In the legal case Matthews v Capital Choice Australia Pty Ltd [2024] QSC 236, the first applicants, Shaun Matthews, Sam Kaso, and Rahul Goyal, along with Besfarm Pty Ltd, faced Capital Choice Australia Pty Ltd and Zhenyao Wang in the Supreme Court of Queensland. The applicants, appointed as receivers, sought judicial directions under section 424 of the Corporations Act 2001 to sell a farming property and associated water allocations owned by Besfarm. The central dispute involved the second respondent, Zhenyao Wang, who claimed a charge and equitable interest in the property, contesting the sale free from higher interest without consent. The court dismissed the initial part of the application, citing that the receivers should have sought authorisation under section 420B due to existing higher-ranking security interests. The remainder of the application was adjourned, with an order that each party bear its own costs.
Full text: https://www.sclqld.org.au/caselaw/150144