In DGR Global Ltd v P.T Limited as trustee of the Armour Energy Security Trust, DGR Global Ltd, a shareholder and creditor of the Armour Group, initiated proceedings following enforcement actions on securities over Armour Group's assets. The securities held by P.T. Limited were meant to secure Armour’s obligations under fixed-rate secured amortising notes issued to FIIG Securities Limited.
The second respondent, Perpetual Corporate Trust Limited, also held rights to enforce Armour's repayment obligations. Third respondents, including receivers and administrators of various Armour companies, were appointed following these enforcement actions. DGR sought to consolidate two proceedings: one for a declaration on subrogation rights upon repayment of the secured debt and another challenging the validity of the receivers' appointment. The third and fourth respondents applied for summary dismissal of the subrogation proceeding, but the court dismissed this application, enabling DGR to proceed with its claims, including new ones under the Australian Consumer Law for misleading and deceptive conduct. The Court consolidated the proceedings, added relevant parties, and granted leave to amend the statement of claim.