Case: McCarthy v Langan and Gilroy1
A recent High Court decision has considered once again the
requirements for compliance with the terms of the underlying
security documents when drafting deeds of appointment of receivers
or of receivers and managers.
Background
In February 2016 ACC Loan Management Limited (ACC) appointed the
plaintiff as receiver over two properties belonging to the first
and second named defendants.
The plaintiff subsequently brought injunctive proceedings
seeking interlocutory relief against the defendants to prohibit
them interfering with the sale of the properties.
The loans were subsequently transferred from ACC to Rabobank and
the plaintiff's appointments were novated. Both properties had
been sold by Rabobank, selling as mortgagee in possession, prior to
the hearing of the action.
