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nsw_caselaw:54a636e73004de94513d96f2:14 | nsw_caselaw:54a636e73004de94513d96f2 | 65Mr Wilson's letter must be assessed as a refusal of consent to the transfer of the leases. It makes clear that the Commonwealth is not prepared to co-operate in the assignment under the June 2004 Agreement as the proposal then stood, in the first place because the Agreement was void by statute.
But the letter is also important because it indicates that the Commonwealth was prepared to entertain a further application by Soft Star for an assignment of the leases.
But the Commonwealth also stipulated for a series of further conditions upon the grant of such consent that would, among other things, have involved alterations to the area of land the subject of the leases and to the other facilities associated with the land the subject of the leases.
Whether those conditions would have been acceptable to Ocean Star was not explored at the time because Soft Star did not send the letter to Ocean Star.
66But the letter is also important because it conveys a record of a communication between Mr Wilson and Mr Hong of Soft Star that both Soft Star and Ocean Star wished to proceed with the Agreement despite the government proposing to enact casino prohibition legislation in respect of Christmas Island.
Much of the earlier evidence suggested that Ocean Star, at least, had made clear to the government that it was unlikely to proceed with the Agreement whilst casino operations were prohibited. This letter becomes an important basis for reconciling the parties conflicting versions of what happened between them during the period July and September 2004.
67Soft Star did not pass on the Commonwealth's 24 September 2004 letter to Ocean Star. It was clear from Mr Kwon's evidence that he had no knowledge of it being passed on. He did not seek to defend the proposition that some other person had given it to Ocean Star for him. Mr Kwon's motivation for not forwarding this document to Ocean Star is obscure.
But his failure to do so meant that at all times prior to Soft Star issuing its Notice of Repudiation, Ocean Star did not know of the detail of the Commonwealth's response to the parties' request for its consent to the assignment. Soft Star's failure to send this document on is consistent with a mutual pattern of inaction in pursuit of the June 2004 Agreement from the end of 2004.
68But there was still some agreement related activity taking place on Ocean Star's side until late 2004 and possibly early 2005. Ocean Star produced business plans for a resort with KPMG's assistance in November 2004.
The Notice of Repudiation - May 2005
69Ten months later Mr Kwon acted. On 3 May 2005, he caused Soft Star's solicitor, Mr David Walker, to issue a document entitled "Notice of Repudiaton" to Ocean Star (addressed care of McDonald Pynt) and to Dr Kwon (at an address in Seoul). The Notice of Repudiation referred to the June 2004 Agreement and then said:-
"The Lessee hereby puts the Assignee and the Guarantor on notice that the Assignee and the Guarantor, by their words and conduct, have breached the Agreement and that the breach is of sufficient seriousness to demonstrate that the Assignee and the Guarantor are not ready or willing to perform the Agreement and have repudiated the Agreement.
As a consequence of the repudiation;
(a)the Agreement is immediately terminated;
(b)the Lessee relies on clauses 6.4 of the Agreement;
(c)the Lessee elects, under clause 6.2(c) of the Agreement, that the Assignee forfeits and the Lessee retains the Deposit and all moneys paid to date by the Assignee under the Agreement; and
(d)the Lessee and the Covenantor reserve all of their other rights against the Assignee and the Guarantor under clause 6.2(c)"
70The Notice of Repudiation then set out certain facts, said to be "relied on by the Lessee and the Covenantor for the repudiation". Those facts were the following:-
"1.Under the Agreement, the Assignee covenanted to take an assignment of the Lease for the Assignment Fee subject only to the satisfaction of three conditions precedent: | [
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] | What was the content of the Notice of Repudiation issued by Soft Star's solicitor, Mr David Walker, to Ocean Star on 3 May 2005? | [
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nsw_caselaw:54a636e73004de94513d96f2:23 | nsw_caselaw:54a636e73004de94513d96f2 | 113The June 2004 Agreement contains a drafting error in the manner it confers a right of termination on the assignee for failure of the Condition Precedent (clause 2.4).
That clause is predicated upon the assumption that one of the Conditions Precedent is not satisfied or has not been waived by Ocean Star by written notice to Soft Star "on or before the period specified in clause 2.2". But no period is specified in clause 2.2.
A period was no doubt originally so specified in an earlier draft of clause 2.2 and erroneously eliminated in the course of the iterative process of drafting. But clause 2.4 is still capable of meaning.
Although no period of time is "specified" in clause 2.2, satisfaction or waiver of the Conditions Precedent should take place within a reasonable time: Perri v Coolangatta Investments Pty Ltd (1982) 149 CLR 537 at 543, 547, 554, 560 and 567.
114Soft Star's rights to terminate the June 2004 Agreement arose in an unusual way in this case. Soft Star did not have a clause 2.4 right of termination upon the non satisfaction of the Conditions Precedent, only Ocean Star did. Ocean Star did not waive the Conditions Precedent.
This meant that Soft Star's only right of termination was in the event of Ocean Star's "default" within clause 6, noting that "repudiation" and "breach" are separately identified in clause 6 as "default" events that give specific rights to the "non defaulting party".
But in my view, as the reasons below show, it has not been established that Ocean Star either repudiated the June 2004 Agreement or was in default in a way that resulted in Soft Star being able to use clause 6 to bring an end to the agreement.
115Ocean Star's Contractual Recovery Argument. Ocean Star argued that the very terms of clause 2.1, 2.2 and 2.
3 meant that the deposit and other moneys paid under the June 2004 Agreement were to be repaid upon the non satisfaction of the Conditions Precedent because "the whole basis of the agreement is that there will be an assignment". But I do not think that argument is tenable. Merely because the Lessee's agreement to assign in clauses 2.
1 and 2.2 is subject to the Conditions Precedent does not mean that their non-satisfaction requires that such moneys must be repaid. A contractual obligation for repayment in such circumstances would ordinarily be expressed in the agreement.
Nor can such a term be implied. It is not necessary to give business efficacy to the June 2004 Agreement: B.P. Refinery (Westernport) Pty Limited v Shire of Hastings (1977) 180 CLR 266.
116Ocean Star's argument that the Deposit and other moneys paid under the June 2004 Agreement are recoverable under that agreement upon failure of the Conditions Precedent fails.
(b)Repudiation of the June 2004 Agreement and its Consequences
117Soft Star submits that Ocean Star has repudiated the June 2004 Agreement, which Soft Star accepted in its Notice of Repudiation on 3 May 2005.
The relevance of this is that Soft Star contends in defence to Ocean Star's claim that the legal consequence of such an accepted repudiation is that Ocean Star cannot now recover the Deposit and other parts of the Assignment Fee, and Soft Star is entitled to retain any monies paid under the June 2004 Agreement before the Notice of Repudiation pursuant to Clause 6.2(c).
118Soft Star contended that Ocean Star had repudiated the June 2004 Agreement in four ways:
(a)by Ocean Star's failure to take timely steps to satisfy the three Conditions Precedent of the June 2004 Agreement;
(b)by Ocean Star's breaches of the June 2004 Agreement;
(c)by declarations by the directors of Ocean Star that either the June 2004 Agreement would not be carried out or would be carried out only when it suited Ocean Star; and
(d)by a complete financial inability on the part of Ocean Star to pay the settlement money.
119Only some of these grounds (parts of grounds (a), (b), and (c)) were included in Ocean Star's 3 May 2005 Notice of Repudiation. | [
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] | What is the effect of a failure to specify a period of time for the satisfaction or waiver of Conditions Precedent in a contract, according to the decision in Perri v Coolangatta Investments Pty Ltd (1982) 149 CLR 537? | [
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nsw_caselaw:54a636e73004de94513d96f2:12 | nsw_caselaw:54a636e73004de94513d96f2 | "I understand that KFL Star Resort & Casino wrote to Mr Wilson on the 19th July summarising their plans for investment, redevelopment and operation of the Christmas Island resort and expressing their concern regarding the impact on these plans of the Australian Government's announcement to prohibit casino operations on Christmas Island.
I also understand that KFL Star Resort & Casino stated in the letter that they are very keen to continue with their plans. However, they have requested that the decision be withdrawn as it will not be possible for them to proceed with the proposed investment if casino operations on Christmas Island are prohibited."
62Minister Lloyd replied quickly on 2 August (Exhibit F), reassuring Mr Kwon of the Minister's belief that tourism represents a "significant economic activity" on Christmas Island and that the re-opening of the resort would "provide a substantial contribution to the Christmas Island economy".
Read objectively, Minster Lloyd's letter gave no comfort to anyone hoping that the Australian Government would reverse its 16 July 2004 decision.
Other Events in Late 2004
63Eventually, on 24 September 2004, the Commonwealth replied to Mr Hong's 25 June 2004 request for the Commonwealth's consent to the assignment. It did so through Mr Wilson, in a letter that deserves, because of its importance to the issues, to be reproduced in full.
64Set out below is the Commonwealth's letter of 24 September 2004 (Exhibit C):-
"Soft Star Pty Ltd
Level 21
24O'Connell St
SYDNEY NSW 2000
WITHOUT PREJUDICE
Attention - Mr Simon Hong
Dear Sirs,
Consent to Assign Leases G995882 and G995885 - Soft Star Pty Ltd to Ocean Star Resort Pty Ltd (formerly known as KFL Star Resort and Casino Pty Ltd)
1.I refer to the e-mail of Mr Simon Hong of 2 July 2004 and the subsequent telephone conversations with Andrew Wilson of the Department of Transport and Regional Services ('DOTARS').
2.In Mr Hong's email, he advised that Soft Star had concluded an agreement with KFL Star Resort and Casino Pty Ltd ('KFL') (now known as Ocean Star Resort Pty Ltd) on 24 June 2004 to assign Leases G995882 and G995885 ('the Leases') held by Soft Star to KFL ('the Agreement').
I understand that the execution of the Agreement brings to an end the agreement to sublease between Soft Star and KFL. Mr Hong's email also seeks the Commonwealth's consent to the assignment of the Leases.
3.During Mr Hong's telephone conversation with Mr Wilson, Mr Hong confirmed that Soft Star and Ocean Star Pty Ltd (OSR) still wish to proceed with the Agreement even though the Commonwealth has announced that it intends to enact legislation prohibiting casino operations on Christmas Island.
4.DOTARS considers that the execution of the Agreement is invalid for the following reasons:
-Soft Star failed to obtain the Commonwealth's prior written consent to the assignment as required by clause 5(e) of Lease G995882 and clause 5(f) of Lease G995885 and is therefore in breach of both Leases; and
-the Minister's prior written approval is required for the assignment pursuant to sections 18(1) and 18(4) of the Land Administration Act 1997 (WA)(CI). The Agreement is therefore rendered void by section 18(6) of the Land Administration Act 1997 (WI)(CI).
5.Notwithstanding the invalidity of the Agreement, the Department is willing to treat Mr Hong's email as a fresh request for the Minister's consent to the assignment.
6.Accordingly, it may be possible to approve Soft Star's assignment of the Leases to OSR pursuant to s 18 of the Land Administration Act 1997 (WA)(CI), subject to Soft Star, within 30 days of the date of this letter:
a.providing the Commonwealth with written acknowledgment from OSR and Soft Star stating that both of them:
-are fully aware and accept that the Commonwealth has announced that it will make legislative amendments which will prohibit casino operations on Christmas Island, with the effect that casino operations cannot be conducted at the Resort or elsewhere on Christmas Island; and | [
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] | What conditions did the Department of Transport and Regional Services impose on Soft Star Pty Ltd for the Minister's consent to the assignment of Leases G995882 and G995885 to Ocean Star Resort Pty Ltd? | [
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nsw_caselaw:54a636e73004de94513d96f2:25 | nsw_caselaw:54a636e73004de94513d96f2 | (a)Failing to Satisfy the Three Conditions Precedent
123Soft Star's first claimed basis of repudiation was that Ocean Star had an obligation to take timely steps to satisfy each of the three Conditions Precedent; lessor's consent, FIRB consent and liquor licence consent.
The failure to take these timely steps is said to amount to a repudiation of the June 2004 Agreement. Each of these three Conditions Precedent raises different considerations about Ocean Star's performance of its obligations and is considered separately below.
124Conditions Precedent 2.3(b) and (c) were themselves really dependent on Condition Precedent 2.3(a). Unless the Commonwealth was going to consent to the assignment then the need to act to get FIRB approval to transfer the liquor licence was negligible.
Thus, in my view the practical approach to assessing the parties' conduct in relation to the Conditions Precedent is to look at the issue first of obtaining the Commonwealth's consent to the assignment.
125Lessor's Consent. The obligation in clause 2.3(a) to obtain the lessor's (the Commonwealth's) consent is structured with a composite obligation explaining the role of the lessee (Soft Star) and the assignee (Ocean Star) in obtaining that consent, "and the Lessee and the Assignee shall each use [their] best efforts to obtain the Lessor's Consent".
126Soft Star says that Ocean Star breached this "best efforts" provision because of the position Ocean Star had taken by September 2004, in refusing to proceed with the investment unless the Commonwealth reversed its decision to prohibit casino operations on Christmas Island. But for the reasons explained in section (c) below, I do not think Ocean Star took this position.
127The story of obtaining the lessor's consent starts shortly after the making of the June 2004 Agreement. Simon Hong of Soft Star emailed Commonwealth officers on 2 and 9 July 2004 to seek consent to the assignment of lease to Ocean Star.
Similar consent had already been sought for the sub-lease earlier that year. But the Commonwealth did not reply until its letter of 24 September 2004, long after the Minister's decision of 16 July 2004.
I agree with Soft Star's submission that the Commonwealth's reply of 24 September 2004 was crafted so as not to be an outright refusal to consent. The Commonwealth had an obligation under the three Crown leases "not to unreasonably withhold consent".
By September 2004 the Commonwealth was undoubtedly alert to the possibility that Soft Star or Ocean Star might sue it for its prohibition upon casino operations on Christmas Island.
128Once the Commonwealth letter of 24 September 2004 had been received there is no evidence of any serious attempt by either party to obtain the lessor's consent. But did Ocean Star breach its obligation to use its best endeavours to obtain the Commonwealth's consent?
129In my view, Ocean Star did not breach its best endeavours obligation, principally because Soft Star did not forward to Ocean Star the Commonwealth's letter of 24 September 2004. Ocean Star can hardly be blamed for not taking up some of the possibilities being raised by the Commonwealth in that letter, if it was not given a copy of the letter.
There is no evidence that Ocean Star received a copy of the letter from the Commonwealth by other means. There is no evidence that Soft Star informed Ocean Star about the contents of the letter. Once the letter had been sent, the only "best endeavours" that could be expected of Ocean Star were endeavours to treat with the Commonwealth along the lines that the Commonwealth had suggested in its letter.
130The need for communication of the Commonwealth's letter of 24 September 2004 from Soft Star to Ocean Star is all the more important when the June 2004 Agreement's definition of "Lessor's Consent" is seen to be the consent of the Lessor to the assignment, either unconditionally or subject to conditions which "are acceptable to the assignee [Ocean Star]". | [
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|
nsw_caselaw:54a636e73004de94513d96f2:11 | nsw_caselaw:54a636e73004de94513d96f2 | 'Gambling has become a major social concern in today's society and the challenge for the Australian Government is to find a response which considers not only the financial aspects of a casino in the Territory, but takes into consideration the social impacts as a consequence of gambling'. Senator Campbell said.
'To that extent, the Government is concerned about the impact a casino would pose to the social fabric of the Christmas Island community and the dislocation to families that problem gambling can cause'.
'I would like to take this opportunity to reiterate my strong belief that tourism has the potential to represent significant economic activity on Christmas Island and I foresee the reopening of the Christmas Island Resort as a substantial contribution to the Christmas Island economy' he said."
56Whilst it was suggested in these proceedings that Senator Campbell's decision and the subsequent legislative change would have the practical effect of advantaging casino operators in parts of Australia more distant from Indonesia and Singaporean casino tourists than Christmas Island, the process and reasons for the Ministers decision did not need to be examined in these proceedings.
But the parties ultimately accepted that the Minister's decision was unchangeable, although they attempted at first to displace it. The parties dealt with the consequences of the Minister's decision in different ways.
57Minister Campbell's announcement produced two occasions of dispute between the parties. The first was a telephone conversation said to have taken place between Mr Kwon and Dr Kwon on the afternoon of the announcement, 16 July 2004.
The second was a meeting that Mr Sung, accompanied by Mr Asims, had with Mr Wilson and other members of the Department on 19 July 2004. Findings about both of these disputed occasions are made later in these reasons under the issue of repudiation, to which they directly relate.
58Senator Campbell's announcement was newsworthy. Both sides in the proceedings acknowledged that they became aware of an article published in the Sydney Morning Herald on 21 July 2004, which reported that in the 1990's the casino had been one of the world's most profitable "with Asian gamblers spending billions of dollars on its tables", and then said:-
"KFL Star Resort, a Perth - registered consortium of South Korean investors, told officials in Canberra this week that it would walk away from a plan to spend $30 million refurbishing the Island's decaying casino complex and resort hotel unless the decision was reversed."
59This newspaper article played a prominent part in Mr Kwon's later thinking. References to it appeared in the parties' subsequent communications.
Mr Kwon says he understood the article to be accurate and to mean that Ocean Star was not intending to go ahead with the assignment of the lease. But curiously it did not lead to any other immediate communications between representatives of Ocean Star and Soft Star.
60July 2004 is the beginning of a strange void in the parties' dealings with one another. There is limited evidence of communications between them from July 2004 until May 2005.
61On the same day as the publication in the Sydney Morning Herald, 21 July 2004, Mr Kwon wrote to the new Minister for Local Government, Territories and Roads, Mr Lloyd MP, concerning Minister Campbell's 16 July 2004 announcement. Mr Kwon's letter described the announcement of the 16 July decision as "a complete surprise and a shock to me".
He contrasted the decision with Minister Campbell's earlier communications with him on 1 March, in which Minister Campbell clearly voiced support for the re-opening of the casino, support that was re-iterated in the Minster's letter of 5th April 2004. Mr Kwon's 21 July 2004 letter recorded that Ocean Star had written to Mr Wilson on 19 July 2004 and continued:- | [
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|
nsw_caselaw:54a636e73004de94513d96f2:17 | nsw_caselaw:54a636e73004de94513d96f2 | 77Mr Sung says he met with Mr Kwon in Seoul in August 2005. During that meeting he claims Mr Kwon said to him in Korean words to the effect, "I am sorry about what happened in Australia. I will give you all of your money back. Please give me some time to get the money". According to Mr Sung, the August 2005 meeting took place only between himself and Mr Kwon. Dr Kwon was not present.
78Dr Kwon's Version. Dr Kwon's evidence is consistent with this. He does not profess to have been in a meeting at which a compromise was reached.
But he does not give any satisfactory account of Mr Sung reporting to him in about August 2005 that (1) a compromise had just been reached, that (2) Ocean Star could now no longer sue on the June 2004 Agreement, as it had been terminated by mutual agreement with Ocean Star releasing its causes of action, but that (3) at least Ocean Star would be getting its money back.
79Dr Kwon says that he only refrained from giving instructions to lawyers to sue Soft Star because of Mr Kwon's "promises" to return Ocean Star's investment. As these reasons explain below, Mr Kwon did hold out to Dr Kwon the possibility of the return of Ocean Star's Christmas Island investment. But it was not promised as part of a binding compromise. To that extent, in my view Dr Kwon is wrong.
80Mr Kwon's Version. Mr Kwon admits travelling frequently to Korea between mid 2005 and mid 2008. But he cannot recall having a meeting only with Mr Sung in Korea during that period. He specifically denies ever saying to Mr Sung words to the effect, "I am sorry about what happened in Australia. I will give all your money back. Please give me some time to get the money".
81Mr Sung's own account of the August 2005 Agreement hardly even gives it the status of an agreement. But first it is necessary to make findings about what happened at the alleged August 2005 meeting.
A Compromise in August 2005?
82Ocean Star has not made out its contention that there was a compromise made in Seoul in August 2005 in relation to its potential legal claims arising out of the June 2004 Agreement.
Those potential legal claims were, in my view, legally capable of compromise at such a meeting. But my finding is that the parties did not negotiate such a compromise in Seoul in August 2005, or indeed at any other time.
83I do not accept the Ocean Star case that in August 2005 it negotiated a compromise of its disputed claims arising out of the June 2004 Agreement in exchange for Soft Star and Mr David Kwon agreeing to pay KRW 2.
45 billion back to Ocean Star. I prefer Mr Kwon's account of what happened in Seoul in August 2005 to Mr Sung's account. Moreover, Mr Sung's version of what happened is objectively improbable. I draw these conclusions for the following reasons.
