The Court refused an interlocutory injunction sought by a director and alleged creditor of a company in liquidation to restrain a mortgagee in possession from selling property, where the challenge concerned only the manner of exercising the power of sale (marketing with an allegedly invalid lease) rather than the validity of the mortgage, the existence of default, or the exercisability of the power of sale. The Court held that damages were an adequate remedy for any claim under s 420A of the Corporations Act or s 77 of the Transfer of Land Act, that the Inglis requirement for payment into court of the mortgage debt applied and no exception was engaged, and that the plaintiff's undertaking as to damages had no value given her insignificant assets. While the Court accepted there was a serious question to be tried regarding whether the lease had been validly renewed, the prospects of obtaining derivative leave were assessed as weak given the plaintiff's inability to provide any indemnity or security to the company.
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