pty Ltd’s obligations under the Invoice Finance Facility granted by National Australia Bank Ltd
  2. 2 Whether the proposed course of action by receivers is authorised by the security documents
  3. 3 Entitlement to directions under s 424 of the Corporations Act 2001 (Cth)

Ratio Decidendi

The Interlocking Guarantee signed by Press Australia Pty Ltd covers all monies owed by 'Customer', including Xpress Fuel Australia Pty Ltd’s obligations under the Invoice Finance Facility to NAB, such that Press Australia, as Guarantor, is obliged to pay these monies and the receivers are justified in proceeding to realise relevant properties and apply proceeds towards XFA’s liabilities under the IFF, supported by directions under s 424 of the Corporations Act and a judicial declaration.

Court Disposition

Directions and declarations granted; orders made as proposed by receivers.

Orders

  • Leave to proceed against First to Fifth Defendants under s 500(2) of the Corporations Act 2001 (Cth) granted.
  • Direction under s 424 of the Corporations Act 2001 (Cth) granted authorising proposed course of action by receivers.