Powell -V - Business Expansion Capital (Hartz Mineral Water)
Supreme Court of Tasmania
In this case, Directors of BEC in their capacity as joint and several Managing Controllers of the Hartz Group issued a memorandum inviting offers of the public to purchase the Hartz group of the Companies over which they held a Mortgage Debenture. The managing Director of the Hartz Group Mr Stephen Powell issued a Writ in response to the proposed sale of his business seeking rescission of the agreement appointing the Managing Controllers and their mortgages together with an injunction restraining them from exercising their powers.
This case was vigorously litigated and involved a number of very urgent Interlocutory Applications. It attracted a lot of media interest given that the Hartz Group of Companies is a long established Tasmanian Family business. It continues in the Federal Court of Australia
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