13 Oct 2009
ALF NO 9 PTY LIMITED V PHILLIP GEORGE ELLIS, LYNLEY ANN ELLIS AND JOHN LOUIS COKER AND ORS HC WN CIV 2009-485-435
- Citation
- openlaw-3683942e_fa94_4ed1_9597_344741e35638.pdf
- Court
- High Court
The Court held that IBS had sold all its assets including the causes of action to NVestec in 2003 so IBS and the liquidators had no proprietary causes of action to assign in 2009; accordingly the Assignment Deed was void as purporting to assign assets IBS did not own, and the statement of claim was struck out; PPSA s87 did not save the assignment factually because legal title had passed in 2003; additionally the funding arrangement in its present form constituted an abuse of process but strike out was ordered primarily because there were no causes of action to assign.