200 VICTORIA STREET LTD AND ORS V R D HENDERSON AND ANOR HC AK CIV-2010-404-003894

200 VICTORIA STREET LTD AND ORS V R D HENDERSON AND ANOR HC AK CIV-2010-404-003894

Although the caveators held caveatable interests, the court removed the caveats because imminent sales would leave no equity after secured creditors are paid and therefore the caveators would obtain no practical benefit from maintaining their caveats; removal was made conditional on registration of transfers to identified purchasers and caveators were ordered to pay additional conveyancing charges and costs.

Citation
openlaw-156f8ea5_96a2_4153_b391_398b423636bc.pdf
Parties
First Applicant: 200 VICTORIA STREET LTD; Second Applicant: VICTORIA PARK LTD; Third Applicant: CENTRO APARTMENTS LTD; Fourth Applicant: KITCHENER RENTALS LTD; Fifth Applicant: DAVID STEWART HENDERSON AND ANTHONY CLIVE SANDLANT AS TRUSTEES OF THE HAURAKI TRUST; First Respondent: ROCHELLE DOROTHY HENDERSON; Second Respondent: GOODALL TRUSTEE SERVICES LTD AND ROCHELLE DOROTHY HENDERSON AS TRUSTEES OF THE NO. 9 TRUST
Court
High Court
Jurisdiction
New Zealand
Judgment Date
30 June 2010
Procedural Posture
Removal of Caveats Under S 143 Land Transfer Act / Hearing Oral Judgment (decision)
Outcome
Caveats removed under s 143 of the Land Transfer Act
Legal Topics
Caveats, Removal of Caveat, Priority of Secured Creditors, E Dealing and Paper Transactions, Costs Orders
Property Law Land Transfer Insolvency Civil Procedure Caveats Removal of Caveat Priority of Secured Creditors E Dealing and Paper Transactions +1 more

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Parties

200 VICTORIA STREET LTD

First Applicant

VICTORIA PARK LTD

Second Applicant

CENTRO APARTMENTS LTD

Third Applicant

KITCHENER RENTALS LTD

Fourth Applicant

DAVID STEWART HENDERSON AND ANTHONY CLIVE SANDLANT AS TRUSTEES OF THE HAURAKI TRUST

Fifth Applicant

ROCHELLE DOROTHY HENDERSON

First Respondent

GOODALL TRUSTEE SERVICES LTD AND ROCHELLE DOROTHY HENDERSON AS TRUSTEES OF THE NO. 9 TRUST

Second Respondent

Procedural Posture

Removal of Caveats Under S 143 Land Transfer Act / Hearing Oral Judgment (decision)

Legal Issues

  1. 1 Whether caveats should be removed despite caveatable interests because there is no practical benefit to the caveators
  2. 2 What consequential orders should be made regarding timing/effect of removal and payment of additional conveyancing costs due to lack of e-dealing cooperation

Ratio Decidendi

Although the caveators held caveatable interests, the court removed the caveats because imminent sales would leave no equity after secured creditors are paid and therefore the caveators would obtain no practical benefit from maintaining their caveats; removal was made conditional on registration of transfers to identified purchasers and caveators were ordered to pay additional conveyancing charges and costs.

Court Disposition

Caveats removed under s 143 of the Land Transfer Act

Orders

  • All caveats named in the application are removed, removal to take effect on registration of transfers of the registered proprietors' interests in the subject titles to the purchasers identified in Mr Henderson's affidavit.
  • Caveators must pay costs to the applicants on a 2B basis.