Injunction granted preventing sale of property pending determination of validity of appointment of receiver

High Court – indebtedness secured on commercial properties – validity of appointment of receivers – motion seeking injunctive relief restraining the appointment – receiver has undertaken not to complete sale pending the determination of the motion for relief – not willing to extend undertaking beyond the conclusion of the motion due to the uncertain economic climate – plaintiff not objecting to continued collection of rent – wish to restrict the disposal of the commercial properties – status quo – redacted copies of transfer documents – champerty – estoppel – representation – dispute in relation to interest – damages would not be an adequate remedy where the secured property is held as a pension trustee – damages would not compensate for interference with constitutionally protected property rights – registered lis pendens – satisfied that damages would be an adequate remedy – refuse the interlocutory relief – second application – stronger arguments raised in relation to the validity of the receivers appointment and transfer to Promontoria – commercial property but applicant claims to have a special relationship with the tenants – status of property as pension asset is relevant – would not be straightforward to calculate the loss arising – sufficient equity in the property to address any loss suffered due to postponement of the sale – balance of convenience lies in favour of granting the relief to restrain the sale of the property – maintain status quo in relation to the collection of rents pending trial – rents to be preserved – inspection of redacted transfer documents – redactions extensive and unexplained –redaction of definitions – wide-ranging challenge to the validity of the transfer documents – documents are central to the issue – redactions do not allow the reader to understand the documents – defendants should provide an affidavit setting out the basis for each redaction they wish to maintain – headings should be unredacted – recitals, definitions and interpretations should be unredacted in absence of explanation – once document is relevant – redactions for irrelevance should be dropped – price paid for the loan is commercially sensitive and can be redacted – section 91 of the Land and Conveyancing Law Reform Act 2009 – cannot be interpreted as an additional mandatory requirement for the appointment of a receiver – has not been a failure to provide inspection under the act - productions of the transfer documents in their current redacted form satisfied the obligations under the act – only parts of document relevant to the transfer of title of the loans and mortgages require to be disclosed pursuant to the act – not entitled to inspect unredacted transfer documents – order 50, rule 4 application refused.