Stacks Managed Investments Limited v State of New South Wales [2016] NSWSC 1349

Stacks Managed Investments Limited v State of New South Wales [2016] NSWSC 1349

It is appropriate for the property disclaimed by the liquidator to be vested in the plaintiff as first registered mortgagee under s 568F of the Corporations Act 2001 (Cth), subject to the plaintiff dealing with the property as mortgagee, providing an account and paying any surplus into Court, and for the occupier to yield possession.

Jurisdiction
Australia
Judgment Date
21 September 2016
Procedural Posture
Equity Proceeding / Judgment and Orders
Outcome
Orders made vesting property in plaintiff (first mortgagee); occupier to yield possession; leave granted for writ of possession.
Legal Topics
['winding Up' 'liquidators' 'disclaimer of Property' 'vesting Orders' 'mortgagee Rights' 'escheat']
['corporations' 'property Law'] ['winding Up' 'liquidators' 'disclaimer of Property' 'vesting Orders' 'mortgagee Rights' 'escheat']

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Procedural Posture

Equity Proceeding / Judgment and Orders

Legal Issues

  1. 1 ['Whether disclaimed property should vest in the registered first mortgagee under s 568F of the Corporations Act 2001 (Cth)' 'Effect of disclaimer and escheat to the Crown' 'Rights of mortgagees and occupiers following company deregistration and liquidation']

Ratio Decidendi

It is appropriate for the property disclaimed by the liquidator to be vested in the plaintiff as first registered mortgagee under s 568F of the Corporations Act 2001 (Cth), subject to the plaintiff dealing with the property as mortgagee, providing an account and paying any surplus into Court, and for the occupier to yield possession.

Court Disposition

Orders made vesting property in plaintiff (first mortgagee); occupier to yield possession; leave granted for writ of possession.

Orders

  • ['Order under s 568F of the Corporations Act 2001 (Cth) vesting property in Stacks Managed Investments Limited.' 'Plaintiff to deal with property as mortgagee and provide account of sale and pay surplus into Court.' 'Order amended to include Glenn Preece as recipient of account after sale.' 'Mr Preece to yield...