Golden Oceans (NSW) Pty Ltd v Evewall Pty Ltd

The plaintiff, Golden Oceans (NSW) Pty Ltd, sought to have a caveat lodged over property owned by the defendant, Evewall Pty Ltd. The plaintiff claimed that it had a caveatable interest as a purchaser under a contract of sale. Evewall claimed to have terminated the contract, thereby invalidating the plaintiff's interest. The matter was heard in the Supreme Court of New South Wales. The central legal issue was whether the plaintiff had made out a seriously arguable case that the Notice to Complete had been extended by the defendant. A secondary issue was whether the balance of convenience favoured the extension of the caveat.

The court found that the plaintiff had raised a seriously arguable case that the Notice to Complete had been extended, as there was evidence suggesting that the defendant had agreed to an extension. The court also determined that the balance of convenience favoured the extension of the caveat, as the plaintiff had demonstrated a substantial detriment that would result from the removal of the caveat, and the defendant had not shown any significant prejudice that would result from the continuation of the caveat. The court considered the commercial realities of the situation and the need to protect the plaintiff's investment.

Golden Oceans (NSW) Pty Ltd was granted an order allowing the continuation of the caveat over the property. The court ordered that the caveat remain in place pending the outcome of further proceedings to determine the validity of the contract and the rights of the parties. The defendant was also ordered to pay the plaintiff's costs of the application.