14 Aug 2023
The Court granted the interim receiver the requested powers because the sales were necessary and urgent to generate cashflow to avoid forfeiture of $600,000 in deposits, to enable repayment of mortgage advances due 15 December 2023 and to address increased default interest and IRD obligations; accordingly the directions sought were appropriate and ordered.
10 Dec 2013
By consent and pursuant to the court's statutory powers under s 339 Property Law Act 2007, an immediate sale was justified to address mortgage obligations and preserve the property value, with sale proceeds to repay the first mortgage and costs and remaining funds held in a solicitor's trust account until parties' entitlements are determined.
23 Feb 2012
On the uncontested documentary and affidavit evidence (settlement statements, bank records, mortgage repayments, invoices and accounts), the Court concluded that after repayment of the first and second mortgages and deduction of proper sale expenses and adjustments, the amount representing the net sale proceeds available to be paid into Court was $3,673.90 (and that the $400,000 deposit had been applied to capital works), and that sum has been paid into Court accordingly.