Thai v Du [2002] NSWSC 867

Thai v Du [2002] NSWSC 867

The Court approved completion of the sale because the sale was within the receiver and manager's powers, the inclusion of a clause requiring Court approval was appropriate given the plaintiff's earlier opposition, pursuing a possibly higher price from a purchaser lacking Cellular One's consent would involve difficulty, expense and uncertainty, and no party maintained any objection to the proposed course.

Jurisdiction
Australia
Judgment Date
16 September 2002
Procedural Posture
Application by Receiver and Manager for Directions and Approval of Completion of Sale of Business / Notice of Motion Heard and Determined
Outcome
Settlement of contract by receiver approved.
Legal Topics
['court Appointed Receiver and Manager' 'directions to Receiver' 'approval of Sale Transaction' 'dealership Rights Transfer']
['corporations' 'equity' 'receivership' 'partnership'] ['court Appointed Receiver and Manager' 'directions to Receiver' 'approval of Sale Transaction' 'dealership Rights Transfer']

Case Brief

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Procedural Posture

Application by Receiver and Manager for Directions and Approval of Completion of Sale of Business / Notice of Motion Heard and Determined

Legal Issues

  1. 1 ["Whether the Court should approve the receiver and manager's completion of the sale of the business known as Hollywood Communications on the terms contained in the sale agreement." "Whether it was appropriate for the court-appointed receiver and manager to seek the Court's approval for the transaction in the circumstances."]

Ratio Decidendi

The Court approved completion of the sale because the sale was within the receiver and manager's powers, the inclusion of a clause requiring Court approval was appropriate given the plaintiff's earlier opposition, pursuing a possibly higher price from a purchaser lacking Cellular One's consent would involve difficulty, expense and uncertainty, and no party maintained any objection to the proposed course.

Court Disposition

Settlement of contract by receiver approved.

Orders

  • ['Orders in accordance with prayers 1 and 2 in the notice of motion filed on 21 May 2002.']