Joiner v Firstmac Finance Pty Ltd

Joiner brought an urgent ex parte application for an interim injunction to restrain the imminent auction of land held by Firstmac Finance Pty Ltd, a mortgagee. The land in question was owned by a company in which Joiner held shares. Although the court assumed that Joiner had standing to bring a derivative action on behalf of the company, the primary focus was on the mortgagee's power of sale. The court had to determine whether there was a sufficient basis to restrain the exercise of this power and if there was a serious question to be tried that favoured the applicant.

The legal issues centred on the nature of the mortgagee’s power of sale, the circumstances in which it could be restrained, and whether the balance of convenience favoured the applicant. The court examined the evidence and arguments presented to assess whether there was a serious question to be tried and whether the balance of convenience favoured granting the injunction. It also considered the potential for injustice if the injunction was granted, including the impact on the mortgagee and any potential buyers.

The court found that there was no sufficient basis to restrain the mortgagee from exercising its power of sale. It concluded that there was no serious question to be tried that favoured the applicant and that the balance of convenience did not favour the applicant. The court also determined that granting the injunction would carry a greater risk of injustice than refusing it, particularly given the potential harm to the mortgagee and any potential buyers. Consequently, the application for an interim injunction was refused.