84First, Mr Sung's own version of the August 2005 meeting falls short of establishing a consensus in which Ocean Star gave up its rights of action for an agreement to pay a sum of money.
According to his first affidavit, Mr Sung remembered that Mr Kwon's words on this occasion were to the effect, "I am sorry about what happened in Australia. I will give you all of your money back. Please give me some time to get the money".
Whilst, if said, these words would be an admission against interest on the part of Soft Star that some money was then thought to be due to Ocean Star, they are not said to have been given in exchange for an Ocean Star promise of forbearance to sue. There is no promise not to sue matching the admission and the promise of payment.
Nor can one be implied. Even on Mr Sung's version, the conversation is consistent with Mr Sung keeping open Ocean Star's right to sue Soft Star. Mr Sung's version of what was said was not improved after his first affidavit nor relevantly supplemented in oral evidence. | [
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|
nsw_caselaw:54a636e73004de94513d96f2:16 | nsw_caselaw:54a636e73004de94513d96f2 | 5.the absence of readiness or willingness by the Assignee and/or the Guarantor to perform any of the other obligations under the Agreement is a breach of the Agreement that amounts to repudiation that gives the Lessee and the Covenantor a right to terminate the Agreement."
72Mr Sung responded the following day to this Notice of Repudiation. On 6 May 2005, he sent a letter on Ocean Star letterhead, as its "Managing Director". His letter did not bear internal evidence of being crafted on the basis of legal advice. It was a laymen's response to the Notice of Repudiation:-
"Dear Sirs,
We have received your letter.
We inform you that we cannot endorse your assertion.
Since the Agreement for Assignment of Lease Christmas Island Casino/Resort dated 24 June 2004, Ocean Star Resort Pty Ltd has progressed steadily for the Agreement and will continue to do so.
Also, as stated in the Agreement, after acquiring the Liquor License, transfer the registration instantly and within 7 days after the registration instant and within 7 days after the registration transfer, give the partial payment.
As the Agreement did not arrange such clause that the Liquor License has to be acquired in certain months and we understand the reason is to have enough time to prepare. Nevertheless the Agreement, one-sided the notice of repudiation from Soft Star Pty Ltd and partner David Walker thrown into confusion.
We consider the act of Soft Star Pty Ltd is against the business ethics. Ocean Star Resort Pty Ltd officers will stride severely against the indiscreet act of Soft Star Pty Ltd and will mobilize every ways and means to copy with the situation.
The Agreement for Assignment of Lease Christmas Island Casino/Resort dated 24 June 2004 has not been terminated one-sidedly and cannot be terminated.
p.s. The Agreement can be terminated in following conditions.
In connection with the Agreement, Soft Star Pty Ltd returns an amount invested to Ocean Star Resort Pty Ltd. With this condition, the Agreement can be terminated."
73The intriguing post script to Mr Sung's letter, which offered termination of the June 2004 Agreement on condition of the return of Ocean Star's investment, opened the door to the contested discussions about a compromise that are said to have taken place at a meeting in Seoul in August 2005.
This "p.s." closely followed the arrangement Mr Sung allegedly made with Mr Kwon three months later in Seoul in August 2005, a contention that Mr Kwon disputed.
The August 2005 Meeting in Seoul
74The parties' recollections of what occurred from the second half of 2005 diverge. Mr Sung says there was a special negotiation in Seoul in August 2005. Mr Kwon says that no such negotiation occurred but that there was continuous, intermittent and unremarkable contact between himself on the one side and Dr Kwon and Mr Sung on the other from mid 2005 until about mid 2007.
Both sides of this contest need to be briefly recorded, starting with Dr Kwon and Mr Sung's version of events up until the alleged August 2005 meeting in Seoul.
75Mr Sung's Version. Mr Sung says that after his 6 May 2005 letter, Mr Kwon telephoned him to arrange a meeting and said to Mr Sung words to the effect that he (Mr Kwon) stood by his promise to repay the money if a casino licence could not be granted.
According to Mr Sung, Mr Kwon intimated to him that the Government's decision not to grant a casino licence on Christmas Island was very unpopular and that, "they would have to reverse it". In answer to this Mr Sung claims that he said, "Let us see. Even if it is not reversed we must have our money back".
76Mr Sung's account continues that in about July 2005 he arranged by telephone with Mr Kwon to meet in Korea, saying to him "we must have a meetng with you when you are here. It does not look like the government will [not] reverse its decision". An agreed date to meet with Mr Kwon in Korea was fixed. | [
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|
nsw_caselaw:54a636e73004de94513d96f2:1 | nsw_caselaw:54a636e73004de94513d96f2 | 2There were two such parties. Soft Star Pty Limited ("Soft Star") then held a group of leases from the Commonwealth for Australia of an existing tourist resort complex on Christmas Island ("the Leases").
Less than three weeks before the announcement on 24 June 2004, Soft Star had agreed to assign on terms its interest in the Leases to the KFL Star Resort and Casino Pty Limited ("the June 2004 Agreement"), an entity which later changed its name to Ocean Star Resort Pty Limited ("Ocean Star"), the name by which it will be described throughout these reasons.
Before the Commonwealth government's July 2004 decision Ocean Star had paid Soft Star a deposit and made part payment of an assignment fee under the June 2004 Agreement, being payments totalling KRW 2.45 billion. The grant of a casino licence was to trigger further payments of the assignment fee under the June 2004 Agreement.
The July 2004 announcement prohibited this grant. Since July 2004, Ocean Star has not developed a casino on Christmas Island, nor paid the balance of the assignment fee. And Soft Star has not refunded any part of the assignment fee Ocean Star paid to it.
3Ocean Star commenced these proceedings in August 2009, claiming the refund of the payments made on account of the deposit and the instalment of the assignment fee, on the basis that they must now be returned either under the June 2004 Agreement, under a compromise agreement allegedly made in August 2005, or by way of restitution.
Soft Star now defends the claim, on the basis that the sums Ocean Star paid to it are neither refundable under the June 2004 Agreement, nor under the alleged August 2005 compromise nor on a restitutionary basis.
4Ocean Star's allegation against Soft Star of the August 2005 compromise is one of a settlement between their respective executives at the Intercontinental Hotel in Seoul ("the August 2005 meeting"). Ocean Star's contention is that in Seoul it agreed to forgo claims under the June 2004 Agreement in exchange for the repayment of KRW 2.45 billion paid to Soft Star under the June 2004 Agreement.
The parties disagree about what passed at this alleged meeting. Mr Hyuk Lyun Sung (Mr Hyuk Sung) and Dr Jung Dal Kwon (Dr Jung Kwon), representatives of Ocean Star say a compromise was reached. Mr David Ho Hyoon Kwon (Mr David Kwon), a Soft Star executive denies that it was. Resolving whether Ocean Star's claim was compromised depends on issues of credit.
5These are the issues for determination, none of which require the Court to examine the merits or processes of the Commonwealth government's July 2004 decision.
The First Issue for Determination
6The first issue for determination is whether or not the parties reached a compromise at the August 2005 Seoul meeting between Dr Jung Kwon and Mr David Kwon. If that compromise agreement were established then Ocean Star would have forgone any claim it might otherwise have had under the June 2004 Agreement and Soft Star and Mr David Kwon will be obliged to pay Ocean Star KRW 2.
45 billion (being equivalent to AUD 2.722 million as at the commencement of proceedings). After giving a detailed account of the events that generated this dispute, the Court will first consider whether Ocean Star's allegation that a compromise was reached in August 2005 is made out. If Ocean Star were successful in that contention it would not be necessary to consider its other causes of action.
7These reasons first make observations about the credibility of some of the principal witnesses, then give a more detailed account of the development of the concept of a casino in Christmas Island as it evolved between the parties, then examine the legal issues.
8In the result the Court determines that a compromise was not reached between the parties in August 2005. It will therefore be necessary to consider the plaintiff's causes of action arising from the June 2004 Agreement. | [
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|
nsw_caselaw:54a636e73004de94513d96f2:5 | nsw_caselaw:54a636e73004de94513d96f2 | 31Mr Ahn introduced Mr Kwon to Dr Kwon in late 2003 or early 2004 in Seoul. I accept that Dr Kwon expressed interest in acquiring the properties. Mr Kwon negotiated with Dr Kwon and an associate of Dr Kwon, Mr Hang Bok Cho, regarding the possible grant of a sub-lease.
Mr Kwon says that the sub-lease was to be to an entity associated with KFL. Mr Kwon says, and I accept, he felt "comfortable" with Soft Star entering into an arrangement with an entity related to KFL.
32But Dr Kwon has a different perspective on the negotiations. He emphasized, and I accept, that KFL was unlikely to make an investment itself or through a subsidiary into something like the Christmas Island casino properties.
He says that he was told of Mr Kwon's interest in finding an investor and initially put Mr Sung in touch with Mr Kwon, but only later became more closely involved in the negotiations.
33Mr Kwon says, and I accept, that at these various meetings in late 2003 and early 2004, he explained to Dr Kwon and Mr Cho: there was at that time no casino licence and the previous owner had lost the licence.
Mr Kwon says that he made clear to Dr Kwon that he could not guarantee that the casino licence would be granted to a new owner and the Australian government would decide whether or not to grant a licence to operate a casino on Christmas Island. But I also accept Dr Kwon's evidence that Mr Kwon said to him that he (Mr Kwon) was confidant that a casino licence would be granted.
34Mr Kwon authorised his local manager of the Christmas Island properties, Mr Michael Asims, to give Dr Kwon access to documents to allow him to undertake due diligence, which was done. Mr Asims gave evidence in the proceedings.
In early 2004, according to Mr Kwon, Dr Kwon advanced a counter proposal saying to Mr Kwon, "we do not require the casino licence as part of the deal. We will organise the Casino licence ourselves".
35Dr Kwon says he did not have the expertise to become involved in trying to get a casino licence. It is correct that he lacked the expertise. But he did, through Mr Sung, for example, have others who could do much of the executive and administrative work for him.
36Dr Kwon was willing to sub-lease the land and facilities without the licence.
I accept Mr Kwon's evidence that Dr Kwon indicated to him in these discussions that Dr Kwon had "been in contact with the Australian Ambassador in Korea regarding the proposed sub-lease of the Resort and Casino and the prospect of negotiating and being granted a Casino Licence". Dr Kwon denies this conversation but in my view it did take place.
Dr Kwon now says rather, "I relied on Mr Kwon to get the licence". I do not accept that Dr Kwon would have put this task beyond his control or in the hands of Mr Kwon.
Dr Kwon was confident in his capacity to influence the processes of government, whether in Korea or in Australia. He would not have allowed his fortunes to depend upon a man such as Mr Kwon who's capacities for influence were quite untested in Dr Kwon's experience.
37By February 2004, Mr Kwon and Dr Kwon had struck a deal. Soft Star entered a sub-lease with KFL Star Pty Limited, a special purpose vehicle incorporated to take up the sub-lease of the properties and an entity distinct from Ocean Star, which was only deployed several months later. Although not ultimately contentious in these proceedings, the terms of the sub-lease remain something of a mystery.
The sub-lease was written only in the Korean language and was signed by the parties in Korea. Mr Kwon does not have a copy of the sub-lease and none was in evidence. On 27 February 2004, pursuant to the sub-lease, Ocean Star paid Soft Star KRW 1 billion (approximately AUD908,427) in part payment of the deposit under the sub-lease.
38Mr Kwon claims that under the February 2004 sub-lease Ocean Star was obliged to pay an initial deposit of KRW 2.85 billion (equivalent to approximately AUD2,589,230). | [
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|
nsw_caselaw:54a636e73004de94513d96f2:18 | nsw_caselaw:54a636e73004de94513d96f2 | 85Secondly, Mr Sung could not recall that he made a promise of forbearance to sue Soft Star in August 2005. He was cross-examined on his account of his alleged compromise conversation with Mr Kwon. His evidence on the subject was unpersuasive. I do not accept as a result that he had any real memory of this encounter as a special meeting at which he reached any clear binding compromise with Mr Kwon.
86Thirdly, I do not accept Mr Kwon would have negotiated such an important agreement with Mr Sung, even though Mr Sung had the authority to do so. Mr Sung was clearly subordinate to Dr Kwon when acting in the interests of Ocean Star.
It is to be expected Mr Sung would have communicated with Dr Kwon to obtain approval to finalise or formally confirm such a special deal. There is no evidence that Dr Kwon had given such an important authority at this time. Moreover, the negotiation of a matter of this importance between Mr Sung and Dr Kwon is odd.
Though Mr Sung was Dr Kwon's trusted advisor and confidant, Dr Kwon negotiated much of the June 2004 Agreement with Mr Kwon himself. Preceding that contract Mr Sung had been a point of contact through which Mr Kwon approached Dr Kwon.
But the June 2004 Agreement was ultimately finalised at a higher level, between Dr Kwon and Mr Kwon and their respective lawyers. It would be surprising if a matter as important as the compromise of the June 2004 Agreement was left to Mr Sung to conclude.
87Fourthly, Mr Kwon says that he would not have dealt with anyone other than Dr Kwon on such a matter, in any event. By the time the proceedings came to hearing, Mr Kwon was to an extent exaggerating the lack of status of Mr Sung as a negotiating partner.
But he was not entirely wrong. I accept Mr Kwon's evidence that he would wish to deal with his own clansman, Dr Kwon, on these commercial matters, rather than with Mr Sung.
Mr Kwon had a sufficiently well developed sense of self importance that it is to be expected though, if he felt the possibility of compromise was being broached, he would seek to deal directly with Dr Kwon.
After all, the parties were in the predicament they were because of mismatched expectations about the legal consequences of unpredictable events after the June 2004 Agreement. I find Mr Kwon was sufficiently careful to avoid the risk of further such misunderstandings. It is improbable, in my view, that he would have negotiated such a deal with Mr Sung alone.
88Fifthly, although Mr Sung's post script in his 6 May 2005 reply to the Notice of Repudiation, raised the possibility of a settlement along the same lines (a release for return of moneys paid) as he said was actually negotiated in Seoul in August 2005,
it is remarkable that Ocean Star did not seek to confirm the settlement in writing, or instruct solicitors to formalise it in some way once the settlement was achieved.
Ocean Star had previously retained a solicitor, Mr David Walker. Even the briefest of personal letters, such as the one that Mr Sung sent on 6 May, would have confirmed the compromise had it taken place.
It seems unlikely that business people as astute as Mr Sung and Dr Kwon would not have taken the untroubling step of writing a brief note in order to secure Mr Kwon's and Soft Star's joint promise to pay KRW 2.45 billion to Ocean Star so as to put this matter behind them.
If Mr Sung's version is to be accepted, the compromise gave Ocean Star the advantage of a clear joint promise to pay a definite sum and produce finality in what was otherwise shaping up as an complex and unruly contest.
Neither Mr Sung nor Dr Kwon lacked the commercial insight to discern the advantages of such a course. In my view they did not take it because a compromise was not reached in August 2005. Nor did they attempt to communicate through lawyers; a surprising result for what was not an everyday transaction for either of them.
89Sixthly, there were continuing discussions between Mr Sung and Mr Kwon about aspects of the June 2004 Agreement that are inconsistent with their reaching a compromise in August 2005. | [
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] | null |
|
nsw_caselaw:54a636e73004de94513d96f2:33 | nsw_caselaw:54a636e73004de94513d96f2 | This Covenantor's obligation only relates to assuring the performance of the terms of the June 2004 Agreement. But Ocean Star has not now succeeded against Soft Star upon any of the terms of the June 2004 agreement.
Rather, it has succeeded as a result of the abandonment of that agreement. That situation does not enliven the terms of clause 14.2 and Ocean Star may not recover under that clause against Mr Kwon.
Conclusions and Orders
175In the result, the Court has reached the following conclusions in relation to the matters in issue between the parties.
176The Court has found that no compromise was reached between Ocean Star and Soft Star's representatives in Seoul in August 2005, or any other time, for Ocean Star to forego its claims under the June 2004 Agreement in exchange for the recovery of the deposit and other money paid to Soft Star under that agreement.
Thus, it is necessary for the Court to determine Ocean Star's other pleaded causes of action for recovery of money paid under the June 2004 Agreement.
177On those other causes of action the Court finds against Ocean Star on its claim in contract that the moneys it paid under the June 2004 Agreement are repayable as a term of that agreement, by reason of the non-satisfaction of the Conditions Precedent.
There is no clause in the June 2004 agreement which provides for the return or other disposition of the Deposit and other parts of the Assignment Fee already paid, in the absence of an established breach of contract or repudiation, which would attract the operation of clause 6.
178On the other hand, Soft Star's contention that is it is entitled to retain the moneys it has paid under the June 2004 Agreement, because that is the contractual result, under clause 6 or otherwise, of being the non defaulting party upon Ocean Star's repudiation of the contract, also fails.
It fails because Soft Star has not established that Ocean Star repudiated the June 2004 Agreement by the time Soft Star served its Notice of Repudiation on 3 May 2005. It also fails because Soft Star has not deployed clause 6 in respect of a non-repudiatory breach of the June 2004 Agreement by Ocean Star.
179But it is not necessary to decide Ocean Stars' claim in restitution for total failure of consideration in respect of payments made under the June 2004 Agreement.
This is because the Court has found that by late 2008 or early 2009 the June 2004 agreement was abandoned and abrogated by the parties. Ocean Star is able to claim all the moneys paid under the June 2004 agreement back upon the abandonment and abrogation of that agreement.
If the June 2004 Agreement were not abandoned and abrogated, then the Court finds that the same money could be recovered in restitution as there was a total failure of consideration for Ocean Star's payments, as a result of the non-satisfaction of the Conditions Precedent under the June 2004 Agreement, a matter not provided for under the Agreement.
180Finally, Ocean Star's claim against Mr Kwon personally under clause 14 fails, because Ocean Star has not succeeded upon the terms of the June 2004 Agreement which has been abandoned and abrogated.
181The parties should bring in short minutes of order to give effect to these reasons. Precise calculations will need to be undertaken of the amount including interest now to be repaid by Soft Star to Ocean Star. On Ocean Star's claim against Soft Star, Ocean Star has succeeded.
On Ocean Star's claim against Mr David Kwon, Mr Kwon has succeeded. Costs would ordinarily follow the event in respect of both these respective claims. But there may also be claims for special orders as to costs, including claims that costs should not follow the event.
182Accordingly, I direct the parties to file and serve their agreed short minutes of order (or their competing versions) together with any submissions on costs or other relief by Friday, 20 April 2012. I further direct the parties to approach my associate to obtain a suitable date to determine any remaining issues in the proceedings.
**********
DISCLAIMER - Every effort has been made to comply with suppression orders or statutory provisions prohibiting publication that may apply to this judgment or decision.
The onus remains on any person using material in the judgment or decision to ensure that the intended use of that material does not breach any such order or provision. Further enquiries may be directed to the Registry of the Court or Tribunal in which it was generated.
Decision last updated: 11 April 2012 | [
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] | null |
|
nsw_caselaw:54a636e73004de94513d96f2:30 | nsw_caselaw:54a636e73004de94513d96f2 | 156Though it comes much later than the acts of repudiation that Soft Star alleged against it, Ocean Star's instantaneous reaction to the Notice of Repudiation, affirming the agreement also supports the inference already drawn that Ocean Star did not earlier evince an intention to repudiate the Agreement.
157Between May 2005 and Ocean Star's commencement of these proceedings Mr Kwon, Dr Kwon and Mr Sung had numerous business conversations about how to resolve their differences arising out of this unsatisfactory situation and eventually the resort closed down.
But during that period there was no further attempt on either side to accept an alleged repudiation of the June 2004 Agreement by the other side.
In my view the contract remained on foot for a further period of time before it was finally abandoned and abrogated on the basis of the principles and facts described below. But first it is necessary to examine whether Ocean Star has a valid claim in restitution.
(c)Ocean Star's Claim in Restitution
158Despite various changes to the pleadings it was accepted by the end of the trial that the plaintiff, Ocean Star, had pleaded a claim in restitution. This was a matter of some importance.
I have already found that the KRW 2.45 billion of moneys (Deposit and part Assignment Fee) Ocean Star paid under the June 2004 agreement before May 2005, were not recoverable by Ocean Star under the agreement itself.
The agreement simply did not provide for what would happen to the Deposit and other instalments of the Assignment Fee in the event the clause 2 Conditions Precedent were not satisfied. The moneys could only be recovered on restitutionary grounds.
159The relevant principles may be concisely stated.
