22 Oct 2009
LAKE TERRACE INVESTMENTS LTD V LAKELAND ENTERPRISES LTD (IN RECEIVERSHIP) AND ORS HC ROT CIV 2009-463-478
- Citation
- openlaw-262ac9c3_f00b_455f_a3fb_faca34b23a95.pdf
- Court
- High Court
The court found the statutory prerequisites under s200(2) were satisfied (unremedied default and entitlement to sell), concluded there was no sufficient evidential basis on the interlocutory application to find marketing misconduct or improper purpose that would justify refusal, and exercised its discretion to authorize the mortgagee to purchase the property under s200(3)(d) for $6,000,000 while preserving the guarantor's rights to raise defences to any subsequent claims; costs were reserved.