Truebit Pty Ltd & Ors v Westpac Banking Corporation [1996] FCA 861

Truebit Pty Ltd & Ors v Westpac Banking Corporation [1996] FCA 861

Although there is a serious issue to be tried, the applicants are in default under the mortgage, cannot bring the debt into Court, and the balance of convenience does not favour the injunction. The Bank demonstrates a prima facie entitlement to appoint a receiver; there is no practical advantage in restraining it, and damages would be an adequate remedy if applicants succeed.

Parties
First Applicant: Truebit Pty Ltd; Second Applicant: Edmund John Conroy; Third Applicant: Jillian Conroy; Respondent: Westpac Banking Corporation
Jurisdiction
Australia
Judgment Date
19 July 1996
Procedural Posture
Interlocutory Application / Application for Interlocutory Injunction
Outcome
application for interlocutory relief dismissed
Legal Topics
Interlocutory Injunction, Appointment of Receiver, Mortgage Enforcement, Misrepresentation, Breach of Fiduciary Duty, Fair Trading
Banking Law Equity Trade Practices Interlocutory Injunction Appointment of Receiver Mortgage Enforcement Misrepresentation Breach of Fiduciary Duty +1 more

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Parties

Truebit Pty Ltd

First Applicant

Edmund John Conroy

Second Applicant

Jillian Conroy

Third Applicant

Westpac Banking Corporation

Respondent

Procedural Posture

Interlocutory Application / Application for Interlocutory Injunction

Legal Issues

  1. 1 Whether interlocutory injunction should be granted to restrain respondent from appointing receiver under mortgage
  2. 2 Whether there is a serious issue to be tried
  3. 3 Whether the balance of convenience favours granting interlocutory relief

Ratio Decidendi

Although there is a serious issue to be tried, the applicants are in default under the mortgage, cannot bring the debt into Court, and the balance of convenience does not favour the injunction. The Bank demonstrates a prima facie entitlement to appoint a receiver; there is no practical advantage in restraining it, and damages would be an adequate remedy if applicants succeed.

Court Disposition

application for interlocutory relief dismissed

Orders

  • The application for interlocutory relief be dismissed.
  • The applicants pay the respondent's costs of this interlocutory application.