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・ Late-October 1996 tornado outbreak
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Latec Investments v Hotel Terrigal (in liq)
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Latec Investments v Hotel Terrigal (in liq) : ウィキペディア英語版
Latec Investments v Hotel Terrigal (in liq)



== Fact ==
Latec was the mortagagee of land owned by Hotel Terrigal. Latec exercised its power of sale under the New South Wales Torrens statute. It conducted an auction on an unfavourable day of the week with little time for proper advertisement (to make sure that the property could not be sold at the auction). The highest bid was 58,000 and later Latec sold the property to its wholly owned subsidiary, Southern Hotels for 60,000. Southern became the registered proprietor.
Subsequently, Southern granted a floating charge over all its assets as security for the debenture issued to the public to the trustee of the debenture holders, MLC Nominee. The prospectuses for the debentures offered explicitly stated that the Hotel Terrigal was owned by Southern.
The court found that Latec and Southern had been fraudulent and that Hotel Terrigal had a right to have the contract and transfer set aside. The issue is about the priority between Hotel Terrigals and MLC 's interest in the property.

抄文引用元・出典: フリー百科事典『 ウィキペディア(Wikipedia)
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