Re Eastmoree Pty Ltd

In the Supreme Court of Queensland, Airad Pty Ltd (Airad) sought the winding up of Eastmoree Pty Ltd (Eastmoree) pursuant to the Corporations Law. Concurrently, Wayne Allan Stevens and Jacquelyn Edith Stevens, directors and shareholders of Airad, sought injunctive relief against Metrostar Pty Ltd (Metrostar) from exercising its power of sale over a property at Watland Street, Springwood (lot 18) and advertising the same. They also sought an order for the sale of an adjoining parcel of land (lot 17) under the Property Law Act 1974. The central legal issues were whether Airad had established a case for the appointment of a provisional liquidator for Eastmoree, whether the Stevens were entitled to an injunction against Metrostar's power of sale, and whether lot 17 should be sold under the Property Law Act.

The Court found that the appointment of a provisional liquidator was unnecessary, as the primary focus should be on expediting the winding-up application. The Court also declined to grant an injunction against Metrostar's power of sale over lot 18, noting the lack of evidence of bad faith or improper purpose. The Court was not persuaded that the Stevens were entitled to an order for the sale of lot 17 under the Property Law Act, as no party had offered to discharge the mortgage debt. However, the Court was prepared to make an order to protect the Stevens' interests by requiring Metrostar to inform the Stevens of its intentions to sell lot 17.

The Court adjourned the application for an injunction and directed that further argument be heard regarding costs and the form of appropriate orders. The Court's final orders included refusal of the application for a provisional liquidator, no injunction against the power of sale over lot 18, and the requirement for Metrostar to inform the Stevens of its intentions regarding lot 17.