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The High Court granted an interlocutory injunction to the plaintiffs, restraining the sale of two plots of farmland, on the basis that the plaintiffs established a serious issue to be tried regarding the potential undervaluation in the proposed sale by the defendants. The court found that the farmland had special value to the plaintiffs, making damages an inadequate remedy. However, the injunction did not extend to the commercial forestry lands, as the court determined that any potential undervaluation could be compensated by damages, and the plaintiffs had not made loan payments since 2018. The court differentiated between the farmland, which provides the plaintiffs' livelihood and has been in their family for generations, and the forestry lands, which are considered a commercial investment.
interlocutory injunction, undervaluation, mortgagee duties, receiver duties, farmland, forestry land, commercial investment, damages, special value, property sale, market value, balance of convenience, serious issue to be tried, Merck, Sharp & Dohme Corporation v Clonmel Healthcare Limited, Conveyancing Act 1881, Supreme Court of Judicature Act 1877, Code of Conduct on Mortgage Arrears (CCMA), receiver appointment, auction sale, vacant possession.
Note: This is intended to be a fair and accurate report of a decision made public by a court of law. Any errors should be notified to the editor and will be dealt with accordingly.
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