5 Nov 2012
DB BREWERIES LIMITED V HYNDMAN HC CHCH CIV 2010-409-001408
- Citation
- openlaw-444a7371_acea_4370_95ae_835e4c057ff8.pdf
- Court
- High Court
The receivers did not have contractual or statutory authority to pool the assets and sell the businesses of FCS, YCB and EJS as one lot; the security documents were confined to the contracting party (FCS) and did not confer rights over other companies' assets, and the Receiverships Act requires monies and accounting to be kept separate for each property in receivership (ss21 and 22) and imposes duties on receivers (ss18 and 19), thereby precluding the pooled sale carried out without agreement, valuation allocations or Court directions; accordingly the sale as conducted was unauthorized and qu…