Super Vision Resources Ltd v AC Holdings Co Pty Ltd (No 2) [2021] NSWCA 14

Super Vision Resources Ltd v AC Holdings Co Pty Ltd (No 2) [2021] NSWCA 14

The Court made the declarations and consequential orders required to give effect to its earlier reasons: the transfers of the Sandringham and Milsons Point properties were alienations made by Lawrence Xu with intent to defraud creditors and AC Holdings had not established the good faith purchaser proviso, so the transfers were void as between AC Holdings and Lawrence Xu. Funds in or released from the Controlled Moneys Account were to be paid or restored to Lawrence Xu's trustee-in-bankruptcy. No additional declarations or dismissal orders concerning the 2015 IOU or 2017 Mortgage were necessary because Super Vision did not press such relief and there was no utility in making them. AC...

Jurisdiction
Australia
Judgment Date
22 February 2021
Procedural Posture
Appeal Concerning Consequential Orders After Reasons for Judgment in Proceedings Under Conveyancing Act 1919 (nsw), S 37 a / Court of Appeal Decision on the Papers as to Final Orders, Declarations, Costs and Stay of Execution
Outcome
Appeal allowed; declarations and consequential orders made; ordinary costs awarded to Super Vision; limited stay granted for orders requiring payment to the trustee-in-bankruptcy.
Legal Topics
['transfers in Fraud of Creditors' 'conveyancing Act 1919 (nsw), S 37 A' 'leave Under Bankruptcy Act 1966 (cth), S 58(3)' 'consequential Orders' 'costs Where Proceedings Involve Multiple Parties' 'calderbank Offers' 'stay of Execution Pending Foreshadowed Special Leave Application']
['conveyancing' 'bankruptcy' 'civil Procedure' 'costs'] ['transfers in Fraud of Creditors' 'conveyancing Act 1919 (nsw), S 37 A' 'leave Under Bankruptcy Act 1966 (cth), S 58(3)' 'consequential Orders' 'costs Where Proceedings Involve Multiple Parties' 'calderbank Offers' 'stay of Execution Pending Foreshadowed Special Leave Application']

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Procedural Posture

Appeal Concerning Consequential Orders After Reasons for Judgment in Proceedings Under Conveyancing Act 1919 (nsw), S 37 a / Court of Appeal Decision on the Papers as to Final Orders, Declarations, Costs and Stay of Execution

Legal Issues

  1. 1 ["What declarations and orders should be made to give effect to the Court's reasons delivered on 10 December 2020." 'Whether AC Holdings and Qiao Wang should repay $197,373 released from the Controlled Moneys Account for legal fees to the trustee-in-bankruptcy of Lawrence Xu.' 'Whether additional declarations or orders should be made concerning the May 2017 Mortgage and the July 2015 IOU.' "Whether Super Vision should pay part of Qiao Wang's costs or whether AC Holdings, Qiao Wang and Lawrence Xu should pay Super Vision's costs at first instance." "Whether AC Holdings and Qiao Wang should pay Super Vision's appeal costs on an ordinary or indemnity basis in light of a Calderbank offer." 'Whether orders requiring payment to the trustee-in-bankruptcy should be stayed pending a foreshadowed special leave application.']

Ratio Decidendi

The Court made the declarations and consequential orders required to give effect to its earlier reasons: the transfers of the Sandringham and Milsons Point properties were alienations made by Lawrence Xu with intent to defraud creditors and AC Holdings had not established the good faith purchaser proviso, so the transfers were void as between AC Holdings and Lawrence Xu. Funds in or released from the Controlled Moneys Account were to be paid or restored to Lawrence Xu's trustee-in-bankruptcy. No additional declarations or dismissal orders concerning the 2015 IOU or 2017 Mortgage were necessary because Super Vision did not press such relief and there was no utility in making them. AC...

Court Disposition

Appeal allowed; declarations and consequential orders made; ordinary costs awarded to Super Vision; limited stay granted for orders requiring payment to the trustee-in-bankruptcy.

Orders

  • ['Grant the appellant, Super Vision, leave pursuant to Bankruptcy Act 1966 (Cth), s 58(3) to commence and continue this appeal against the third respondent, Lawrence Xu.' 'Allow the appeal.' 'Set aside order 1 made by the primary judge on 21 February 2020 (that order encapsulating paragraphs 1 and 3 of Short Minutes...