A quasi contractual obligation to pay fair and just compensation for a benefit which has been accepted will only arise in a case where there is no applicable genuine agreement or where such an agreement is frustrated, avoided or unenforceable;
it is the very fact that there is no genuine agreement or that the agreement is frustrated, avoided or is unenforceable that provides the occasion for the imposition by law of the obligation to make restitution: Pavey & Matthews Pty Ltd v Paul (1987) 162 CLR 221, per Deane J at 256.
A claim in restitution is available where in substance, rather than in form the consideration for which money is paid under a contract has wholly failed: Baltic Shipping Co v Dillon [1993] HCA 4; (1993) 176 CLR 344, at 376 and 377 per Deane J and Dawson J.
A claim for restitution of moneys paid under a contract such as the June 2004 Agreement, which neither party contends has been frustrated, would not ordinarily be available, where it would overturn an existing allocation of risk or limitation of liability previously established by the parties' contract:
Lumbers v W Cook Builders Pty Ltd (in liquidation) (2008) 232 CLR 635, [79] and [126] and Steele v Tardiani (1946) 72 CLR 386.
160Soft Star's case is that there is no room for the operation of Ocean Star's pleaded case in restitution.
Soft Star says that merely because a Condition Precedent of the June 2004 Agreement was not satisfied (Amended Statement of Claim paragraphs 27(b) & (c)), does not give rise to a claim in restitution, because the parties did make provision for that eventuality in their Agreement, namely in clause 6. I do not agree with Soft Star's contentions here.
161The Court's findings above allow it to be concluded that on 3 May 2005 Soft Star had repudiated the June 2004 Agreement by issuing a wrongful Notice of Repudiation and Ocean Star was possibly in breach of the agreement in minor respects in relation to its obligation to insure provided for in clause 10.1.
In these circumstances, had the parties chosen to use it, the contract provided a satisfactory termination mechanism through clause 6, which would have allocated risk in relation to the deposit. Were Ocean Star the non-defaulting party it would be entitled to terminate and recover the deposit and other moneys paid, under clause 6. | [
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] | null |
|
nsw_caselaw:54a636e73004de94513d96f2:3 | nsw_caselaw:54a636e73004de94513d96f2 | He sought, without hesitation, to clarify questions from counsel that he did not understand and had a sophisticated use of idiom. He had palpable self assurance in the witness box.
17But Mr Kwon was also acutely aware of what was in his own self interest and was ready to promote this in his evidence. He tended to see his evidence as another occasion for pushing his line on the transactions under examination, rather than telling the truth as his first evidential priority.
18Mr Kwon was concerned with the detail of the business projects in which he was involved and about every part of his business empire. Despite the self interested nature of some of Mr Kwon's evidence he was mostly a reliable witness, whose evidence can be largely accepted, although I have preferred the evidence of other witnesses over him in places.
Mr Asims
19Mr Asims was employed by Soft Star to manage the resort at Christmas Island. He accompanied Mr Sung to visit government officials in Canberra on 19 July 2004. His evidence was only of relevance in one major area, whether Mr Sung had told government officials on the 19th of July that they would walk away from investing in the Christmas Island lease if a casino was not approved.
On that his evidence can be largely be accepted because it is confirmed by other contemporaneous records. In my view that was the position that Mr Sung took with the government officials but I accept Mr Sung's evidence that he was far less emphatic about this with Mr Kwon.
20The contest of credibility among these witnesses really came down to preferring one or other of them in relation to particular conversations and events.
The Christmas Island Casino - 1993 to 2008
The Christmas Island Casino up to June 2004
21The Commonwealth government first granted a casino licence on Christmas Island in November 1993, to Christmas Island Resort Pty Limited ("CIR") for a term of 15 years, expiring in 2008 but with the potential for renewal for a further 10 years.
The Casino Licence fee was $1 million per annum together with 8 per cent of the gross profit of the casino for the first two years of the licence, and then 10 per cent of the gross profit for subsequent years.
22CIR's licence required the casino to be operated by an independent third party experienced in operating casinos and with good financial standing.
During the 1990's, an experienced casino operator, Casinos Australia International Limited ran the Christmas Island Casino. But in about July 1998 the Commonwealth government cancelled CIR's casino licence because of its failure to meet financial obligations.
In early 1999 CIR's official liquidator offered several of its properties for sale. Soft Star became interested in these properties and in the concept of a casino on Christmas Island.
The CIR properties for sale included the casino, with a 156 room hotel, 3 gaming areas, 2 restaurants and 2 night clubs, together with 2 separate staff accommodation, developments of some 72 flats each. CIR had already invested about $68 million in the infrastructure of the resort and casino complex.
23These Christmas Island properties were attractive to Soft Star for wider reasons.
A related company, Asia Pacific Space Centre Pty Limited ("Space Centre"), had sought since the late 1990's to develop a commercial satellite launch facility on Christmas Island, an attractive site because of the island's close proximity to the earth's equator, predictable climate conditions, existing infrastructure and political stability.
Space Centre began developing the Christmas Island site in 2001 but its progress had stalled for lack of funds by about mid 2003.
24Mr David Kwon had a substantial shareholding interest in both Soft Star and Space Centre. After inspecting the Christmas Island properties in 1999 he considered they would provide suitable facilities to accommodate Space Centre's staff and that the resort and casino complex could be marketed to tourists to watch future space launches. | [
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|
nsw_caselaw:54a636e73004de94513d96f2:6 | nsw_caselaw:54a636e73004de94513d96f2 | 39Mr Kwon says that prior to execution of the February 2004 sub-lease he was unaware that Dr Kwon was having any discussions with Commonwealth government officers about applying for a casino licence. But Mr Kwon does recall Dr Kwon indicating Ocean Star would take responsibility for attempting to organise the grant of a casino licence. I accept Dr Kwon did say something like this to Mr Kwon.
It is consistent with the findings about Dr Kwon's easy familiarity with the ways of power. But Dr Kwon did not necessarily intend to hold those discussions himself. I also find that Mr Kwon thought that Ocean Star would probably have been holding some discussions with the Commonwealth government about this subject. I infer that from what Mr Kwon knew of Dr Kwon and what Dr Kwon said to him.
40No monies other than the KRW 1 billion paid on 27 February 2004 were paid to Soft Star for the sub-lease. Mr Kwon says he asked Dr Kwon for what he claimed was the balance owing from time to time (some KRW 1.85 billion) but was not given a response to his request.
Pushing for a Casino Licence - March and April 2004
41The February 2004 sub-lease was unsatisfactory to Soft Star. It did not require Soft Star to obtain a casino licence as a condition of the sub-lease. But Mr Kwon felt that Ocean Star would be more ready to pay the monies due under that sub-lease if a casino licence was in prospect. So on behalf of Soft Star he began promoting the grant of the casino licence to the Australian government.
42Soft Star actively lobbyed the grant of a casino licence in March, early April 2004. Mr Kwon met Senator the Honourable Ian Campbell, then the Minister for Local Government Territories and Roads in Canberra to discuss the possible licence grant. On 23 March 2004 Mr Kwon instructed solicitors to draft an agreement to grant a casino licence.
In a way typical of Mr Kwon's active business style, he corresponded with Minister Campbell on 26 March 2004, enclosing his draft casino licence agreement between Soft Star and the Commonwealth. His interest on behalf of Soft Star in pursuing that result was unmistakeable. As he said to Senator Campbell in this correspondence:-
"Without being presumptuous, I cannot overstate how important it is to Soft Star's ability to gain the necessary funds to re-open the Casino that Soft Star and the Commonwealth finalise and sign this agreement, and the Casino Licence is then issued, as quickly as possible."
43In reply on 5 April 2004, Minister Campbell invited Soft Star to apply through more formal channels for a casino licence, explaining the steps Soft Star would need to undertake, including the lodgement of a formal application, assessment of the application by the Casino Surveillance Authority and a recommendation by that Authority to the Minister.
On 6 April 2004 Soft Star informed Dr Kwon of these communications with the Commonwealth, expressing the view that Minister Campbell supported the grant of a casino licence and the re-opening of a casino on Christmas Island.
Objectively speaking, that view was well grounded. Minister Campbell had said in his letter of 5 April to Soft Star, "I support the re-opening of the Casino", although the Minister pointed out it was inappropriate for the Commonwealth to enter into the draft agreement Soft Star had advanced without a prior assessment by the Casino Surveillance Authority.
A New Investment Structure - May and June 2004
44On 28 April 2004, a further KRW 150 million (equivalent to approximately AUD136,257), was paid to Soft Star apparently as part payment of the deposit under the February 2004 sub-lease.
At the same time, Messrs McDonald Pynt Commercial Lawyers of Perth, acting for Mr Sung and Dr Kwon proposed a different commercial structure for an investment in the Christmas Island properties, an assignment of the leases. | [
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|
nsw_caselaw:54a636e73004de94513d96f2:13 | nsw_caselaw:54a636e73004de94513d96f2 | -wish to proceed with the Agreement even though following the making of the legislative amendments it will no longer be possible to operate a casino on Christmas Island;
b.providing the Commonwealth copies of all information provided by OSR to the Foreign Investment Review Board to enable the Commonwealth to assess and determine OSR's suitability as an assignee of the Leases;
c.amending the Agreement for Assignment of Lease in the manner set out in the copy of the Agreement attached to this letter;
d.prior to the assignment of the Leases, carrying out the matters mentioned below to the satisfaction of the Commonwealth or, in the alternative, providing the Commonwealth with an undertaking from OSR by deed that it will carry out the matters below to the satisfaction of the Commonwealth:
(i)agree in writing to surrender a suitable corridor of part of the Casino Resort Lease to be determined by the Commonwealth for the proposed re-alignment of Linkwater Road;
(ii)to surrender (in accordance with correspondence between Soft Star and this Department and Soft Star's agreement with the Minister of 13 May 2004) those parts of the Casino Resort Lease land which contain natural springs and other sources of freshwater and infrastructure associated with Waterfall Spring, the water supply header tanks and Freshwater Spring.
Pending completion of the surrender, Soft Star (or OSR) shall assure the Commonwealth free access (including vehicular access) at all times to the foregoing mentioned parts of the Casino Resort Lease land and the infrastructure;
(iii)to finalise within 3 months (or such other longer period nominated by the Commonwealth) from the date of this letter all documentation with the Commonwealth to effect the above-mentions surrenders;
(iv)to commence repairs to the access road constructed on the Casino Resort Lease land to the pump station and Waterfall Bay and to complete these repairs to the satisfaction of the Commonwealth within 3 months from the date of this letter or such other longer period nominated by the Commonwealth.
(v)to maintain or arrange for the maintenance of the access road for the duration of the term of the Casino Resort Lease so as to ensure service access to the pump station and public access to Waterfall Bay;
(vi)to commence repairs to Linkwater Road and to complete them to the satisfaction of the Commonwealth and the Christmas Island Shire within 3 months from the date of this letter or such other longer period nominated by the Commonwealth.
Consistent with the provisions of the Casino Resort Lease, Soft Star (or OSR) acknowledges that if the repairs to Linkwater Road are not undertaken and completed within the period stipulated then the Commonwealth or any person so authorised may carry out the repairs.
The costs and expenses incurred shall be paid by Soft Star (or OSR) to the Commonwealth on demand and pending payment shall be a debt due and payable to the Commonwealth; and
(vii)to undertake all necessary repairs to and the maintenance of the electricity supply infrastructure (including power poles) constructed on the Casino Resort Lease land.
e.providing an application to DOTARS for Ministerial approval pursuant to s 18 of the Land Administration Act 1997 (WA)(CI):
-by Soft Star for the grant of the non-exclusive licence to OSR as set out in clause 10 of the Agreement; and
-by PSR for the grant of a mortgage over the Leases to Soft Star pursuant to clause 9 of the Agreement.
7.Please signify your acceptance of the conditions in this letter by signing and returning the enclosed duplicate of this letter to this office within 7 days of the date of this letter.
8.If you have any issues in relation to the finalisation of legal documentation in respect of any of the matters mentioned in this letter, please contact Lee-Sai Choo, Australian Government Solicitor, Perth, GPO Box U1994 WA 6845, Telephone 089 268 1137, and Fax 089 268 1771.
Yours sincerely,
Andrew Wilson
Assistant Secretary
Territories Branch
24 September 2004" | [
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] | null |
|
nsw_caselaw:54a636e73004de94513d96f2:29 | nsw_caselaw:54a636e73004de94513d96f2 | Ocean Star's financial statements (Exhibit 7) do not assist an inference that it did not have the capacity to complete the transaction, which involved paying the balance of the KRW 11.55 billion (of the original contract price of KRW 14 billion) remaining payable under clause 3.1 (b) of the contract.
All those financial statements show is that for the financial year ending 31 December 2007 (and including the year ending 31 December 2006) Ocean Star's balance sheet demonstrated it had net assets of the order of AUD 1.39 million.
Although this was well short of the amount that would have been required to complete the June 2004 Agreement (KRW 11.55 million -with an approximate exchange rate of KRW 1100 to one AUD) it does not demonstrate, for several reasons, that Ocean Star was wholly and finally disabled from performing the contract in early May 2005.
150First, under clause 3.1 the balance of the consideration was not payable immediately: the next KRW 2.55 billion was not payable until within seven days of the Assignment Date, the date of satisfaction or waiver of the last of the Conditions Precedent. This date was not in near prospect, when Soft Star issued its Notice of Repudiation.
The remaining KRW 9 billion to be financed by Soft Star was repayable under clause 9 in five annual instalments, the first of which was not payable until 18 months after 24 June 2004. Ocean Star had ample time to raise investment funds to meet this timetable.
151Secondly, Mr Sung and Dr Kwon were well connected through KFL in business and in politics in South Korea. Mr Sung had already raised KRW 350 million from one investor to make up part of the KRW 2.45 billion already paid to Soft Star.
I accept Mr Sung's evidence that he had "a few more people" who were interested in investing through his KFL and other industry contacts. He had a venture capital company of his own, described as "JL Capital", that I accept was another possible source of funds for Ocean Star from capital markets.
152Thirdly, at the time of these events Dr Kwon was the President of the KFL and had substantial business contacts of his own to supplement Mr Sung's business contacts and financial resources. Dr Kwon's influence in South Korean business circles at this time was not in serious contest in the proceedings.
153Soft Star has not made out that at the time of its 3 May 2005 Notice of Repudiation that Ocean Star was wholly and finally disabled from completing the June 2004 Agreement.
Consequences of Repudiation
154The Court has found that Ocean Star had not repudiated the June 2004 Agreement by 3 May 2005, either on the grounds stated in its Notice of Repudiation or on any other grounds Soft Star has advanced in these proceedings. Soft Star's purported but ineffective Notice of Repudiation was itself conduct a repudiation of the June 2004 agreement.
The general rule is that a wrongful termination of the performance of a contract will constitute a repudiation of obligation: Ogle v Comboyuro Investments Pty Limited (1976) 136 CLR 444, at 453. Although this wrongful termination would have entitled Ocean Star to accept soft Star's repudiation and itself terminate the June 2004 Agreement, Ocean Star did not do this.
155Indeed, Mr Sung's somewhat clunky letter of 6 May 2005 in response to the Notice of Repudiation was an action quite to the contrary. After protesting about the lack of "any prior notice" and a situation, which was "against business ethics" Mr Sung's reply clearly asserts that the June 2004 Agreement "has not been terminated one-sidedly and cannot be terminated".
This was an affirmation of the continuation of the agreement, which precluded Ocean Star from exercising either its clause 6 rights of termination or its rights at common law based upon the Notice of Repudiation. | [
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|
nsw_caselaw:54a636e73004de94513d96f2:22 | nsw_caselaw:54a636e73004de94513d96f2 | 108Ocean Star's principal contention is that the Deposit and other moneys it had paid under clause 3.1 of the June 2004 Agreement were repayable under clause 2 of that agreement, once the Conditions Precedent had not been satisfied and had not been waived. I do not agree with that contention.
Rather, I find that upon the proper construction of the agreement (and absent proof of breach of contract) the return of those moneys was neither (1) provided for under the specific termination provision (clause 2.4) upon non-satisfaction of the Conditions Precedent, nor (2) provided for elsewhere in the agreement, and relevantly in clauses 2 or 3.
109(1) Clause 2.4. The June 2004 Agreement, clause 2.4, gave Ocean Star a right of termination if any of the three Conditions Precedent in clause 2.3 were not satisfied or waived.
The scheme of the June 2004 Agreement appears to be that it provides for two kinds of termination: the first, is termination in the event of the failure of a Condition Precedent without other breach of the agreement (clause 2.
4); and the second is termination in the event of breach or repudiation of the agreement (clause 6). The second of these clauses is discussed in more detail later in these reasons in relation to Soft Star's claim that Ocean Star has repudiated or breached the June 2004 Agreement.
110The agreement is unusual in that the same right to terminate in respect of the failure of the Conditions Precedent was not also conferred upon Soft Star. In contrast, the right of termination for breach or repudiation (clause 6) is conferred on both parties.
In the events that have happened in this case, Ocean Star did not attempt to exercise any of its rights under clause 2.4. Just why this was so was not explored in the evidence.
111Another contrasting feature of clause 2.4 and clause 6 is that the latter specifically provides for the non-defaulting party to be able to recover or retain the monies it had paid or received under the June 2004 Agreement: clauses 6.2 (c) and (d). Clause 2.
4 contains no such provision and does not cover what happens to such monies on termination. Of course, no "non-defaulting" party features in clause 2.4, as a party who might retain or recover such moneys. The subject matter of clause 2.4 does not require a breach or repudiation by a defaulting party.
But the clause's failure, specifically, to cover such moneys indicates in my view that the parties intended to leave such matters to the parties' restitutionary remedies, outside the agreement. Such restitutionary remedies are not expressly excluded.
Nor in my view, especially in light of the terms of clause 6, should it be inferred from the language of clause 2.4 that the parties intended such moneys should be left where they were at the time of failure of the Conditions Precedent. Clause 4 (Ocean Star's use of the Deposit) does not indicate otherwise.
112(2) No other provision for return of Deposit. I accept Soft Star's submissions generally as to the way that the clause 2 Conditions Precedent of the June 2004 Agreement work. The June 2004 Agreement assumes the Condition Precedent will be satisfied, if they are to be satisfied, prior to the assignment of the Leases.
Despite some drafting deficiencies in the June 2004 Agreement, this is its effect. The agreement to assign (clause 2.1) is subject to the Conditions Precedent. The three conditions precedent (clause 2.
3), Lessor's Consent, Foreign Investment Review Board ("FIRB") consent and liquor licence consent are capable of being waived by the assignee, Ocean Star (clause 2.3). But the June 2004 Agreement is clear that the agreed assignment is "subject to and conditional upon" the Conditions Precedent "being satisfied or waived" by the assignee (clause 2.
2). Ordinarily that would mean the Conditions Precedent being performed before the assignment although waiver may involve an agreement to defer performance of some of the Conditions Precedent until after assignment. | [
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] | null |
|
nsw_caselaw:54a636e73004de94513d96f2:8 | nsw_caselaw:54a636e73004de94513d96f2 | (b)obtaining the consent of the Foreign Investment review Board to this Deed;
(c)the Director of Liquor Licensing consenting to the transfer of the Liquor Licence, and
these Condition Precedents may be waived by the Assignee if it is permitted to do so in accordance with all relevant legislation.
2.4Termination on failure of a Condition Precedent
If any of the conditions in Clause 2.3 is not satisfied or has not been waived by the Assignee by written notice to the Lessee on or before the period specified in clause 2.2, this Deed may be terminated by the Assignee giving written notice to that effect to the Lessee. If this Deed is terminated under this clause then:
(a)each party will be released from its obligations to further perform this Deed except for the obligations under this clause 2.4;
(b)each party will retain its rights against the other in respect of any past breach of this Deed."
2.5Rectification of Default Under the Lease
The Lessee agrees that if after the date of this Deed but before the Settlement Date the Lessor issues a default notice under any of the Leases then if it appears to the Assignee that the Lessee has, or may, fail to comply with the default notice within the time period stated in the default notice then the Assignee,
may at the cost of the Lessee, subject to obtaining any necessary approvals from the Lessor, enter onto the Properties and carry out all such works as may be necessary to ensure that the default notice is complied with within the required time specified in the default notice.
The Lessee must promptly give to the Assignee a copy of any default notice issued by the Lessor.
....
"3.ASSIGNMENT FEE
3.1Payment of Assignment Fee
(a)the Deposit has been paid direct to the Lessee by the Assignee and the Lessee by executing this Deed acknowledges receipt of the Deposit;
(b)the balance of the Assignment Fee is to be paid by instalments of:
(i)KRW 1,000,000,000 on or before 15 July 2004;
(ii)KRW 2,550,000,000 within 7 days of the Assignment Date;
(iii)as specified in clause 9 of this Deed.
