Morenita Pty Ltd v AGC Advances Ltd & Anor [1986] FCA 263

Morenita Pty Ltd v AGC Advances Ltd & Anor [1986] FCA 263

Justice requires continuation of interlocutory injunction on condition the applicant pays $70,000.00 on account of interest and ongoing instalments of interest due under the Deed of Loan and Guarantee, with liberty to apply and inspection of accounts, balancing protection of mortgagee and avoiding undue prejudice prior to final hearing.

Parties
Applicant: Morenita Pty. Limited; First Respondent: AGC (Advances) Limited; Second Respondent: Peter Walker
Jurisdiction
Australia
Judgment Date
07 February 1986
Procedural Posture
Interlocutory Application / Interlocutory Orders With Directions for Final Hearing
Outcome
Interlocutory injunction continued subject to conditions, prior injunction dissolved, directions for final hearing and costs orders made.
Legal Topics
Mortgage, Receivership, Injunction, Loan Security, Trade Practices Act S.52
Property Law Commercial Law Mortgage Receivership Injunction Loan Security Trade Practices Act S.52

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Parties

Morenita Pty. Limited

Applicant

AGC (Advances) Limited

First Respondent

Peter Walker

Second Respondent

Procedural Posture

Interlocutory Application / Interlocutory Orders With Directions for Final Hearing

Legal Issues

  1. 1 Whether applicant entitled to release of Aspen Chalet plant, equipment, fixtures and fittings from securities given to first respondent
  2. 2 Whether interlocutory injunction restraining appointment of a receiver should be made conditional on payment of arrears and ongoing interest

Ratio Decidendi

Justice requires continuation of interlocutory injunction on condition the applicant pays $70,000.00 on account of interest and ongoing instalments of interest due under the Deed of Loan and Guarantee, with liberty to apply and inspection of accounts, balancing protection of mortgagee and avoiding undue prejudice prior to final hearing.

Court Disposition

Interlocutory injunction continued subject to conditions, prior injunction dissolved, directions for final hearing and costs orders made.

Orders

  • Applicant to keep specified accounting records and permit inspection by first respondent and accountant every two weeks.
  • First respondent restrained from appointing receiver, second respondent restrained from exercising receiver powers until 4.00 p.m. on 23 July 1986 or earlier order.