Section 420A of the Corporations Act 2001 does not create a freestanding action for common law damages for breach of statutory duty; its effect is to adjust the accounting between mortgagor and mortgagee, giving rise to equitable damages. Guarantors can take the benefit of this adjustment by equitable set-off or by invoking the principle that a guarantor's liability is reduced where the creditor has diminished the value of the security. The 'price' obtained on a sale is the consideration expressed in the contract, not the net amount received after GST. The question whether a controller has a duty to sell in a tax-effective manner remains open.
The full text is available to signed-in members, including the 41 later cases that cite this judgment.
3 of the 41 citing cases carry a classified treatment. How each court treated it is available to signed-in members.