4.DEPOSIT
The Assignee acknowledges that the Lessee has use of the Deposit and the Lessee acknowledges it has received the Deposit in full.
5.SETTLEMENT
5.1Not later than seven (7) days before Assignment Date:
(a)the Assignee is to deliver to the Lessee a transfer of Lease executed by the Assignee;
(b)the Lessee is to deliver to the Assignee a copy of the documents without which the Transfer of Lease will not be registrable at the Titles Office.
Settlement
Settlement is to take place on the Assignment Date no later than 3pm on the day at the offices of the Assignee's Solicitors or any other place in Perth, Western Australia the Assignee reasonably nominates."
...
"5.4Registration of Transfer and Mortgage
The solicitors acting for the Lessee and the Assignee shall attend to the joint registration of the Transfer of the Lease and the Mortgage at the offices of the Department of Land Information Perth immediately following settlement.
5.5Liquor Licence
It is acknowledged that the Lessee holds the Liquor Licence in respect of the Casino/Resort."
"6.DEFAULT
6.1Time of the essence
Time is of the essence in relating to all aspects of Settlement and all the provisions of this Deed relating to the payment of money.
6.2Rights on default
If a party ('the defaulting party') is at any time in breach of any obligation imposed on it under this Deed, or if it repudiates this Contract, then the other party ('the non-defaulting party') may, in addition to any other rights or remedies it may have under this Deed or otherwise:
(a)affirm this Deed and sue the defaulting party for breach of contract; or
(b)affirm this Deed and sue the defaulting party for specific performance of this Deed and damages for breach of contract in addition to or in lieu of specific performance; or
(c)subject to clause 6.3 and 6.4, if the non-defaulting party is the Lessee, the Lessee may terminate this Deed and do any one or more of the following: | [
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|
nsw_caselaw:54a636e73004de94513d96f2:32 | nsw_caselaw:54a636e73004de94513d96f2 | A consequence of such abandonment and abrogation is that a deposit payable under the contract is returnable: Summers v The Commonwealth (1918) 25 CLR 144 at 153 per Isaacs J. The High Court of Australia applied the same principles in DTR Nominees Pty Ltd v Mona Homes Pty Ltd (1977) 138 CLR 423, at 434.
These cases have also been applied more recently in this Court: cf Rona v Shimden Pty Ltd [2005] NSWSC 818 at [94]-[95] per White J; Gorgas v Soon Ok Hwang [2010] NSWSC 1121 at [45]-[54] per Palmer J and Gittany v Mcdowell [2009] NSWSC 591 at [56]-[61].
167Orders for the return of a deposit may be made even though the claim on that basis is not specifically pleaded in the Statement of Claim, if the circumstances warrant the conclusion that the contract has been abandoned and abrogated: DTR Nominees Pty Ltd v Mona Homes Pty Ltd (1977) 138 CLR 423 at 434.
In this case, as a result of discussion between the Court and counsel for both parties about whether such a claim was available on the facts and was being articulated, Ocean Star took the course of formally amending its pleading to express such a claim were the Court to reach the view that the contract had been abandoned and abrogated.
168The Court's conclusions in relation to abandonment flow from findings of fact already made and the following findings and conclusions.
169First, in all the discussions that took place between the representatives of Soft Star and Ocean Star, mainly in Seoul, after May 2005 and until the commencement of proceedings, neither of them orally sought to initiate or press for the performance of the June 2004 Agreement.
Neither side demanded further performance of the June 2004 Agreement from the other side in their face-to-face meetings during this period. Neither side pressed on its part to continue further performance of the agreement during this period
170Second, the contact that took place between the representatives of Soft Star and the representatives of Ocean Star was mainly focused on how Soft Star could raise funds through other projects to be able to return to Ocean Star the moneys which Ocean Star had paid under the June 2004 Agreement.
In other words the parties were discussing an arrangement, which would replace the existing June 2004 Agreement with a regime which did not involve Ocean Star playing a role on Christmas Island and in which the parties would fully disengage from the June 2004 Agreement.
171Thirdly, with the exception of some limited communications in 2007, neither Ocean Star nor Soft Star actively sought to persuade the Commonwealth to change its mind about consenting to the assignment of the Lease. Any such brief communications were exhausted by late 2008 or early 2009. The Commonwealth did not provide any basis for the parties to expect it would change its mind.
172Fourthly, neither party sought by the Statement of Claim or any Cross Claim in these proceedings to complete the assignment of the Leases under the June 2004 Agreement.
The relief sought related to the recovery of moneys paid under the June 2004 Agreement and to deal with the consequences of alleged repudiation of the agreement. The parties have long ago accepted that the Commonwealth would not consent to the assignment of the Leases.
173In my view, the June 2004 agreement was abandoned and abrogated by late 2008 or early 2009. In consequence, in my view the KRW 2.45 billion payable under it is recoverable as moneys paid under an abandoned and abrogated agreement.
The Claim Against Mr Kwon
174Ocean Star has only succeeded against Soft Star as a result of the abandonment of the June 2004 Agreement. But Ocean Star has also made a claim against Mr Kwon as the Covenantor under clause 14.2.
Under that clause the covenantor "guarantees to the Assignee [Ocean Star] the due and punctual performance and observance by the lessee [Soft Star] of all...the covenants and agreements on the part of the Lessor herein contained and referred". | [
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|
nsw_caselaw:54a636e73004de94513d96f2:26 | nsw_caselaw:54a636e73004de94513d96f2 | Soft Star had itself taken up the consent seeking process. It was the point of failure of communication of the conditions on which consent might be obtained to Ocean Star. This made it very difficult for Ocean Star to decide whether the Commonwealth's conditions were acceptable or not.
131FIRB Approval. There is no evidence that Ocean Star had made any FIRB application before Soft Star sent the Notice of Repudiation on 3 May 2005. Mr Sung was unaware that a FIRB application had been made. But there is no evidence from the Soft Star side that one had been made either. This tends to show lack of action by both sides on this issue.
132Liquor Licence Consent. The resort did have a liquor licence. Mr Asims was the approved manager under the licence. I accept his evidence that he received no communication on behalf of Ocean Star requesting a transfer of the licence. But it is not evident that he initiated any steps himself.
133Mr Sung did not identify any steps that Ocean Star had taken to obtain consent to the transfer of the liquor licence. In his oral evidence he said Ocean Star had never held a liquor licence and he would need to discuss the matter with the consulting firm that Ocean Star had engaged in 2004. But no further evidence emerged from Ocean Star about it seeking the transfer of the liquor licence.
(b)Breaches of the June 2004 Agreement
134Soft Star also contends that Ocean Star is in breach of clauses 10.1 and 10.2 of the June Agreement as at 3 May 2005, the date of the Notice of Repudiation.
135Under the June 2004 Agreement clause 10.1, Ocean Star was obliged, from the date of the Agreement, to effect the insurance required by clause 18.
1(a) of the sub-lease, a provision which required Ocean Star to procure two insurance policies, a current public risk policy of not less than AUD 20 million and an insurance policy for the full replacement value of the leased premises against damage and destruction for not less than AUD 45 million.
Both Mr Asims and Mr Sung gave oral evidence on this subject. Mr Asims, the general manager of the resort, said that Ocean Star did not take out any public risk policy. Mr Sung was uncertain as to whether such insurance was taken out.
136To overcome the apparent uncertainty about the evidence on this subject, the Court gave directions during the hearing on 8 September 2011 for each party to produce to the other by 10am the following day copies of any public risk policy in respect of the Christmas Island resort.
The next day neither Ocean Star nor Soft Star produced any insurance documents. The direction was crafted to allow sufficient time to Ocean Star to consult with officers back in Seoul, which is 1 hour behind eastern Australian time, overnight to produce any such documents.
I infer from Ocean Star's non-production of documents and its failure to confirm that it had taken out public liability insurance in a requisite amount that it had probably not done so, although the position was unclear on the evidence. But this was not repudiatory conduct.
It appeared to be a mere oversight by a company distracted by apparently greater business problems of seeking to obtain investors in the resort project. It was an oversight which would probably have been cured by a quite diligent Mr Sung if a clause 6.3 Notice had been served on Ocean Star about this breach.
137Clause 10.2 of the June 2004 Agreement required a joint inspection by Soft Star and Ocean Star of the properties "to verify the existence of the plant and equipment described in Annexure A to the sub-lease". Mr Asims did not see any Ocean Star representative carry out an inspection.
138But this was a joint inspection obligation. There is no evidence that any attempt was made by Soft Star to arrange such an inspection and that Ocean Star refused to co-operate in conducting one. Nor was this alleged breach the subject of a clause 6.3 Notice from Soft Star. | [
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|
nsw_caselaw:54a636e73004de94513d96f2:2 | nsw_caselaw:54a636e73004de94513d96f2 | The Principal Witnesses - Dr Kwon, Mr Sung and Mr Kwon
9The three main witnesses, Dr Kwon, Mr Sung and Mr Kwon were all Korean speakers. Dr Kwon and Mr Sung needed English interpreters. Mr Kwon struggled, in a stilted way at times, to deal with questioning in English. This limitation, together with a degree of reserve, which they all displayed, made it somewhat difficult to judge their credibility.
Dr Kwon
10Dr Kwon, is a former director of Ocean Star and a former Chairman and CEO of the Korean Chaebol, Korea Electric Power Industrial Development Co. He was a prominent figure in the Korean Freedom League (KFL), a large Korean political in business organisation founded in the 1950's.
He was an impressive witness whose gravitas transcended all cultural barriers and was evident in the Courtroom. Dr Kwon let nothing that mattered to him happen by accident. His objective was to be a master of every situation. He was not always successful in this.
11He was accused of involvement in various criminal activities. He had spent time in prison. But he had received a kind of pardon under Korean law, in a Certificate of Amnesty and Reinstatement (Exhibit 1). I have noted the allegations against him and his response to them in my assessment of his credibility.
But on the matters in issue in these proceedings he struck me as someone who could mostly be relied upon, although I have not always accepted his evidence. No great damage was done to his credibility in cross-examination. There were no obvious badges of fraud or dishonesty in his dealings in the subject of these proceedings.
Mr Sung
12Mr Sung is a director of Ocean Star but one with apparent day to day executive authority in its affairs. Mr Kwon derided Mr Sung as being something of a lackey of Dr Kwon. Whilst I have little doubt that Dr Kwon could direct Mr Sung in relation to the affairs of Ocean Star when required, Mr Sung was an impressive witness, although I have not always preferred his account of events and conversations.
Mr Sung struck the Court as someone who told the truth and took his personal standards from more than the directions of Dr Kwon. He was in my view a man who did things his own way, had pride in his work and had his own sense of honour and integrity. He was not just an emanation of Dr Kwon. On important conversations and events I have mostly found him to be a reliable witness.
Mr Kwon
13Mr Kwon is the sole director of Soft Star. He is also a director of Asia Pacific Space Centre Pty Limited ("Space Centre").
14Though they share the same surname, Mr Kwon is not a near relation to Dr Kwon. But they are distantly related as clansmen. Their true degree of mutual familial respect, was one of the issues in the proceedings. The surname Kwon is a common one in South Korea.
15Mr Kwon genuinely professed difficulty with English. But he did have a sophisticated use of English idiom. Mr Kwon presented as an astute businessman despite his language difficulties and problems in communication across cultures. He has a forceful personality and a persuasive self assurance. He was clearly active and energetic in business, where it is not difficult to see him getting his own way.
16Mr Kwon prides himself on being a strategic thinker: he spoke in terms of "driving" or "pushing" particular approaches or ideas. He has been a resident of Australia for over 20 years and had a sound understanding of the processes of Australian government, both in its political and administrative aspects.
He understood the niceties of politics and was an astute judge of what lobbying methods were or were not likely to be effective. For example he talked in terms of "pushing" for a result with government and being "disappointed" when the Australian government was not going to change its mind.
He spoke in terms that showed familiarity with legal concepts associated with land or conveyancing; for example he was familiar with the legal term "assignment". He knew the difference between a persuasive and an ineffective letter, to a minister of the Crown. | [
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] | null |
|
nsw_caselaw:54a636e73004de94513d96f2:24 | nsw_caselaw:54a636e73004de94513d96f2 | But at trial Soft Star justified its refusal further to perform the June 2004 Agreement, as Soft Star was entitled to do, relying upon other breaches of conditions allegedly committed before Soft Star's Notice of Repudiation: Shepherd v Felt & Textiles of Australia Ltd (1931) 45 CLR 359 at 378 per Dixon J.
It is long established that a contracting party who becomes entitled to refuse performance of his contractual obligations, afterwards gives a wrong reason for his refusal, does not thereby deprive himself from the justification which in fact existed whether he was aware of it or not:
British & Benningtons Ltd v North West Cachar Tea Co [1923] AC 48 at 71 per Lord Sumner and Henry Dean & Sons (Sydney) Ltd v P O'Day Pty Ltd (1927) 39 CLR 330, at 359.
120Soft Star contended that the issue of repudiation should be the initial path of analysis, which should proceed by examining each of the four factors said to establish Ocean Star's repudiation. That is the course that these reasons follow.
The availability of the plaintiff's claimed remedies, in restitution and for recovery of moneys upon abandonment depend upon an assessment of whether the June 2004 Agreement is still on foot or not and whether the Deposit and part Assignment Fee have already been allocated to Soft Star under Clause 6.
2(c). But first though a statement of the general law as to the circumstances in which a contract will be repudiated is useful in judging the conduct on behalf of Ocean Star that is said to constitute a repudiation of the June 2004 Agreement.
121The general law in relation to what may amount to a contractual repudiation may be concisely stated, although specific aspects of it will require elaboration later in these reasons.
A contract is repudiated when a party evinces an intention no longer to be bound by it, or evinces an intention to fulfil it only in a matter substantially inconsistent with his or her contractual obligations;
this test has been more colloquially expressed as a test that a contract is repudiated where a party makes clear by actions or representations "that he is prepared to carry out his part of the contract only if and when it suits him": Carr v JA Berriman Pty Ltd (1953) 89 CLR 327 (at 351) per Fullagar J.
These authorities were recently considered by Bathurst CJ in Almond Investors Limited v Kualitree Nursery Pty Limited & Anor [2011] NSWCA 198.
Whether a party's conduct is repudiatory or not is to be judged objectively by reference to the effect that the conduct would be reasonably calculated to have on a reasonable person as a party to the agreement: Pacific Brands Sport & Leisure Pty Ltd v Underworks Pty Ltd (2006) 230 ALR 56 at [102] and Highmist Pty Ltd v Tricare Ltd [2005] QCA 357, at [14].
122The issue of repudiation was all important to Soft Star's case because its 3 May 2005 Notice of Repudiation did not comply with the June 2004 Agreement, Clause 6.3, which is a precondition for the exercise of rights and remedies under clause 6.2. Soft Star did not, as the claimed non-defaulting party, give a Clause 6.3 14 day period of notice to allow Ocean Star to remedy its alleged defaults.
It claimed that the June 2004 Agreement "is immediately terminated". Clause 6.3 does not apply where either party repudiates the June 2004 Agreement: Clause 6.4. Otherwise it does apply. Thus, if Soft Star fails to establish Ocean Star's repudiation of the June 2004 Agreement then Soft Star cannot claim the benefit of Clause 6.
2(c)(i), which is the contractual basis for Soft Star to retain the Deposit and part payment of the Assignment Fee. My findings in this section of these reasons are that Ocean Star had not repudiated the June 2004 Agreement by 3 May 2005 and that if it had committed any breaches of the June 2004 Agreement they were not a repudiation of that Agreement.
As neither party has otherwise sought to rely upon Clause 6 and Clause 2.4 does not deal with the deposit or other moneys paid under the contract, the consequence of these findings is that Ocean Star is left to its restitutionary remedies. | [
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|
nsw_caselaw:54a636e73004de94513d96f2:27 | nsw_caselaw:54a636e73004de94513d96f2 | 139Soft Star seeks to make only a limited use of these alleged breaches of clauses 10.1 and 10.2. Soft Star rightly does not contend that the breaches were of a character that would enable Soft Star to terminate the June 2004 Agreement without Clause 6.3 notice.
The breaches and the failures they demonstrate are a basis to infer Ocean Star's unwillingness to perform its contractual obligations. They would be useful in that respect if Ocean Star's unwillingness to perform was otherwise established. But in my view it was not.
(c)Declarations that the June 2004 Agreement would not be carried out
140Soft Star relies upon declarations that Dr Kwon and Mr Sung are alleged to have made on behalf of Ocean Star to Mr Kwon himself and to Commonwealth officers in the immediate aftermath of Minister Campbell's announcement of 16 July 2004.
These alleged statements were to the effect that Ocean Star would not be proceeding with the June 2004 Agreement. Dr Kwon is alleged to have made the statements to Mr Kwon on the afternoon of 16 July 2004. Mr Sung is alleged to have made the statements to the Commonwealth officers at a meeting on 19 July 2004.
Very little new conduct after these dates is relied upon to support Soft Star's repudiation case. Findings about Dr Kwon's statements on 16 July 2004 depend upon a contest of credibility between himself and Mr Kwon.
There is ample objective evidence to support Mr Sung's making of statements to Commonwealth officers on 19 July 2004. After findings are made about what was said on each of thee occasions, the question in this section is what does the making of these statements imply about Ocean Star's intention to perform the contract.
14116 July 2004. Mr Kwon says that on 16 July 2004, he and Dr Kwon communicated by telephone. According to Mr Kwon, when Dr Kwon rang that day he had already heard the news and he confronted Mr Kwon with the statement, "we can only raise funds to pay Soft Star the rest of the money under the Agreement if we can operate a Casino on Christmas Island".
Mr Kwon says he reminded Dr Kwon that "we have an agreement", which provided for the payment of the Assignment Fee to Soft Star "regardless of whether a casino licence is granted".
According to Mr Kwon, Dr Kwon protested about the impossibility of raising funds without the casino licence. There was discussion between them about the possibility of other investors taking the assignment instead of Ocean Star but none was named.
142But I do not accept that the conversation took place on 16 July 2004 in the terms that Mr Kwon says. Mr Kwon was asked the following questions about what was said between himself and Dr Kwon from July 2004 and gave the following evidence:-
"Q.I am just trying to understand if you thought that the casino licence was not part of the agreement, did you say to him at any time between July 2004 and May 2005, "Well, are you going to perform the contract without the casino licence?"
A.Yes.
Q.And what did he say?
A.At the first and early stage he said "yes" I will do it, and the letter he changed the words. I like to honour the contract, I can not.
Q.First he said he would and then?
A.I can not honour because I cannot get the investor.
Q.When did he first say that?
A.About August 2004. "
143In my view, Dr Kwon did not say to Mr Kwon in substance that he was only prepared to raise funds and proceed if Ocean Star could operate a casino on Christmas Island. In my view, Dr Kwon communicated to Mr Kwon as Mr Kwon admitted, that "it would be difficult" to get investors, as indeed was self evident, if there was no casino licence.
Although Dr Kwon said that he did not remember the conversation which Mr Kwon alleged took place on 16 July 2004, I am not persuaded that it happened in the terms that Mr Kwon says.
144Apart from my preference for Dr Kwon's evidence, Mr Kwon's account is contradicted by two important subsequent facts. Ocean Star did go to considerable lengths to prepare detailed business plans (Exhibits A and B) in about November 2004 to market the investment in a resort on Christmas Island. | [
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|
nsw_caselaw:54a636e73004de94513d96f2:21 | nsw_caselaw:54a636e73004de94513d96f2 | 101But one remarkable feature of Mr Sung's version of these conversations in May 2008 is that he does not hearken back to the compromise that he now alleges was made in August 2005. If the earlier compromise had been made, it was the logical starting point for Mr Sung to gain negotiating leverage over Mr Kwon in these discussions.
After all, on Mr Sung's version of what happened in August 2005 in Seoul, Mr Kwon was not only failing to perform the June 2004 Agreement but he was reneging on the August 2005 compromise.
Mr Sung's failure in his account to refer back to the August 2005 compromise in his account of these discussions undermines both: (1) the credibility of his account of these discussions, and (2) the persuasiveness of his account of the August 2005 meeting in Seoul.
102I find that in May 2008 Mr Kwon made at the most some vague, diplomatic statements about return of the money to Ocean Star and Mr Sung, if that were possible. But he gave no commitment to that effect. Ultimately, Ocean Star commenced these proceedings when it became clear to it that none of Mr Kwon's other projects were generating enough in funds to support repayment of the KRW 2.45 billion.
Soft Star puts a more sinister connotation on the timing of the commencement of proceedings: that they are explained by Dr Kwon needing to try to recover the Ocean Star investment so as to mitigate his sentence in the criminal proceedings then being brought against him in Korea.
