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Construction

Thursday, 16 October 2014
Executive Summary (One Minute Read)
Kupang Resources Ltd v International Litigation Partners Pte Ltd (WASC) - corporations - appointment of receivers under General Security Agreement valid
Summaries With Link (Five Minute Read)
Kupang Resources Ltd v International Litigation Partners Pte Ltd [2014] WASC 371
Supreme Court of Western Australia
Allanson J
Corporations - International Litigation Partners (ILP) appointed second defendants as receivers of Kupang - Kupang sought order under s418A Corporations Act 2001 (Cth) declaring appointment invalid - Kupang and ILP had entered Deed of Settlement and Release under which Kupang was to pay amount to ILP - ILP appointed receivers under clause of General Security Agreement - Kupang claimed that, by reason of service of notices under s260-5 Taxation Administration Act 1953 (Cth), ILP was not able to demand payment or specify time and manner of payment of money - held: notices served by Commissioner did not have legal effect of making security held by ILP unenforceable - notices did not prevent ILP and Kupang from making an agreement within terms of existing transaction documents as to when amount of remaining debt was to be repaid - Kupang failed to comply with obligations under a transaction document - bankruptcy of Kupang's director was a default under the General Security Deed - appointment of receiver was valid - application dismissed.
Kupang Resources Ltd