Sapphire (SA) Pty Ltd v Ewens Glen Pty Ltd (No 2)

Sapphire (SA) Pty Ltd sued Ewens Glen Pty Ltd in the Federal Court of Australia. The dispute involved the appointment of liquidators as joint and several receivers and managers of a trust's property. The plaintiffs sought an order for the receivers and managers to provide security or an undertaking regarding potential damages. The court had to decide whether the receivers and managers were required to provide security or an undertaking regarding potential damages. The court also needed to determine if the receivers and managers should report on the progress of the receivership and if so, at what interval.

The court found that the receivers and managers were not required to provide security or an undertaking regarding potential damages. The court considered the nature of the trust and the specific powers granted to the receivers and managers. It was determined that the receivers and managers should report on the progress of the receivership every three months. The court concluded that the receivers and managers should not be required to provide security or an undertaking regarding potential damages. The court ordered the liquidators to be appointed without security as joint and several receivers and managers of the trust property. The court further ordered that the receivers and managers report on the progress of the receivership every three months.

The court made several orders regarding the appointment of the receivers and managers, their powers, remuneration, and costs. The court ordered that the liquidators be appointed without security, authorised to take possession of and sell the trust's assets, and granted specific powers. The receivers and managers were to be paid a reasonable fee for their work and expenses. The court also ordered that the costs of the application be paid out of the trust's assets. The court adjourned further consideration of the matter to allow the receivers and managers to report on the progress of the receivership.