But in my view, the better explanation is that for 3 years Mr Kwon was giving vague indications of future repayment to Mr Sung and Dr Kwon, which eventually they refused to accept.
103Another remarkable feature of the parties' evidence about the period from late 2005 to 2008 is that none of their conversations dwell upon the May 2005 correspondence and the parties' contested claims of repudiation of the June 2004 Agreement. This is of significance when the repudiation issue is dealt with later in these reasons.
The Issues
104The Court has found there was no compromise agreement made in August 2005; the plaintiff, Ocean Star, fails in its action for recovery of monies paid, based upon such an alleged compromise.
105There is another non-issue in the proceedings. Both parties conducted their cases on the basis that the leases were still able to be assigned but with the properties then being run only as a resort, not as a resort and casino, and neither contended that doctrines of contractual frustration were applicable in this case.
For the doctrine of frustration to apply, the performance of the contract must be radically different from the performance in the circumstances, which it contemplated.
In Codelfa Constructions Pty Ltd v State Rail Authority of New South Wales (1982) 149 CLR 337 at 360 Mason J (Stephen,
Aickin and Wilson JJ agreeing) noted that the critical issue is whether the event alleged to constitute the frustration makes the performance the result of the frustration fundamentally different from the performance contemplated by the contract on its true construction in the light of surrounding circumstances.
106The parties were then left to contest the issues arising out of the June 2004 Agreement. As the respective cases were presented those issues were:-
(a)Can Ocean Star recover its Deposit under the June 2004 Agreement?
(b)Has Ocean Star repudiated the June 2004 Agreement and what are the consequences of any such repudiation?
(c)Are monies paid under the June 2004 Agreement recoverable on restitutionary grounds?
(d)Whether the June 2004 Agreement has been abandoned entitling Ocean Star to recovery of the Deposit and part Assignment Fee?
107The parties debated what issues in the proceedings arose out of the pleadings. In order to define the issues with clarity some amendments to the Statement of Claim were permitted and others disallowed. But the trial was conducted on the basis that the four issues defined here were in contest between the parties.
(a)Recovery Under the June 2004 Agreement | [
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|
nsw_caselaw:54a636e73004de94513d96f2:15 | nsw_caselaw:54a636e73004de94513d96f2 | (a)the Lessee and the Assignee using their best efforts to obtain the Commonwealth Government's consent as Lessor to the assignment to the Assignee;
(b)the obtaining the consent of the Foreign Investment Review Board to the Agreement; and
(c)the Director of Liquor Licensing consenting to the transfer of the Liquor Licence to the Assignee.
2.In addition, the Assignee agreed:
(a)under clause 10.1 of the Agreement, from the date of the agreement to effect the insurance required by clause 18.1(a) and clause 18.2 of the Sublease; and
(b)under clause 10.2 of the Agreement, within 30 days of the Agreement, to carry out with the Lessee an inspection of the Leased Premises to verify the existence of the plant and equipment described in Annexure A to the Sublease.
3.It was never the intention or agreement of the parties, and is not an express or implied term of the Agreement, that the Agreement was or is conditional on the granting of a casino licence to the Assignee or that the Leased Premises could or would be re-opened as a casino.
4.On 16 July 2004, the Minster for Local Government, Territories and Roads, Senator The Hon. Ian Campbell, issued a press release that the Australian Government had decided to make legislative changes to prohibit casino operations on Christmas Island (Ruling).
5.
In response to the Ruling, representatives of the Assignee attended meetings with the Australian Government in Canberra and told officials that the Assignee 'would walk away from a plan to spend $30 million refurbishing the island's decaying casino complex and resort hotel unless the decision was reversed' (see Sydney Morning Herald,
21 July 20004, article 'Casino ruling will destroy our future, say islanders' by Lindsay Murdoch).
6.The Ruling has not been reversed.
7.On or about 16 July 2004, the assignee expressly verbally stated to the Lessee and the Covenantor that the Ruling had made it impossible for the Assignee to raise the investment funds necessary for the Assignee to complete the Agreement as the Assignee could only raise the funds it is was allowed to open a casino at the Leased Premises.
Further, the Assignee requested that the Covenantor and or the Lessee identify alternative investors who could take over the Assignee's obligations under the Agreement.
8.Since 16 July 2004, the Assignee has not, and the Guarantor in the Assignee's stead has not, in breach of its obligations to use its best efforts, commenced or continued to do any action or thing required to satisfy any of the conditions precedent.
Further, the Assignee has failed to comply with any of the other obligations under the Agreement, including but not limited to, obligations under clauses 10.1 or 10.2."
71Finally, on the basis of those facts the Notice of Repudiation claimed that the Assignee and the Guarantor "have repudiated the Agreement" for reasons then stated:-
"1.the Assignee and the Guarantor have, by their words and conduct, expressly represented that they are not able or willing to perform their obligations under the Agreement, including being unable and unwilling to raise the finance necessary to complete the Agreement;
2.the Assignee and the Guarantor have, by their words and conduct, intimated that they intend to abandon and altogether refuse performance of the Agreement, as their comments to the Lessee and the Covenantor and to the Australian Government make it quite plain that the Assignee will not perform or will not perform in accordance with the Agreement;
3.the Assignee has not, and the Guarantor in the Assignee's stead has not, performed any of its obligations under the Agreement in breach of its obligations;
4.the absence of the Assignee and/or the Guarantor's readiness or willingness to perform is an anticipatory breach of the Agreement amounting to repudiation that gives the Lessee and the Covenantor a right to terminate the Agreement; and | [
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|
nsw_caselaw:54a636e73004de94513d96f2:28 | nsw_caselaw:54a636e73004de94513d96f2 | The brochures prepared in consultation with KPMG, although partly written in Korean, show the application of considerable effort in constructing a marketing and investment model for starting up a non casino resort. At the same time Ocean Star seems to have dropped the word "casino" from its name.
145Even if Dr Kwon said what Mr Kwon says he did on 16 July (which I do not accept), Ocean Star's production of the business plans after that date would indicate that Ocean Star had not entirely rejected the idea of proceeding with the contract.
But there is another factor which supports the same inference. Although Ocean Star was supposed to pay the amount of KRW 1 billion on or before 15 July 2004, it actually did not pay that amount fully until 30 July 2004 (Exhibit D), after the Minister's announcement.
The payment of such a substantial sum, which on then current exchange rate was in excess of AUD 700,000 is not consistent with the holding of a conversation two weeks earlier from which it should be inferred that Dr Kwon was saying he was not going to proceed with the contract.
Both parties realised, in my view, there was still a long way to go in dealing with the Commonwealth. Indeed further steps were taken.
146In relation to oral conversations said to amount to repudiatory conduct, Ocean Star also relies on a telephone conversation between Dr Kwon and Mr Kwon about mid August 2004. Mr Kwon said to the Court in evidence that Dr Kwon had just "given up" on the project by about then. I accept that Dr Kwon did organise an investor to come out to Christmas Island about mid August 2004.
But the business plans show in my view that Ocean Star had not given up on the project. On Mr Kwon's own evidence, in my view the better view is that he does not really remember Dr Kwon saying "I am not going to invest" but rather that "it would be difficult", which hit undoubtedly was.
I do not accept that Dr Kwon said anything in mid August 2004 to Mr Kwon that he was certainly not going to proceed.
147The 19 July 2004 Communications with the Commonwealth.
The evidence Soft Star has advanced is overwhelming in my view that Mr Sung on 19 July 2004 did say to Commonwealth officers at a meeting in Canberra on that date words to the effect, that Ocean Star "does not consider the resort to be financially viable without the casino operations, and thus, they would not be prepared to proceed with a plan and a $30 million investment".
The making of such statements is supported by the evidence of Mr Asims, a departmental briefing note (Exhibit N), Dr Kwon's letter to Ambassador Heseltine of 2 August 2004 and a letter from Mr Sung to Minister Lloyd of 17 August 2004. But it seems to the Court that this was just position taking between Mr Sung, for these two parties, and the Commonwealth.
As between Dr Kwon and Mr Kwon the situation was as I have explained previously. None of this was conduct by Ocean Star telling Soft Star it was not going to proceed with the contract. The effect of what Dr Kwon had said to Mr Kwon was that it would be "difficult". That is how Mr Kwon understood it.
(d)Ocean Star's Financial Incapacity
148Soft Star also contends that Ocean Star had by 3 May 2005 repudiated the June 2004 Agreement because it was not financially capable of settling that agreement. For a number of reasons this contention is not made out.
It is open to a party to a contract to show that the other party has repudiated the contract, because the other party has become incapable of performing the contract;
but the first party must establish that the other party is wholly and finally disabled from performing the contract and that this inability exists at the time of the termination: cf Sunbird Plaza Pty Limited v Maloney (1988) 166 CLR 245 at 262, 264 and 278.
Soft Star has not established these matters to the court's satisfaction in this case.
149The evidence of Ocean Star's lack of financial capacity to settle the transaction in late 2004 and up to May 2005 is limited. | [
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|
nsw_caselaw:54a636e73004de94513d96f2:9 | nsw_caselaw:54a636e73004de94513d96f2 | (i)forfeit and retain the Deposit and all moneys paid up to the date this Deed is terminated and all interest accrued on that money;
(ii)sue the Assignee for damages for breach of contract;
(iii)without further notice to the Assignee, re-sell the Properties in such manner as the Lessee thinks fit; or
(iv)recover possession of the Properties;
(d)subject to clauses 6.3 and 6.4, if the non-defaulting party is the Assignee, the Assignee may terminate this Deed and do either or both of the following:
(i)recover all money paid by the Assignee under this Deed; or
(ii)sue the Lessee for damages for breach of contract.
6.3Default Notice
The non-defaulting party may not exercise its rights and remedies under clauses 6.2(c) and (d) unless:
(a)it has given to the defaulting party a written notice which:
(i)specified the breach complained of ('the breach');
(ii)requires that the breach (if capable of remedy) be remedied within the period stated in the notice, not being less than 14 days, or if a longer minimum period is required under the Sale of Land Act of Western Australia then that longer minimum period; and
(iii)states that (if the breach is capable of remedy) unless the breach is remedied within the period stated in the notice, this Deed will or may be terminated;
(b)the breach has not been remedied within the time stated in the notice.
If a party gives a notice under this clause, that does not prejudice that party's right to give a further notice under this clause.
6.4Clause 6.3 does not apply where either party repudiates this Deed.
6.5Any right to damages, whether under this Deed or at common law, that a party may have arising from a breach by the other party of any obligation imposed on it under this Deed, is not to be in any way limited or prejudiced by the right to terminate or the termination of this Deed by that party under clause 6.2.
6.6If this Deed is terminated, each party will retain its rights against the other in respect of any then past breach of this Deed.
7.ASSIGNMENT OF LEASE
7.1Assignment
In consideration of the covenants by the Assignee contained in this Deed, the Lessee as beneficial owner with effect on and from the Date of Assignment assigns to the Assignee absolutely the Lessee's right title and interest in the Lease, the Leased Premises and the Liquor Licence for the unexpired term of the Lease in accordance with this Deed.
7.2Execution of Registrable Transfer and Deed
The Lessee and the Assignee will execute a Transfer of the Lease in a form registrable at the Department of Land Information and Deed of Assignment of lease if required by the Lessor."
...
"LESSEE'S FINANCE
The Lessee shall provide finance to the Assignee for the payment of the Assignment Fee by accepting delayed payment of part of the Assignment Fee. The sum of KRW 9,000,000,000 shall be paid by the Assignee to the Lessee after the Assignment Date in the following matter:
(a)by equal annual instalments of KRW 1,800,000,000 with the first payment to be made on the Payment Commencement Date and with the subsequent four payments made on the 1st, 2nd, 3rd and 4th anniversaries of the Payment Commencement Date;
(b)the Lessee's Finance shall not bear interest however,
if the Assignee is in default of its obligation under the Mortgage then in addition to the balance outstanding under the Mortgage as at the time of the default the Lessee shall be entitled to an additional sum equal to 10% of the amount outstanding as at the time of default in addition to the balance outstanding by way of costs and interests forgone;
and
(c)the Assignee shall execute a Mortgage to be prepared by the Assignee's solicitors in a form acceptable to the Lessee incorporating the above terms and conditions and those terms and conditions normally found in mortgages registered in Western Australia but noting:
(i)there is no interest payable under the Mortgage; | [
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|
nsw_caselaw:54a636e73004de94513d96f2:4 | nsw_caselaw:54a636e73004de94513d96f2 | 25So in the period mid 1999 to early 2000 Mr Kwon negotiated with CIR's liquidator to acquire the Christmas Island properties. Soft Star was successful in its negotiations. On 31 March 2000 it contracted to purchase the Christmas Island Properties from the Commonwealth for $5.7 million.
After March 2000 Soft Star invested a further $5 million into improving and renovating the Christmas Island properties. But Soft Star did not apply for a new casino licence after the purchase, as its funds were limited. Operating the casino and paying the licence fee to the Commonwealth appeared to be out of its immediate financial reach.
26Soft Star actually purchased a leasehold interest in the properties from the liquidator of CIR. There were three separate leasehold properties, one for the Christmas Island Casino/Resort (the subject of Crown lease (X85) and two others for the staff accommodation at separate but nearby locations, Poon San Road (the subject of Crown lease (X82) and San Chye Low (the subject of Crown lease (X81).
The full title particulars of these leases have not been included in these reasons but they are obtainable, if required, from the Court's file.
At the time of sale in March 2000 the leasehold for the casino and resort land and buildings, Crown lease (X85), had 79 years remaining. The leases for the staff accommodation, Crown leases (X81) and (X82), each had 81 years left to run.
The Commonwealth of Australia provided its consent under the CIR - Soft Star Contract for Sale by 5 May 2000, on which date all CIR's leases were formally assigned to Soft Star.
27Once Soft Star became a lessee of the properties it commenced negotiations with the Commonwealth to acquire freehold title.
But the Commonwealth placed three main stipulations on any conversion of these leases to freehold: (1) the Commonwealth would retain water rights over the properties; (2) the private road on the properties (Link Water Road) would be dedicated as a public road; and, (3) the resort had to be made operational again.
28Satisfying these conditions proved difficult. The resort and casino had not been operational since the collapse of CIR in 1998 and its casino licence was cancelled.
Moreover, Soft Star claimed ownership of the water supply associated with the properties and was unwilling to cede the rights to this scarce resource to the Commonwealth. Soft Star's negotiations to acquire freehold from the Commonwealth proceeded from 2000 until early 2004 but without reaching finality.
29By mid 2003 Space Centre had reached a financial turning point. Mr David Kwon was seeking to re-capitalise it, as it was facing financial difficulties. He planned to raise funds through Soft Star by sub-leasing the Christmas Island properties.
To pursue this objective, Mr Kwon met two officials of the KFL in Seoul in 2003, Mr Young Keon Ahn (Mr Ahn) and Mr Hyuk Lyun Sung (Mr Sung). In turn Mr Ahn and Mr Sung led him to Dr Jung Kwon, the President of KFL.
30KFL is a substantial organisation in Korea with both political and business faces. It was established in 1954 and now has in excess of 650,000 members. Many of its senior leaders are well known public figures in Korea.
KFL has substantial economic influence in Korea, holding diverse investments in strategic parts of the Korean economy, including a majority share in the Korea and Electric Power Industrial Development Co, a subsidiary of the State run Korean Electric Power Corp.
KFL is also a major investor in the real estate market, which is why Mr Kwon was seeking to meet Dr Kwon. He hoped to persuade Dr Kwon to authorise KFL to make an investment in Soft Star by taking a sub-lease of the Christmas Island properties.
Dr Kwon says and it can be accepted that KFL would not invest internationally in real estate itself but would do so through associates that were not necessarily subsidiaries of KFL. | [
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] | null |
|
nsw_caselaw:54a636e73004de94513d96f2:31 | nsw_caselaw:54a636e73004de94513d96f2 | 2 (d). Were Soft Star the non-defaulting party, it would be entitled to forfeit and retain the deposit and all other moneys paid, under clause 6.2 (c).
The fact that neither party chose to use that contractual mechanism and indeed for Ocean Star at least to affirm the contract does not mean that there was a gap in the contractual mechanism for dealing with the deposit and other moneys paid under the contract.
Whilst the contract remained on foot, clause 6 provided a satisfactory mechanism for its termination in the event of breach or repudiation, but not otherwise.
162But clause 6 does not apply to mere non-satisfaction of the Conditions Precedent in the absence of a breach of contract: in clause 6 a "defaulting" party is a party "in breach" or one who "repudiates this Contract".
What happens when neither party is a "defaulting" party within clause 6 but the Conditions Precedent have not been satisfied? Clause 2.4 applies. But as I have found above clause 2.4 does not deal with the deposit and other moneys paid under the contract.
163Were it necessary to decide this question, absent my conclusion that the contract had been abandoned, I would have granted Ocean Star restitutionary relief as claimed.
I would have done so because no party has established a breach of contract in response to which the other side has established that the clause 6 mechanism is deployable. Ocean Star has affirmed the contract on 6 May 2004 and thereby disabled itself from relying upon Soft Star's repudiation in issuing a wrongful Notice of Repudiation.
Ocean Star's failure to obtain insurance under clause 10 is not clearly established to be a breach of the June 2004 Agreement in any event. There is no contractual mechanism under the June 2004 Agreement to deal with the Deposit and other moneys paid even if the contract remained on foot when neither side is in breach.
This is the kind of "gap" which allows for the operation of the law of restitution: cf John Nelson Developments Pty Ltd v Focus National Developments Pty Ltd [2010] NSWSC 150, per Ward J at [325] to [336].
164Here there has been a total failure of consideration by reason of the non-satisfaction of the Conditions Precedent, and specifically obtaining the consent of the Commonwealth of Australia to the assignment, the Condition Precedent in Clause 2.3(a). The June 2004 Agreement contemplated in clause 3.
1 the payment of the deposit and other money for "an assignment of the Lease". Clause 2.1 requires the same exchange of value. This has not occurred. Ocean Star has got nothing under the June 2004 Agreement for its Deposit and payment of part of the Assignment Fee absent the Commonwealth's consent to the assignment.
165But in my view the correct analysis here is that the June 2004 agreement was abandoned at some time before Ocean Star commenced these proceedings in 2009.
(d)Ocean Star's Claim in Abandonment
166Though infrequently applied, the principles that govern when a party has abandoned or abrogated a contract are well-established.
Where one party fails in an action for damages for breach of contract, but the other party has not rescinded and time has passed during which neither party took steps to perform the contract, then the parties may be held to have conducted themselves so as to mutually abandon or abrogate the contract: Summers v The Commonwealth (1918) 25 CLR 144, per Isaacs J at 152.
Whatever the terms of a contract may be, it is possible for the parties to so conduct themselves so as to mutually abandon or abrogate it;
where neither party has repudiated or refused to perform a contract, or nothing in the nature of rescission has occurred, one party is not bound to give the other unlimited time to do that which the other has contracted to do: cf De Soysa v De Pless Pol [1912] AC 194 and Summers v The Commonwealth (1918) 25 CLR 144, per Isaacs J at 152. | [
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|
nsw_caselaw:54a636e73004de94513d96f2:20 | nsw_caselaw:54a636e73004de94513d96f2 | But the self-evident contingencies in Mr Kwon's descriptions of his various business projects were such that no clear promise to repay Ocean Star could be inferred from any of his statements to Dr Kwon.
96Dr Kwon says that Mr Kwon also made similar statements in March, June and later in 2008. I accept that Mr Kwon did say things similar to what the Court has found he said in 2006 and 2007.
Mr Kwon was seeking to keep the hope alive that Dr Kwon might get some money back, if one of various fund raising projects he mentioned were successful: re-opening the Christmas Island casino (March 2008), investment from a US based casino company (late 2008), and a funds injection into Soft Star (June 2008).
My findings in respect of these conversations are the same as for the 2006 and 2007 conversations: Mr Kwon did not make any promise to repay Ocean Star; but he did raise the hope of repayment if all went well with one of these projects.
97Mr Kwon's account of this period from mid 2005 is very unsatisfactory. He paints a rather improbable picture of Dr Kwon approaching him about general investment matters, and Mr Kwon raising Ocean Star's non payment of the full KRW 14 billion assignment fee, to which Dr Kwon is said to have replied, "Yes I know.
Ocean Star is still interested in Christmas Island and the Casino. Has the government's attitude to a casino changed?" To this Mr Kwon says he responded, "Not that I am aware of", and that Dr Kwon went on to say, "Ocean Star cannot repay you at the moment, but I can see if I can introduce you to other potential investors".
