Australia, July 9 -- New South Wales Land and Environment Court issued text of the following judgement:

1. This proceeding relates to a dispute arising from a transaction pursuant to which the first plaintiff, Tin-Tagel Majikk Pty Limited ACN 130 947 009 ("Tin-Tagel"), purchased from the first to fifth defendants, ("the vendors" or "the Hockey Family" or "the defendants"), the shares in the second plaintiff, Danc Pty Limited ACN 079 357 869 ("Danc"). Danc operated the real estate business known as Ray White Bateau Bay ("Ray White BB"). The first to fifth plaintiffs respectively are Tin-Tagel, Danc, Mr Kenneth Roy Folley ("Mr Folley"), Kathryn Mary Folley ("Mrs Folley") and Majikk Pty Limited ACN 115 170 100 ("Majikk"), and shall be referred to collectively in this judgment as "the plaintiffs".

2. Danc was put into receivership by Macquarie Bank Ltd ("Macquarie Bank") on 2 April 2024, and is no longer actively participating in these proceedings nor seeking any relief.

3. In the period prior to 1 June 2018, the first defendant, Mr Wayne Craig Hockey ("Mr Hockey"), was the sole director and secretary of Danc. Both Mr Hockey and his wife, the second defendant, Mrs Susan Hockey ("Mrs Hockey") [1] , were shareholders of Danc (collectively, "the Hockeys"). The other shareholders of Danc were Mr and Mrs Hockey's children, Ms Ashleigh Jane Eastway, Mr David Richard Eastway, and Ms Courtney Louise Eastway; they are the third to fifth defendants in these proceedings, although they have not taken an active role on the basis that their interests are represented by the Hockeys. I will further discuss the status of the 6th to 9th defendants.

4. In February 2000, Mr Hockey, as Sole Director and Secretary of Danc, executed a Deed of Charge by which Danc granted a charge in favour of Macquarie Bank over all of Danc's assets ("the Charge").

5. On 17 May 2018, a Share Sale Agreement ("the Agreement") was entered into under which the Hockey family agreed [2] to sell their shares in Danc to Tin-Tagel as trustee for the "KR & KM FOLLEY FAMILY TRUST". The obligations of Tin-Tagel were guaranteed by the third plaintiff, Mr Folley and Mrs Folley (collectively, "the Folleys").

6. The fifth plaintiff, Majikk, was not a party to the Agreement. However, under the Agreement, there were obligations resting upon Majikk to grant certain security interests to the vendors.

7. The sale of the shares in Danc, by the vendors to Tin-Tagel, completed on 1 June 2018 ("Completion").

*Rest of the document can be viewed at: (https://www.caselaw.nsw.gov.au/decision/19739c1c6e86540bd3c03b43)

Disclaimer: Curated by HT Syndication.