MACQUARIE BANK LTD v SUPERGRASSE PTY LTD and ORS [1991] NSWCA 177

MACQUARIE BANK LTD v SUPERGRASSE PTY LTD and ORS [1991] NSWCA 177

The Court, by majority, granted an interlocutory injunction restraining the third cross-defendant from disposing of or dealing with the proceeds of sale in excess of the sum owed to the mortgagee until a future hearing, on the basis that adequate evidence existed of potential disposal adverse to the claimant's interests.

Parties
Claimant: Macquarie Bank Ltd; Respondent: Supergrasse Pty Ltd; Third Cross Defendant: Mr Waterford; Secured Creditor: Westpac Banking Corporation Ltd
Jurisdiction
Australia
Judgment Date
08 February 1991
Procedural Posture
Application for Leave to Appeal / Interlocutory Application for Injunction; Leave to Appeal
Outcome
Interlocutory injunction granted (by majority); application for leave to appeal stood over; costs reserved.
Legal Topics
Interlocutory Injunction, Mareva Injunction, Disposition of Proceeds of Sale
Equity Bankruptcy Civil Procedure Interlocutory Injunction Mareva Injunction Disposition of Proceeds of Sale

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 2 Party arguments 2 Amounts and remedies 3
Sign in to unlock

Parties

Macquarie Bank Ltd

Claimant

Supergrasse Pty Ltd

Respondent

Mr Waterford

Third Cross Defendant

Westpac Banking Corporation Ltd

Secured Creditor

Procedural Posture

Application for Leave to Appeal / Interlocutory Application for Injunction; Leave to Appeal

Legal Issues

  1. 1 Whether interlocutory injunction should be granted restraining the third cross-defendant from disposing of the proceeds of sale of property

Ratio Decidendi

The Court, by majority, granted an interlocutory injunction restraining the third cross-defendant from disposing of or dealing with the proceeds of sale in excess of the sum owed to the mortgagee until a future hearing, on the basis that adequate evidence existed of potential disposal adverse to the claimant's interests.

Court Disposition

Interlocutory injunction granted (by majority); application for leave to appeal stood over; costs reserved.

Orders

  • Application for leave to appeal stood over to the motions list on Monday 11 February 1991.
  • On undertaking as to damages, the third cross-defendant and agents are restrained from disposing of proceeds of sale of the property described as folio identifier 32/SP13199 in excess of any sum owed to Westpac Banking Corporation Ltd on mortgage dealing No Y469187 up to $7,172,682.79 until 4 pm on Monday 11...