98Dr Kwon was not the kind of man to approach Mr Kwon in this apologetic way. He was a senior figure in KFL and Korean Society who would not have lowered himself in this way. The only part of Mr Kwon's version of these post mid 2005 conversations that I accept is when he says Dr Kwon asked for Ocean Star's deposit back.
But I do not accept that Mr Kwon bluntly said back to his senior, Dr Kwon, as he claims he did on that occasion, "I cannot give you the deposit. The money has been spent and I can't get it back". Rather, I find that Mr Kwon kept alive the hope of future repayment.
A Meeting in May 2008
99Mr Sung says he met Mr Kwon in Korea again in May 2008 to discuss Ocean Star's failed investment in the Christmas Island casino. Mr Sung says that at that meeting he said to Mr Kwon in Korean words to the effect, "Please wait a few more months. I will give all of your money back".
To this, Mr Sung says he replied, "I don't believe you have an actual capacity to repay. If you can't get me a casino licence you can at least get me a licence to operate a hotel on Christmas Island?" According to Mr Sung, Mr Kwon then replied, "I can raise KRW 100 billion from US and Korea very shortly.
Once I have that money I will give you all the money back". On Mr Sung's version he then replied, "I have already waited long enough. I can't wait any further. If you don't pay back immediately, I will commence legal proceedings". To this Mr Kwon is said to have replied, "Please do not start any legal action. Give me a little more time. I will return all of your money back".
100Mr Kwon denies that this conversation took place. But Mr Sung's version is not without some basis in my view. There must have been some discussion between representatives of Ocean Star and Soft Star about the return of what was a very substantial sum of money that I find Dr Kwon and Mr Sung thought should be paid back to them.
I accept that Mr Sung and Dr Kwon had expectations that the money invested would be returned. It is likely in my view that Mr Kwon made some vague diplomatic indications of returning monies if it ultimately turned out that the resort could not be developed, either as a casino or a tourist centre. But Mr Kwon was astute enough not to couch any such statements as a binding commitment. | [
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|
nsw_caselaw:54a636e73004de94513d96f2:7 | nsw_caselaw:54a636e73004de94513d96f2 | 45Mr Kwon says, and I accept, Soft Star was then in financial difficulties. He negotiated for an assignment of the leases to Ocean Star, so that Soft Star could be paid more quickly. Another special purpose vehicle was incorporated on the KFL side to take the assignment, KFL Star Resort and Casino Pty Limited, now called "Ocean Star Resort Pty Limited".
46The assignment negotiations proceeded through lawyers: Mr David Walker, solicitor acting for Soft Star, and McDonald Pynt acting for Ocean Star. A draft of the assignment agreement that passed between the parties in May 2004 would have made the proposed assignment subject to the granting of a casino licence to the assignee.
Between early May and late June when the assignment agreement was made, this condition precedent was removed from the draft. Mr Kwon says the removal was at the request of Dr Kwon. But Dr Kwon denies this, saying it is "absurd" to suggest that he sought removal of the condition precedent.
It is not necessary to resolve this dispute to determine the matters in issue in these proceedings. But both sides had apparently competent lawyers acting for them. The final form of agreement was executed without the condition precedent that the casino licence be granted.
I infer both parties clearly contemplated in their negotiations the possibility of such a term being included in the final assignment agreement. I also infer both parties were aware of its removal before execution of the June 2004 Agreement. Part of Dr Kwon's evidence suggest he was unaware of the term's deletion. I do not accept that part of his evidence.
47On 24 June 2004 the new entity, Ocean Star, executed the agreement to take an assignment from Soft Star of the leases the subject of the February 2004 sub-lease agreement. The June 2004 Agreement did not make the assignment subject to a condition precedent that a casino licence be granted to the assignee.
48The fee in consideration for the assignment was: a deposit of KRW 1.45 billion payable by 24 June 2004 and acknowledged to have been received; an assignment fee first instalment of KRW 1 billion payable by 15 July 2004; and, a further payment of assignment fee of KRW 2.
55 billion within seven days of the assignment date, being the date of satisfaction or waiver of the conditions precedent under the agreement. A further KRW 9 billion was due to be paid after assignment, making a total consideration payable, including the deposit of KRW 14 billion.
49Ocean Star paid only KRW 300 million on about 24 June 2004 instead of KRW 1.45 billion, a formal shortfall of about KRW 1.15 billion. But this sum of KRW 1.15 billion had already been paid under the sub-lease, in two amounts KRW 1 billion on 27 February 2004 and KRW 150 million on 28 April 2004. The first assignment fee instalment of KRW 1 billion was paid on time on 15 July 2004.
The June 2004 Agreement
50The principal source of the legal obligations in issue in these proceedings is the Agreement for Assignment of Lease made on 24 June 2004 between Soft Star as Lessee, Ocean Star as assignee, Dr Kwon as guarantor and Mr Kwon as covenantor ("the June 2004 Agreement").
51Many of the provisions of the June 2004 Agreement are of relevance to the matters in issues in the proceedings and are set out below: -
"2.ASSIGNMENT OF LEASE AND CONDITIONS PRECEDENT
2.1Assignment
Subject to the Conditions Precedent, the Lessee agrees to sign and the Assignee agrees to take an assignment of the Lease for the Assignment Fee and on the terms of this Deed free from encumbrances other than any set out in the Lease or contained in or implied by any relevant legislation.
2.2Conditions Precedent
The assignment of the Lease pursuant to this Deed is subject to and conditional upon the Conditions Precedent being satisfied or waiver by the Assignee.
2.3Condition Precedents
This Deed is subject and conditional upon:
(a)obtaining of the Lessor's consent and the Lessee and the Assignee shall each use there best efforts to obtain the Lessor's Consent; | [
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|
nsw_caselaw:54a636e73004de94513d96f2:0 | nsw_caselaw:54a636e73004de94513d96f2 | Supreme Court
New South Wales
Medium Neutral Citation: Ocean Star Resort Pty Ltd v David Hokyoon Kwon & Anor [2012] NSWSC 318
Hearing dates: 18, 19 & 20 April 2011, 27 May 2011, 16 June 2011, 30 August 2011, 8 & 9 September 2011 and 26 October 2011.
Decision date: 11 April 2012
Jurisdiction: Equity Division
Before: Slattery J
Decision: Assignee's claims not compromised. Moneys paid not recoverable under contract. But contract abandoned and moneys paid recoverable as a result of the abandoned contract, or otherwise in restitution. Directions made for submissions in relation to costs and orders.
Catchwords:
CONTRACT - contract for assignment of Crown leases subject to conditions precedent including a condition that the Commonwealth consent to assignment - Commonwealth does not give consent - proposed assignee pays money under contract - no assignment - lessor alleges assignee repudiates contract -
assignee seeks recovery of moneys paid under contract - whether assignee repudiated contract - whether moneys paid under contract recoverable under contract or in restitution - whether contract abandoned - whether agreement to compromise assignee's claim by repayment of moneys paid under contract.
Cases Cited: Almond Investors Limited v Kualitree Nursery Pty Limited & Anor [2011] NSWCA 198
Baltic Shipping Co v Dillon (1993) 176 CLR 344
B.P. Refinery (Westernport) Pty Limited v Shire of Hastings (1977) 180 CLR 266
British & Benningtons Ltd v North West Cachar Tea Co [1923] AC 48
Carr v JA Berriam Pty Ltd (1953) 89 CLR 327
Codelfa Constructions Pty Ltd v State Rail Authority of New South Wales (1982) 149 CLR 337
De Soysa v De Pless Pol [1912] AC 194
DTR Nominees Pty Ltd v Mona Homes Pty Ltd (1977) 138 CLR 423
Gittany v Mcdowell [2009] NSWSC 591
Gorgas v Soon Ok Hwang [2010] NSWSC 1121
Henry Dean & Sons (Sydney) Ltd v P O'Day Pty Ltd (1927) 39 CLR 330
Highmist Pty Ltd v Tricare Ltd [2005] QCA 357
John Nelson Developments Pty Ltd v Focus National Developments Pty Ltd [2010] NSWSC 150
Lumbers v W Cook Builders Pty Ltd (in liquidation) (2008) 232 CLR 635
Ogle v Comboyuro Investments Pty Limited (1976) 136 CLR 444
Pacific Brands Sport & Leisure Pty Ltd v Underworks Pty Ltd (2006) 230 ALR 56
Pavey & Matthews Pty Ltd v Paul (1987) 162 CLR 221
Perri v Coolangatta Investments Pty Ltd (1982) 149 CLR 537
Rona v Shimden Pty Ltd [2005] NSWSC 818
Shepherd v Felt & Textiles of Australia Ltd (1931) 45 CLR 359
Steele v Tardiani (1946) 72 CLR 386
Summers v The Commonwealth (1918) 25 CLR 144
Sunbird Plaza Pty Limited v Maloney (1988) 166 CLR 245
Category: Principal judgment
Parties: Plaintiff-Ocean Star Resort Pty Ltd
First Defendant-David Ho Kyoon Kwon
Second Defendant- Soft Star Pty Ltd
Representation: Plaintiff-Mr J.R. Young
First and Second Defendants-D.P. Robinson SC, D. Hand
Plaintiff-Sean Kim, Kim & Associates
First and Second Defendants-Sylvia Fernandez, Holding Redlich
File Number(s): 2009/290325
Publication restriction: No
Judgment
1On 16 July 2004 the Australian Government announced that "in the interests of the Christmas Island community" it had "decided to make legislative changes to prohibit casino operations on Christmas Island". These proceedings determine the legal consequences of this political decision, which thwarted the ambitions of several corporate parties then supporting casino operations on Christmas Island. | [
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|
nsw_caselaw:54a636e73004de94513d96f2:19 | nsw_caselaw:54a636e73004de94513d96f2 | Those later discussions take place against the backdrop of a mutual assumption that the parties are still in dispute about the legal consequences of the June 2004 Agreement and its claimed and disputed repudiation. It is unlikely that these discussions would have taken place in this form for so long until 2008 if a compromise had been reached in August 2005.
90Seventhly, one of the curious features of this litigation is that Ocean Star made no pre trial demand to Soft Star. The pleaded allegation of a compromise is really the primary basis of Soft Star's and Mr Kwon's liability, rather than the June 2004 Agreement. It is surprising if the compromise was made that it did not become the subject of a pre-litigation demand.
91Eighthly, I do not accept that Mr Kwon would have so readily agreed to return the funds part under the June 2004 Agreement. He seemed in oral evidence to have a strong sense of entitlement to the funds which would not have been any weaker in 2005.
Conversations between Mr Kwon and Dr Kwon: 2006 - 2008
92Dr Kwon says that Mr Kwon came to see him at his office in Korea in January 2006 and said to him, in Korean words to the effect, "I am trying to find foreign investors for my APSC [Space Centre] project that I am working on in Sydney at the moment. I expect to procure investment soon and I will repay monies to Mr Sung of Ocean Star". Mr Kwon does not deny this conversation.
I find that it did occur. It is likely, in my view, that Mr Kwon said that he would try and do whatever he could to refund the Ocean Star investment, if that were possible. This is not a version that Mr Kwon admits to but it is in my view likely to be what was said. It is also consistent with the probabilities that the return of the money to Ocean Star must have been discussed.
93There is a greater contest about what passed between the parties from March 2006 onwards. Dr Kwon says that in March 2006 and then again in May 2007 he and Mr Kwon had contact. Dr Kwon says Mr Kwon came to see him at his office in Seoul (in March 2006) and indicated he was preparing to open "Soft Star Resort facilities in Australia" and would soon pay Mr Sung back.
Dr Kwon says that (in May 2007) as the federal election of that year approached in Australia, Mr Kwon said to him by telephone that the Australian Labor Party had "expressed its firm support for re-opening a casino on Christmas Island" and that he would be able to pay back Ocean Star "the monies it had paid".
Mr Kwon denies these conversations. But I accept Dr Kwon's evidence to the extent that he says Mr Kwon gave him encouragement to believe that his money would be refunded, if these business conditions permitted it.
Some such conversations explain the lack of any demanding correspondence between Dr Kwon and Mr Sung in 2006 and 2007 and further explains the failure of any party to commence proceedings during this period.
94Then in a series of meetings in July, August, October and December 2007 Dr Kwon says Mr Kwon spoke about raising funds in various contexts which would lead to Mr Sung and Ocean Star being repaid: "as soon as I receive the investment [in a Chatswood building] I will be able to pay back Mr Sung and Ocean Star" (July 2007);
"if this [sending Korean tourists to Christmas Island] works out then I should have no trouble paying Mr Sung and Ocean Star" (August 2007); "if that [re-opening the Christmas Island casino] happens then I will pay back all that I owed to Mr Sung and Ocean Star (October 2007);
and, "I will try everything in my power [finishing a Sydney construction project] to finalise all payments to Mr Sung and Ocean Star as soon as possible" (December 2007).
95I accept something like these conversations did take place. They all have a common theme. Mr Kwon was saying that he would attempt to raise money or take steps in other business projects, which might generate funds from which it was possible Mr Sung, and Ocean Star would be repaid. | [
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] | null |
|
nsw_caselaw:54a636e73004de94513d96f2:10 | nsw_caselaw:54a636e73004de94513d96f2 | (ii)costs and selling expenses are limited to a maximum of 10% of the balance outstanding as at the time of default;
(iii)a thirty (30) day notice default notice period and
(iv)the Assignee may payout the mortgage at any time without penalty within the due date."
...
10.Assignee's Access
10.1The Lessee grants to the Assignee a non-exclusive licence to have access at all reasonable times to the Leased Premises solely for the purpose of carrying out any repairs and maintenance work on the improvements thereon. As from the date of this Agreement the Assignee must effect the insurance required by Clause 18.
1(a) and Clause 18.2 of the Sublease and the provisions of clauses 5.3, 5.4 and 10 of the Sublease will apply to the Assignee's use of the Premises under this clause 10. In carrying out any repair and maintenance work the Assignee must comply with the reasonable requirements of the Lessee.
10.2Within 30 days of the date of this Agreement the Lessee and the Assignee must carry out an inspection of the Leased Premises to verify the existence of the plant and equipment described in Annexure A to the Sublease. If necessary Annexure A must be amended to reflect the result of such an inspection.
10.3In this Clause 10 Sublease means the document described as sublease and annexed to the Agreement for Sublease.
11.TERMINATION OF AGREEMENT FOR SUBLEASE
The Lessee and Assignee covenant and agree that with effect from the day this Deed is executed the Agreement for Sublease shall come to an end and each party is hereby released from its obligations under the Agreement for Sublease."
...
"14.GUARANTEE
14.1By Guarantor
The Guarantor hereby guarantees to the Lesse the due and punctual performance and observance by the Assignee of all and singular the covenants and agreements on the part of the Assignee herein contained and referred.
14.2By Covenantor
The Covenantor hereby guarantees to the Assignee the due and punctual performance and observance by the Lessee of all and singular the covenants and agreements on the part of the Lessor herein contained and referred."
52The following definition is also relevant to an understanding of the Agreement:-
"'Lessor's Consent' means the consent of the Lessor to the assignment of the Leases from the Lessee to the Assignee and to the Mortgage, such consent, to be unconditional or subject only to conditions which:
(b)are acceptable to the Assignee, (if they apply to the Assignee or the Assignee is responsible to comply with them); or
(b)if they apply to the Lessee the Lessee is able to comply with them by using its best endeavours;"
53The day after the Agreement was signed, Mr Simon Hong, Soft Star's "Manager - Team Support" emailed Mr Andrew Wilson, of the Department, enclosing a copy of the Agreement. He requested the Commonwealth's consent to the assignment.
54But on 16 July 2004, only a day after the second payment was due under the June 2004 Agreement, the parties experienced the realization of a political risk for which neither of them was well prepared, Minister Campbell's announcement.
A Ministerial Announcement on 16 July 2004
55Senator Campbell's media release on 16 July 2004 came, so far as the evidence demonstrates, without any prior warning to either Soft Star or Ocean Star. It effected a profound change. Tourism on Christmas Island was supported. But Casino operations would be prohibited by legislation. The full text of the announcement is set out below:-
"Proposed Refurbishment and Operation of the Christmas Island Resort
The Australian Government strongly supports the proposed refurbishment and operation of the Christmas Island Resort without the need for casino operations, the Minister for Local Government, Territories and Roads, Senator Ian Campbell, announced today.
In the interests of the Christmas Island community, the Australian Government has decided to make legislative changes to prohibit casino operations on Christmas Island. | [
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] | null |
|
nsw_caselaw:54a636e73004de94513d96f4:1 | nsw_caselaw:54a636e73004de94513d96f4 | Mr Michael O'Sullivan ("Mr O'Sullivan") is the managing director of Provident Capital. He gave evidence on its behalf. He has 20 years' experience in finance and investment and has been with Provident Capital Group since its inception in 1990.
4John Virtue is a company that is in the business of providing valuation services to lenders in relation to loan to be secured on mortgages over residential properties.
5I shall firstly give a broad outline of the allegations raised in the pleadings followed by the background facts. Then I will consider the five main issues for determination in seriatim. They are:
1. Negligence - whether the valuation was negligent, in the sense that it did not accord with what a reasonable and competent valuation of the property at the time would have been;
2. Causation - whether the valuation, assuming it was negligent, caused the plaintiff's loss;
3. Reliance - whether Provident Capital relied on the valuation of the property;
4. Damages - if breach, causation and reasonable reliance are proved, whether Provident Capital is entitled to recover loss of opportunity damages, being the interest and other fees Provident Capital claims it would have made had it been able to lend the moneys to other borrowers, and, if so, what this amount is;
5. Contributory negligence - whether and to what extent the plaintiff contributed to its own loss, and what, if any, is the relevance of the evidence about reasonable lending practices.
6The defendants deny liability in respect of the valuation; deny breach and/or contravention of the TPA; and deny causation and reasonable reliance.
7The defendants submitted that even if this Court makes findings against them on the above issues, when assessing any entitlement to damages this Court should conclude that Provident Capital has suffered no loss because there was no actual loss to Provident Capital on the subject transaction.
Further, to demonstrate loss, Provident Capital must show that because it entered into the subject loan transaction it was deprived of the opportunity to lend to another borrower due to insufficient funds.
In order to succeed on this allegation, the defendants say that Provident Capital must show that it rejected alternative loan applications because of insufficient funds being available as a consequence of the subject transaction, and it has not done so.
8When the borrower MMT Investment Services Pty Ltd ("MMT") defaulted, a further valuation was obtained from Mr Phillips in October 2005, which valued the property as being worth between $6.25M and $7M. Provident Capital submits that this is enough to substantiate a finding of negligence.
The defendants say that this second valuation is of no relevance to the issues for consideration by the Court. The defendants submitted that there is no relevant inconsistency between the two reports and as such no adverse inference can be drawn against the defendants' interests.
Background facts and history of the loan
9In late 2004, Toubia Constructions Pty Ltd ("Toubia") sought loan funds from Provident Capital for the purposes of completing the purchase of the property at 2-4 Coulson Street, Erskineville.
Toubia had negotiated a purchase price for the property of $13.52M, the vendor being Herro Trading Corporation Pty Ltd ("Herro"), with a deposit of $1.352M having been paid by Toubia. To complete the purchase Toubia needed a further $12.168M.
10The property had development approval for, firstly, the demolition of existing buildings; and secondly, the construction of 103 residential units and one commercial unit.
11The loan application made on behalf of Toubia to Provident Capital did not include the provision of funds for demolition of existing buildings, nor for the construction of the proposed development. | [
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] | What are the five main issues for determination in the case of Provident Capital Limited v John Virtue Pty Ltd (No 2) [2012] NSWSC 319? | [
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nsw_caselaw:54a636e73004de94513d96f4:21 | nsw_caselaw:54a636e73004de94513d96f4 | Nothing turns on this other than he did not know, without investigation, what figures Mr Phillips had arrived at in his valuations when he prepared his own report.
109Both experts carried out an analysis of comparative sales. In their joint report they agreed that seven properties could have been considered comparison sales, three with development approval and four without development approval, except there was tension between them as to whether the property at 21 Coulson Street, Erskineville was truly comparable (I shall refer to this in more detail shortly).
There were three sale sites with development approval, namely 21 Coulson Street, Erskineville, 49 Henderson Road, Alexandra and 21-69 Regent Street, Redfern. There were four sale sites without development approval, namely 2-14 Eve Street, Erskineville, 30 Garden Street, Alexandria, 149-161 O'Riordan Street, Mascot and Glo, 16-20 Eve Street, Erskineville.
All of these properties had completed contracts for sale in the period 31 October 2002 to 12 February 2004 (a period of 15 months prior to the date of valuation).
