Costa Nicodemou in his capacity as Receiver & Manager of Coronam Holdings Pty Ltd in its own capacity and as trustee for Coronam Property Trust v Crown

The case involves Costa Nicodemou, in his capacity as Receiver and Manager of Coronam Holdings Pty Ltd, and Coronam Holdings Pty Ltd in its own capacity and as trustee for Coronam Property Trust, suing Crown. The dispute revolves around alleged misleading and deceptive conduct by Crown, which has admitted that its conduct was indeed misleading and deceptive. The plaintiffs sought remedies including damages, declaratory relief, and injunctive relief. The key legal issue was the scope of the declarations that could be sought by the plaintiffs.

The court examined the standing of the Receiver and Manager to seek relief in respect of shares, specifically whether these shares formed part of the secured property. Additionally, it considered whether the shares were transferred by the defendant in compliance with the company constitution. The court confirmed that the shares formed part of the secured property and that the Receiver and Manager had standing to seek the declarations they sought.

Consequently, the court ruled in favour of the plaintiffs, confirming the standing of the Receiver and Manager to seek relief in respect of the shares. The court found that the shares were indeed part of the secured property and that the transfer by the defendant was not in compliance with the company constitution. The decision underscores the importance of compliance with constitutional requirements when dealing with company shares and the authority of receivers and managers to seek appropriate relief. The court's ruling ensures that the plaintiffs can proceed with their claims for damages, declaratory relief, and injunctive relief.