The sticking point - whether 21 Coulson Street was a comparable sale
110It is necessary to consider this topic as it ultimately affects the calculation placed on the property the subject of the valuations.
111Mr Rowlands regards 21 Coulson Street as a relevant sale whereas Mr Davis, in his initial report (Court Book - 31) had no regard to it. Mr Davis considered it to be "out of line".
112In November 2001, this property was sold for $2.670M. In September 2003, it was resold for $5.560M. Mr Davis concluded that comparing the sale at 21 Coulson Street to the comparison sales of the Davis and Rowlands reports, it had been evident that the analysed elements of this sale appeared significantly high and out of line with the general market.
In that respect he analysed the 21 Coulson Street sale both in respect of its actual sale price of $5.560M and the theoretical sale of value indicated by application of Residex data of approximately $3.133M.
113Provident Capital sought to make much of the affidavit evidence of Mr Vanvakaris. Mr Vanvakaris was and still is Chief Operations Officer of More Human Erskineville Pty Limited ("More Human"). He gave evidence as to the circumstances that gave rise to the purchase of 21 Coulson Street.
More Human's approach is that it buys nearly all of its properties off market. One night over dinner, a director of More Human, Ghassy Bayni, was having dinner with Mr George Khoury who was a director of St Maarten. St Maarten owned 21 Coulson Street, Erskineville. Mr Khoury offered Mr Bayni and More Human the development at 21 Coulson Street.
It already had development approval. More Human instructed a planner and architect inspect the site and carry out an evaluation as to what the completed site would have been worth. More Human had just completed and sold a site with approval for a lesser number of units at 1 Goodsell Street, St Peters ("the St Peters property") for a higher price.
More Human was comfortable with the price because it got an indicative price on the St Peters property. That meant that they were able to extrapolate how much that had cost them. The result was that after taking into account those factors, it purchased the site in September 2003 for $5.560M.
114In evidence, Mr Rowlands did not agree with Mr Davis that 21 Coulson Street was an out of line sale. Mr Rowlands said that there had been a lot of market movement in that particular area between 2001 and 2003. Mr Davis' opinion differed because the site 21 Coulson Street had been granted a deferred commencement consent.
It adjoins the railway line and because of this it had its own peculiar difficulties. Mr Davis said that a site of that sort has to comply with rail infrastructure regulation and requirements, which can be quite onerous.
11521 Coulson Street had formerly been an industrial site when it first sold. | [
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] | What was the sale price of 21 Coulson Street, Erskineville in September 2003, and what was the theoretical sale value indicated by application of Residex data? | [
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nsw_caselaw:54a636e73004de94513d96f4:4 | nsw_caselaw:54a636e73004de94513d96f4 | ..."
Provident Capital's letter of offer to Toubia dated 9 November 2004
29Provident Capital offered the loan funding on the following terms:
Borrower Name Toubia Constructions Pty Ltd A.C.N. 082 890 328
Registered Address XX Murray Street Merrylands NSW 2160
Guarantor Name Michael Toubia
Address XX Murray Street Merrylands NSW 2160
Loan Amount $10,890,000.00 or 66% of valuation, whichever is the lesser
Loan Repayment The loan is for the period for 6 months from the day the loan is settled. The loan must be repaid at the end of this period.
You may repay the loan early.
In the event of early discharge there will be no rebate of pre paid interest.
Interest Interest will be calculated at 17.25% per annum (the higher rate) reducing to 11.15% per annum (the lower rate) for each interest payment received by the due date. Interest will be calculated on the loan amount and any additional money which is payable to us in connection with this loan facility.
Interest is payable six (6) monthly in advance.
Security The security for the loan will be:
First registered mortgage over XX Coulson Street Erskineville;
Company charge over all the assets of Toubia Constructions Pty A.C.N. 082 890 328;
Guarantee by guarantors.
Purpose Assist with the purchase of XX Coulson Street Erskineville NSW
...
Other Conditions 1....
Satisfactory evidence of at least $18,000,000 worth of presales on unconditional contracts with a minimum of 10% deposit. Contracts are to be found to be acceptable to use and our solicitor.
The borrower and their solicitor shall not
(i)release a buyer from a contract for sale without our written consent
(ii)Vary the terms of a contract for sale without or written consent.
(iii)Release a deposit to a buyer under a contract for sale without our written consent.
...
2....
3....
4....
5....
6....
7....
8.If you are unable to discharge this loan on or before the due date, or no arrangements have been made before the due date, to extend, vary or rollover the loan, then we may, at our discretion, rollover the loan for a further period of up to 90 days.
During this period interest payments will be due at the higher rate with no discount for timely payment. In addition a rollover fee equivalent to the establishment fee levied on settlement of this loan will be charged to your account on the date of the original maturity."
30The loan offer was also subject to the following conditions:
* satisfactory credit reference reports on the borrower;
* a satisfactory application form;
* evidence on the petition by Speedy Gantry Hire having been withdrawn or satisfied;
* a copy of all the relevant pages on the contract to purchase setting out the purchase details;
* assignment of the copyright of approved building plans, specifications, building contract and working drawings;
* satisfactory evidence of at least $18M worth of presales on unconditional contracts with the minimum of 10 percent deposit; and
* that each presale was unconditional and irrevocable by either the borrower or borrower's solicitor.
31The loan to MMT was a short-term asset lend in the form of a bridging finance facility for six months with prepaid interest built in to the loan advance.
The most important enquiries as far as Provident Capital was concerned were the valuation of the property in its then existing condition to ensure that the loan could be recouped upon the sale of the security and the certification by its solicitors that it would receive good title to the mortgage security property upon completion.
Instructions and first valuation of the property dated 2 December 2004 | [
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nsw_caselaw:54a636e73004de94513d96f4:23 | nsw_caselaw:54a636e73004de94513d96f4 | While Mr Rowlands was familiar with the market in that area at the time Mr Phillips' valuations were made, in forming his opinion so far as the first valuation is concerned Mr Rowlands looked at only the records that would have been available to him as at the time, namely December 2004 (Mr Davis also adopted this approach).
Mr Davis, while an experience valuer, did not work in that geographical location.
(i) Failure to carry out comparative analysis and not undertaking searches
122It is appropriate that I now briefly mention the valuation guidelines, which have been referred to in evidence. The Australian Property Institute provides guidelines in the form of Guidance Notes from time to time. It is a professional practice and the guideline referred to is the 2004 version (Ex B). The two relevant topics are valuation approaches and comparables.
123The guidelines in the "General Valuation Chapter: Concepts and Principles" state at GN 9.0:
"9.0 Valuation Approaches
9.1 Valuation of any type, whether undertaken to estimate market value or a defined non-market value, require that the Valuer apply one or more valuation approaches. The term valuation approach refers to generally accepted analytical methodologies that are in common use. In various States these approaches may be referred to as valuation methods."
124Chapter GN 2.1 is concerned with Valuation for Mortgage and Loan Security purposes.
125In Guidance Note 6.2 ("Feasibility studies") general considerations include: choice of comparables, number of variables, time and program constraints, sensitivity analysis using alternative assumptions, purpose of feasibility study and limitations of residual process. Relevant sections are extracted below (Ex B 264):
"2.1 Choice of Comparables
The preparation of a feasibility study generally relies on comparison of unit costs and rates from similar development schemes which are then applied to the particular development to be analysed. In using this approach, reasonable care must be taken to the choice of comparables to ensure that unit rates for other schemes do not reflect particular circumstances (e.
g. exceptionally poor ground conditions, grossly different building specifications, different planning constraints). Equally, particular circumstances pertaining to the feasibility study being prepared should be carefully considered and reflected in the feasibility analysis.
2.2 Number of Comparables
In preparing a feasibility study, the number of variables to be considered is large and the Member should be aware of the errors which may arise from using comparable transactions which require a significant number of adjustments. If an attempt is made to adjust for too many variables, the usefulness of the comparison may be destroyed.
..."
126At T332-333 Mr Phillips was directed to the "choice of comparables" passage above and gave the following evidence:
Q. Does this statement in the guide [above] from your perspective bear any relationship to the way in which you treat comparable transactions when undertaking valuations?
A. Most definitely.
Q. In what way?
A. Because it gives a guideline that you have to go to all the circumstances and there are examples there, ground conditions, different building specification, different planning constructs. It is fairly rudimentary and it is commonsensical that you need to take into account the factors when comparing sales.
Q. If you are using a comparable which is not on all 4's with the property you are looking at is it necessary to make adjustments if you decide it is very comparable?
A. My feeling is if a sale is not comparable it is disregarded.
Q. Are there comparables you might need to make adjustments to?
A. Yes, if they are relevant yes.
Q. If it is necessary to make too much adjustments do you disregard it as a comparable?
A. No, it just depends on the relevance in the matter. | [
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|
nsw_caselaw:54a636e73004de94513d96f4:31 | nsw_caselaw:54a636e73004de94513d96f4 | 177In the first valuation report, Mr Phillips made the following references to presales: "We have proceeded upon the basis that these pre-sales are confirmed as bona fide by your legal advisors"; "In this case, we have assessed an achievable gross realisation primarily defined by the pre-sales to date and have deducted";
"The site value has been approached upon a sensitivity basis considered to be marketable incentives in the current market conditions given the level of presales to date"; "A project such as the subject would be difficult to support in a normal context, but we do acknowledge that the significant presales evident to date has motivated our more favourable consideration";
"We have proceeded upon the basis that the sales that are exchanged or have exchanges pending are bona fide and can be confirmed as such by the lender's legal advisors, with this course of action recommended"; "Given the level of presales, the subject would have reasonable appeal";
"The subject site is considered saleable at the provided valuation and to constitute a satisfactory basis for mortgage security, subject to confirmation of the presales as bona fide and to those general provisions and disclaimers indicated" (emphasis added).
178It is also necessary to consider the expert evidence on this topic. Mr Stephen Turner has been employed by Provident Capital since November 2009 and is the head of the credit and lending department of Provident Capital.
Prior to 2009, he worked for the St George Bank as senior unit manager, specialised mortgage solutions. Mr Turner, who is employed by Provident Capital, gave evidence. No submissions were made that because Provident Capital employed him he could not give impartial evidence and I accept that he did give independent evidence.
179Mr Hugh Finn is a certified practising accountant and was employed by the Commonwealth Bank in its lending-related area or a credit risk department of the bank. At the relevant time he was not actively involved in deals or transactional lending.
He was in the policy-making or financial accounting area of the credit risk department. The last time that he was involved in transactional lending was in around 2001/2002. It would be fair to say that his experience was that of a traditional lender, and his evidence has to be evaluated in that light.
180Two experts, Messrs Turner and Finn, gave evidence in relation to what a prudent lender should have done before advancing the funds to MMT. They provided a joint report after holding a conclave (Ex D).
181Messrs Turner and Finn disagreed as to the amount of due diligence that should have been completed by Provident Capital on the bona fides of the presales that John Virtue used as a means of setting the gross realisation in its project feasibility.
182Mr Finn believed that, notwithstanding the Provident Capital loan was a bridging loan to assist in the purchase of the development site, it was fundamental that Provident Capital complete due diligence on the presales to ensure that they were genuine purchasers.
This confirmation would have also included legal verification as to the general robustness of those contracts and the absence of means for intending purchasers to readily avoid their obligations.
Mr Finn was of the view that the impact of presales in the circumstances was very significant, given the weight attached to presales in the December 2004 valuation by John Virtue and that presales would have influenced the availability of construction finance and thus Provident Capital's potential source of takeout.
183Mr Turner believed that the loan provided by Provident Capital was a bridging loan to assist in the purchase of the property and that the instruction to John Virtue was to value the property "as is".
Mr Turner says that had Provident Capital considered providing construction finance, then a more comprehensive due diligence of the project feasibility, including presales, would have been appropriate. | [
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] | null |
|
nsw_caselaw:54a636e73004de94513d96f4:12 | nsw_caselaw:54a636e73004de94513d96f4 | A cross appeared in box marked "No"
6. 'Has the Valuer been instructed independently of the borrower. (If no, refer application to managing director)'
A cross appeared in box marked "Yes".
7. 'Is the valuation correctly addressed to Provident Capital Limited. (If no, please instruct valuer to re issue. Transaction is not to be certified for settlement without correctly addressed valuation report).'
A cross appeared in box marked "No".
8. 'Please detail any other areas of concern'.
The following notation was made: "As above".
9. 'Do we hold a copy of the valuers PI cover. Is it current.'
A cross appeared in box marked "Yes".
49From these comments, it is evident that Provident Capital was satisfied that Mr Phillips had addressed his report as per instructions. They were aware that Mr Phillips had drawn to their attention that there had been a slow down in the market and this could adversely affect the security or saleability of the property market.
Provident Capital was aware that John Virtue had cautioned them that because of the slow down in the market it was important to ensure that the presales were in place.
The disclosure document between Provident Capital and MMT
50It appears that MMT was having difficulty raising the amount required for the balance of $2.845M for settlement on the property.
On 4 February 2005, the solicitors for MMT sent a facsimile to Provident Capital advising that the property was to be purchased by MMT and requesting that Provident Capital prepare amended security documentation with MMT as the borrower (TB 495). On 4 February 2005, Provident Capital issued an offer of loan facility to MMT (TB 490-494).
51On 15 February 2005, the solicitors for MMT provided Provident Capital's solicitors with a copy of a disclosure document (TB 515-517).
52The disclosure document stated that:
(1) The purchase price to be paid by MMT for the property was $12.168M
(2) The sum was to be paid as follows:
(a) Cash component of $9.718M (plus or minus contract adjustments); and
(b) Consideration in kind of $2.450M which is represented by 9 exchanged contracts for sale for "off the plan" units which are to be constructed on the Security.
(3) As security for performance by MMT of its obligations under the contract for sale for the security (including the consideration in kind referred to in (b) above) MMT will grant to Herro a third mortgage over the security on settlement of the contract for sale of the security to MMT.
53On 17 February 2005, the solicitors for MMT provided Provident Capital's solicitors with a copy of a further disclosure document (TB 527-530). Provident Capital refused to sign any disclosure document, however entered into a deed of assignment with Toubia and MMT (TB 633-638), and entered into a deed of priority with the Mezzaine Lender, Capital Access and MMT (TB 639-650).
54Mr Turner an employee of Provident Capital gave evidence that at this stage there was a shortfall in funds (T429-430):
CATSANOS: There's a disclosure document which Provident refused to execute, but in February of 2005 it was being disclosed to Provident that the arrangement for the purchase reflected that which amounts at the bottom of page 516, namely, a cash component of $9,718,000 and a payment in kind. Do you see?
WITNESS TURNER: 2540, yes.
HER HONOUR: Yes.
CATSANOS: Yes. What in fact happened was that the transfer, the purchase price was $10,765,000. In other words, what's said to have been the proposal in the disclosure document was not ultimately what transpired. Were you aware of that?
WITNESS TURNER: No, I wasn't.
CATSANOS: Right. Do you know anything of - you know obviously that Provident advanced in total $8,920,000. Correct?
WITNESS TURNER: Yes.
CATSANOS: And you know also, as you understand it, that the purchase price was $10,765,000?
WITNESS TURNER: Correct.
CATSANOS: So there was a shortfall? | [
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|
nsw_caselaw:54a636e73004de94513d96f4:22 | nsw_caselaw:54a636e73004de94513d96f4 | Mr Rowlands gave evidence that it was his view (although did not know for a fact) that when it first sold there was knowledge that the gauntlet had to be run with the Department of Planning Council and then Rail Infrastructure Corp to get a development approval and that no-one would have been able, at that time, to predict how long it would have taken to get an approval.
He thought that what happened was the vendor had to discount the price in order to get it sold in 2001. He agreed that was the sale in 2003 by reference to 2001 and that it if was going to be considered out of line in 2003 that must assume 2001 was in line (T371 - 372).
116Mr Rowlands was asked (T372):
CATSANOS: Are you saying, Mr Rowlands, you have doubts as to whether that's the case?
WITNESS ROWLANDS: Well, yeah. I suspect that, you know, as I said, the 2001 price was a discounted price in order to dispose of the site knowing that it had these issues attached to it and knowing that the approval process could have been quite extensive and because it is quite onerous.
I had to deal with these sites much, I've dealt with a big site out in Burwood that adjoins the railway line and I had firsthand knowledge of the process that had to be followed by my client at the time as I was advising in order to get a development approval. It was, it was a very, very expensive process.
CATSANOS: In 2004, had you been doing this valuation, from what you've told us, you would have taken it into account?
WITNESS ROWLANDS: Yes.
CATSANOS: Mr Davis, you would not?
WITNESS DAVIS: No. In my second affidavit, I won't bore the Court with the niceties of it, I just felt that such a jump in value, that it wasn't, it wasn't supported by the market. Sorry.
117Mr Rowlands stated that the earlier transaction, when 21 Coulson Street was sold in 2001 for $2.65M, was in all likelihood undervalued given the potential constraints on development then applying.
118Mr Rowlands was asked to comment on the affidavit of Mr Vamuakaris and if the affidavit in terms of whether in Mr Rowlands' opinion there was a new out of line sale, 21 Coulson Street (T375). Mr Rowlands' answer was that he thought the affidavit really mirrored what happens quite commonly within the development industry.
He said sites trade between developers quite often, and a lot of development sites do not reach the market for one reason or the other.
He said that often you would find that a developer will accumulate sites, find that he has too many, has not got the resources for all of them and offloads one or two. Mr Rowlands conclusion was that he was not convinced at all that this was an out of line transaction.
119The defendants submitted that geographically, 21 Coulson Street is of great comparability given that it is in the same street and close to the property. Temporally, it predates the Valuation by slightly more than twelve months.
120The defendants also submitted that whether or not 21 Coulson Street and its sale was in fact a sale relevant for comparative analysis is probably not the question - only whether it might be reasonable to have regard to it is relevant and that Mr Rowlands' arguments in this regard are persuasive, and on no view could it be regarded as unreasonable to take it into account. I agree.
121So far as 21 Coulson Street is concerned, I accept that it was not an unusual situation for a sale to occur off market. One such property where this occurred was 21 Coulson Street. While it is really a value judgment as to whether or not that property is included as a comparable, I prefer the view that it is.
While on this topic of which expert's evidence I prefer, it is that of Mr Rowlands, mainly because during 2004/2005 he actually worked and valued land with development approval for commercial development in the geographical area of Erskineville and the surrounding area. | [
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] | null |
|
nsw_caselaw:54a636e73004de94513d96f4:11 | nsw_caselaw:54a636e73004de94513d96f4 | The subject site is considered saleable at the provided valuation and to constitute a satisfactory basis for mortgage security, subject to confirmation of the pre-sales as bona fide and to those general provisions and disclaimers indicated in this report.
INSURANCE ASSESSMENT
Not applicable in this case as the standing improvements will require demolition and removal to facilitate redevelopment.
VALUATION
We are of the opinion that a fair and reasonable valuation with regard to the Residential Redevelopment Site at Numbers 2-4 Coulson Street, Erskineville, New South Wales, 2043, is in the sum of $12,000,000 (Eleven million dollars) (sic) GST exclusive,
as at 2nd December, 2004, being upon the basis of a fee simple in possession interest, with vacant possession, subject to confirmation of the pre-sales as bona fide and to- those/general provisions and disclaimers indicated in this report.
"
44The reference to "(eleven million dollars)" in the last paragraph (above) is an error. The parties agree that it should read "(twelve million dollars)".
45In summary, Mr Phillips chose the residual site feasibility (hypothetical development) approach for the first valuation. While he agreed that it is prudent for a valuer to use more than one approach to provide a cross check, he qualified this approach by saying that this is only the case if the data is available.
His evidence was that he could not do a cross check for the first valuation "because relevant data in respect of comparable sales sites was not available". Mr Phillips also clarified that "in the case of a development site with consent and pre sales" the comparable sales approach is not a more desirable approach (T256-257).
46When using the comparable sales site approach Mr Phillips does not regard sales older than 12 months as being reliable and he therefore disregards them. He gave evidence that he did not find anything more recent in terms of sales of development sites in that area within 12 months of the valuation (T332).
He also refers to this in his report (as extracted above in bold) "Given the lack of appropriate site sales evidence...we have addressed the Site Value (with Development Consent) upon the basis of a residual site feasibility (hypothetical development)". I shall return to the topic of the searches Mr Phillips conducted under the heading "Credibility of Mr Phillips".
Provident Capital's consideration of first valuation
47On 14 December 2004, Mr Roots advised Ms Gold that John Virtue had advised verbally that the valuation figure was $12M and that they would have the full report on Wednesday; and on that basis their loan would be $7.920M (subject to the valuation being in order) (TB 469).
48Both Mr Roots and Mr O'Sullivan signed a valuation certificate on behalf of Provident Capital for the MMT loan. It is not clear when this occurred. Whenever they considered the valuation, they exercised some of their own discretion. The valuation certificate contains the following (TB1104):
1. 'Are the instructions to the valuer correct and appropriate'
A cross appeared in box marked "Yes".
2 'Has the valuer addressed his report as per the instructions'
A cross appeared in box marked "Yes".
3. 'Is the report complete (if not, provide details)'
A cross appeared in box marked "Yes".
4. 'Has the valuer commented on any adverse findings likely to affect the security or saleability (If yes, provide details)'
A cross appeared in box marked "Yes" and the following notation was made: "Has commented that due to slow down in market need to ensure that pre sales are in place".
5. 'Is the forced sale value less than 15% of the value for mortgage security purposes. (If yes, refer application to senior underwriter/managing director).' | [
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|
nsw_caselaw:54a636e73004de94513d96f4:3 | nsw_caselaw:54a636e73004de94513d96f4 | They were: the signed Provident Capital offer; the Capital Now Mandate; Konstan Lawyers letters in regards to pre-sales; exchanged contracts; a letter from Speedy Gantry Hire "with satisfied result"; an explanation as to why the client had a CRAA default; a unit list outlining buyers and deposits; a completed project list; a purchase contract dated March 2003; and a general summary letter.
22By letter dated 9 November 2004, Capital Now wrote to Provident Capital explaining CRAA defaults due to the following unpaid building work performed:
"Job 1: XX Presidents Drive Caringbah NSW ... Project cost: $7.2 million. Project Manager made a miscalculation and the cost was under quoted by over a million. Loss 2 million
Job 2: Diamond Bay Rd Vaucluse ... Toubia was written a cheque for 1 million which bounced from the funder: Copies of cheque available. Loss 1 million
Job 3: XX George Street Liverpool...Developer Aus Constructions (Mr Sam Masri) went into receivership. Loss $370,000"
23On 10 November 2004, Provident Capital replied by stating that the offer provided was the formal offer and that they had no objections to a second mortgage and would provide consent etc when further details were received. It noted that the borrowers already had an offer from St George Bank.
24The application for mortgage finance stated that the loan applicants were Michael Toubia and Toubia.
25A statement of income and expenses/assets and liabilities showed:
Assets Value Liabilities Monthly Amount
Repayments Owing
Real Estate (Property Address) (see attached)
1. XX Myall St, Merrylands $5.5 Existing Mortgages (See attached A&L)
2. XX Rickard St, Merrylands $ 1. NAB $ $4million
3. XX Murray St, Merrylands $ 2. NAB $ $
XX Myall St, Merrylands $ 3. NAB $ $
Motor Vehicles Second Mortgage Caveat
Private name 1. Rodney Shield $11,000 $500,000
1. Toyota Prada $40,000 Solicitors
Please see attached for company cars Credit Cards Limit
Savings (Institution Name) 1. NAB $17,000 $700 $10,000
1. St George $50,000 Lease/Hire Purchase
Deposit Paid (enclose receipts) Company $12,000 $200,000
Dep Erskineville $1,352,000 ...
Furniture & Personal Effects $200,000 TOTAL LIABILITIES $4,710,000
...
TOTAL ASSETS $7,771,000
(italics denotes handwriting)
26Borrower/guarantor declarations were answered "yes" to the following questions:
"Have you, or your spouse, ever been shareholders or officers of any company of which a manager, receiver and/or liquidator has been appointed or have there been any unsatisfied judgements entered against such company?
Have you or will you be borrowing additional funds to complete the proposed purchase or development of the mortgaged property? If yes, give details."
27In addition it stated:
"Yes for second mortgage by Capital Now by private investors."
28By letter dated 9 November 2004, Ms Gold wrote a letter titled "Re: General overview". It relevantly stated:
" ...
3. I will be putting a 2nd mortgage behind loan and will need a letter of consent I will supply details when we are at this stage
4. Client does have a Letter of Offer for construction facility for 26 million from St George (which I have) and paid a broker 20,000 to get valuation with Lansbury's for St George (this is what the client was told).
However we are trying to see if this money and valuation has been ordered, if it hasn't we will have work through it to take St George offer if the valuation fees haven't been correctly placed (Currently the broker has asked for more upfront fees and the valuer hasn't contacted client directly) or alternatively I will place him somewhere else for construction as the pre-sales are in place. | [
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|
nsw_caselaw:54a636e73004de94513d96f4:15 | nsw_caselaw:54a636e73004de94513d96f4 | Q. You say in paragraph 16 on 23 November you arranged for two searches to be conducted as follows and you set them out. Do you see that?
A. Yes.
Q. Paragraph 17 you say the searches were done on the RP data site and could be found in your exhibits?
A. Yes.
Q. You make no other reference in the affidavit to any other preliminary inquiry do you by way of search?
A. No, because I was dealing with data that was already available in our office files.
Q. Where do you refer to that in your affidavit?
A. It is not there.
74Mr Phillips' evidence on the topic of searches was inconsistent. He had not referred to any searches other than real property searches on the subject property and Coulson Street in his affidavit.
The most plausible explanation for this evidence is that with the benefit of hindsight, he thought that he must have carried out computer searches in relation to the property but could not remember what internal computer programs were used at the end of 2004.
He probably did carry out a search as he found one comparable (even though it seems there were actually two) comparable sales within the last 12 months prior to 4 December 2004.
75Mr Phillips gave evidence that the only conversations he had with Ms Gold occurred shortly after 24 November 2004 and 2 December 2004 and that he had no other recollection of a conversation with Ms Gold. The only written communication he had with Ms Gold was by facsimile dated 9 December 2004. (T278.42-50; T279.1-2).
76When asked about how he had arrived at the construction cost of $19M, Mr Phillips gave evidence that Ms Gold had advised him that $18.72M had been budgeted for construction cost and that she had advised him of this at their meeting.
He did not have a file note, it was not in the report, and he could not recall if it was in his affidavit. But as Ms Gold was the only person he had a conversation with in relation to the property it was her. (T301.11-27).
77Mr Phillips was then asked the source from which he ascertained the construction figure. He answered that he spoke to a quantity surveyor colleague. (T325). He said that he was positive about this but he did not keep a record of this conversation. He admitted that it was not recorded in his report nor in his affidavit.
(T325.25-45). In further cross examination, Mr Phillips said that it was an opinion of the quantity survey expressed during a phone call. Mr Phillips says he gave a broad brush description of the project to the quantity surveyor, who was very experienced in the area, and he gave Mr Phillips advice. (T327.5-12).
78Prior to cross examination Mr Phillips gave evidence that he had not told anyone about that conversation before. He could not recall if he had told anyone about the conversation prior to this hearing. When asked in cross-examination who the quantity surveyor was he replied, "Graham Whitely. Hugh Quantity Surveyors." (T327.14-24).
79Mr Phillips was asked in cross-examination about the second valuation where it stated, "It is our current advice that the abovementioned presales are no longer relevant and have been disregarded.
" Mr Phillips said that Mr Baikie instructed him and he followed up his instructions in a telephone conversation. He agreed that this was a critical piece of information with regard to manner he approached the second valuation.
Mr Phillips assumed that this conversation was contained in his affidavit but agreed that there was no mention of Mr Baikie on page 8 of his affidavit (T316-317). Mr Baikie was the one who instructed Mr Phillips for the second valuation. I accept that it is very likely that there was a conversation between Mr Baikie and Mr Phillips in relation to the role of presales. | [
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|
nsw_caselaw:54a636e73004de94513d96f4:10 | nsw_caselaw:54a636e73004de94513d96f4 | Therefore, the Gross Realisation (net of GST) is 104 units @ $442,300 = $45,999,200
CASH FLOW ANALYSIS
In order to address the Site Value assessment, we have produced a Cash Flow Analysis per a computer generated spreadsheet - which analysis has been predicated upon the following critical assumptions.
* Site acquisition costs are payable at the outset of the project.
* A Construction Certificate is available.
* A project duration of twenty four (24) months, which relates to eighteen (18) months of construction and the remainder to complete marketing.
* A construction cost estimate of $19,000,000, plus a 5% contingency ($950,000).
* An average Gross Realisation (inclusive of GST) of $475,000 per unit - a total Gross Realisation (inclusive **of GST) of $49,400,000.
* GST calculated, per the 'Margin Scheme' at $3,400,000.
* An average Gross Realisation (net of GST) of $442,300 per unit - a total Gross Realisation (net of GST) of $45,999,200.
* We have factored seventy five (75) pre-sales (current pre-sales plus sales during construction) into our calculations and then a sales rate of six (6) to eight (8) units per month thereafter.
* Fully funded project with no equity by the Developer - and interest charges calculated at a rate of 8.5% per annum.
* A targeted Development Margin (after interest) in the range of 17.5% - 20.0% and an Internal Rate of Return
* (IRR) in the range of 20.0% - 25.0%.
The Site Value has been approached upon a sensitivity basis and the input of a Site Value of $12,000,000 ($115,385 per unit site) has produced a Development Margin (after interest) of 18.46% (profit of $6,898,702) and an Internal Rate of Return (IRR) of 21.52% - considered to be marketable incentives in the current market conditions and given the level of pre-sales to date.
[While the Cash Flow Analysis was attached to the Valuation I have not reproduced it here]
...
SUITABILITY OF PROPERTY FOR MORTGAGE SECURITY PURPOSES
The medium density market within inner south Sydney has suffered from poor absorption rates in a general oversupply situation recently. The market of mid to late 2003 was sound with good sales rates noted, but interest rate rises and negative market sentiment late in 2003 caused the market to soften.
Those poor market conditions have continued into year 2004 and the implementation of exist Stamp Duty on investment sales in mid 2004 has further damaged a soft market. Value levels have decreased generally and there is a potential for a further diminution in values in the short term, in our opinion.
There are a significant number of new apartments available, under construction or 'in the pipeline' within the South Sydney area generally and we can highlight the areas of Green Square, Waterloo and Zetland where oversupply is in evidence.
A project such as the subject would be difficult to support in a normal context, but we do acknowledge that the significant pre-sales evident to date has motivated our more favourable consideration.
We acknowledge that some 46% of the apartments are pre-committed to Contract or with Contract exchanges pending, with the level of sales supporting the reasonable marketability of this site, in our opinion.
We have proceeded upon the basis that the sales that are exchanged or have exchanges pending are bona fide and can be confirmed as such by the Lender's legal advisors, with this course of action recommended.
Notwithstanding the valuation adopted in this case, we advised that Ray White Real Estate (Marrickville) fielded an offer from a Singapore based company to purchase this site at $15,500,000, but our analysis of the project supported an opinion that this offer is excessive and cannot be supported as market based.
Given the level of pre-sales, the subject would have reasonable appeal (even in the current soft market) to a number of medium sized builder/developer groups still active in the Sydney periphery areas. | [
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] | null |
|
nsw_caselaw:54a636e73004de94513d96f4:37 | nsw_caselaw:54a636e73004de94513d96f4 | They submitted that there were a number of indicators during Provident Capital's consideration of the loan application that made it imprudent for a reasonable lender to approve it. The defendants relied on the evidence of Mr Finn.
224The defendants stressed that they did not seek to criticise Provident Capital's business model at large, as the issue relates only to this specific loan approval process. Mr Finn stated (T419-420):
"The plaintiff's business model isn't going to be wrong in all circumstances. However, the plaintiff's execution of this particular loan transaction in my view, the loan should never had been written because of the way they went about evaluating this particular loan application. That is a separate issue as regards their business model.
Their business model might have been equity in 90 out of one hundred crossing their desk, in this particular one it is my view had they gone about evaluating and implementing the loan in an orderly manner they would have reached decision points on the way through which would have caused them to say we are not going to proceed".
225The defendants referred to the lucrative nature of the deal and how this could have motivated Provident Capital. In the period before the default they made $1.116M. Mr O'Sullivan agreed that when he lent MMT the money he knew it was not in a position to pay the interest obligations that flowed from the debt it incurred (T74.33-47):
Q. So when you lent them money you knew this was a company that was not in a position to pay the interest obligations that flowed from the debt it incurred with you?
A. Correct.
226Provident Capital further submitted that it is a "non-conforming" lender or an "asset-based lender". As such they relied on the value of the security and serviceability was a secondary consideration. The defendants referred to Mr Finn's affidavit where he gave evidence that he believed the loan application ought not to have ever reached the stage of valuation.
A reasonable lender would have had concerns that the company: had no capacity to complete the financing required; had no capacity to meet its debts as they fell due; and had no viable exit strategy for the proposed loan. A reasonable lender therefore would have rejected the loan or postponed the decision until it was appropriate.
227When MMT became purchaser/borrower, it appears that a new purchase price for the property had been negotiated at $10,765,500. Mr Finn expressed the opinion that a reasonable lender applies its lending ratio to the lesser of the purchase price or valuation.
In the circumstances of this transaction, Provident Capital ought to have applied its 66 percent lending ratio to the purchase price of $10,765,500 and this would have resulted in a maximum loan advance of $7,105,230.
228In cross-examination Mr Turner conceded that there was a shortfall in funds, which a prudent lender would make enquiries about, and that there was also another set of figures in the disclosure document, which should have been addressed. He stated (at T429):
Q: In terms of your experience in the lending context, would it be your experience that a lender would be, firstly, concerned to ascertain why what was being proposed in the disclosure document didn't ultimately end up being what happened at settlement? In other words, they want to know, to use the vernacular, what was going on?
A: Look, it's always important for a lender to have an understanding of how the ultimate transaction of a purchase will prevail.
229Further, in cross-examination regarding the exit strategy, Mr Turner stated that presales were mentioned in the offer letter, as they would assist in obtaining construction fees (as an exit strategy). Mr O'Sullivan stated the following (T444-445):
Q: But for it to be a realistic exit strategy a prudent lender would make some investigation as to the reality of whether construction finance would be available. You would agree with that?
A: Yes.
Q: That is to find out what had been done in terms of obtaining construction finance. Correct?
A: Yes. | [
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|
nsw_caselaw:54a636e73004de94513d96f4:33 | nsw_caselaw:54a636e73004de94513d96f4 | 193Mr Phillips, in his valuation, drew to Provident Capital's attention and Provident Capital was aware that due to the slowdown in the market it should ensure that the presales were in place and the sum of $12M being a fair and reasonable valuation was subject to confirmation of the pre-sales as bona fide.
194On 2 March 2005, Stan Roots wrote a file note. It reads:
"Telephone conversation between MOS (Michael) and Tim Dewhurst [of Capital Access Holdings].
MOS advised Tim that of the 24 sales 17 were deposed by way of "trade dollars".
Also Tim confirmed that the 2nd mtgee only held mtge over Erskineville site (behind provident) for their loan and that they would confirm, in writing, of settlement.
Follow discussions it was agreed to proceed to settlement."
[MOS is Michael O'Sullivan, Director of Provident Capital]
195Mr O'Sullivan's evidence is that on 2 March 2005 (the date of settlement of the loan) he was aware that 17 of the 24 presales were deposits held by way of trade dollars. Nevertheless, he agreed that the transaction should proceed to settlement.
196On this topic, I have reached my own conclusion. Mr Phillips made many references to the importance of the presale being bona fide in his report. Provident Capital evaluated this issue as being an important one.
Provident Capital had taken notice in its internal evaluation that there had been a slowdown in the market and that this could adversely affect the security or saleability of the property market. John Virtue had cautioned Provident Capital that because of the slowdown it was important to ensure that the presales were in place.
The valuer made it abundantly clear to Provident Capital that it was important to check the presales were bona fide and that the bona fides of the sales affected the valuation figure. Once that had been done it was up to Provident Capital to verify the bona fides of the presales. They, not the valuer, were in a position to find out the true position with regard to the presales.
Provident Capital decided to proceed with the settlement of the loan when 17 out of 24 contracts were in trade dollars. Provident Capital's reliance on the valuation, in circumstances where it proceeded with the loan despite knowing that most of the contracts were in trade dollars, was unreasonable.
197The defendants say that another reason that any loss was caused to Provident Capital was because Provident Capital did not properly evaluate the effect of the sunset clauses contained in the contracts of sale.
Sunset clauses in the contracts
198According to a file note by Bernstein Pain, the existing contracts of sale were to be rescinded and reissued in the name of MMT. This never happened. Mr O'Sullivan was of the view that the deed of assignment entered into between Provident Capital, Toubia and MMT covered those contracts and bound the purchases regardless whether they were in the name of Toubia or MMT.
199Provident Capital proceeded to enter into the loan agreement and advance loan funds to MMT under the assumption that the presales would follow MMT. While Provident Capital's assumption may have been erroneous, counsel for the defendants submitted that this does not make its reliance on the valuation reasonable.
200The defendants submitted that on the basis of the sunset clause for the presale contracts being either 1 December 2005 or 30 June 2006, Provident Capital knew that the sunset clause would either: operate and potentially jeopardise the existence of the presales contracts or in the alternative provide a very tight time in which to undertake the project before operation of the sunset clause.
201Mr O'Sullivan at (T145-147) conceded that there was "potential" for the sunset clauses to operate and if so this would affect the value.
202It is not clear whether the sunset clauses should have been interpreted in the manner for which the defendants contend. Mr O'Sullivan's statement above is correct. I do not regard Provident Capital's reliance on the sunset clauses as unreasonable. | [
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|
nsw_caselaw:54a636e73004de94513d96f4:29 | nsw_caselaw:54a636e73004de94513d96f4 | 160Assuming I am wrong in finding that Mr Phillips did not breach his duty of care to Provident Capital, I shall briefly refer to Provident Capital's submissions on causation.
161The first submission repeats an attack on Mr Rowlands' credit. I have already dealt with this issue and found the attacks on credit to be without substance.
162The plaintiff's second submission was that the true value of the property as at December 2004 was between $8 and $9M, consistent with the evidence of Mr Davis.
Counsel for Provident Capital submitted that Mr Davis' approach is to be preferred to that of Mr Rowlands and Mr Phillips because the use of comparable sales evidence is the most widely accepted method of determining the market value of land: Redeam Pty Ltd v South Australian Land Commission (1977) 40 LGRA 151 at 156.
This method was described by Stephen J in Riverbank Pty Ltd v Commonwealth (1974) 48 ALJR 483 at 484 as "the conventional valuation technique", and in Bickle v Cmr of Main Roads (1961) 7 LGRA 155 at 159 as the most direct method. For reasons given earlier under "Expert Evidence", I prefer the evidence of Mr Rowlands to that of Mr Davis.
Both Mr Phillips and Mr Rowlands agreed that where 104 units were to be built and development approval had been granted, the feasibility method was the most appropriate. In the circumstances, I preferred their evidence for the reasons I have given earlier.
163In summary, the defendants did not cause the plaintiff's loss because Mr Phillips' valuation was accurate.
164I accept that if Mr Phillips' valuation was wrong, and Mr Davis' valuation of $8 to $9M was correct, it is unlikely that Provident Capital would have proceeded with the loan. If this were the case, Provident Capital would have lent MMT no more than 66 percent LVR, which equates to about $5.33 to $6M on a property valued at $8 to $9M.
MMT, even with an $8M loan, needed to obtain additional funds from Capital Access Holdings, as well as provide some of the purchase price in the form of units in the completed developments. It is therefore unlikely that MMT would have been in a position to proceed with a smaller loan of $5.
33 to $6M, and the transaction the subject of these proceedings would never have taken place. Obviously, questions about whether Provident Capital had examined the bona fides of the presales would never have arisen.
Reliance
165Assuming I am wrong in relation to breach of duty of care and causation, I will consider whether Provident Capital relied upon the valuation in order to lend the funds to MMT and whether its reliance was reasonable.
166It was not in contention that Provident Capital did in fact rely on Mr Phillips' first valuation in providing the loan to MMT. The live issue is whether that reliance was reasonable.
In Ta Ho Ma Pty Ltd v Allen [1999] NSWCA 202, Giles JA observed at [24]: "If the reliance of the particular financiers is unreasonable, it will normally follow that the criteria for a duty of care owed to the financier is not satisfied".
Giles JA further noted: "If the valuer knows or intends that the plaintiff as a particular person will rely on the valuation, even unreasonably, different considerations of course arise". There is no suggestion in this case that the defendants knew or intended that the plaintiff would rely on the valuation in circumstances where to do so would be unreasonable.
167On 2 March 2005, Provident Capital advanced $7.92M to MMT, which represented just over 66 percent of the valuation. It lent a further $1M, which took the amount lent on the property to above 66 percent.
168It is necessary that I now refer to Provident Capital's position in the lending market and its lending practices. Messrs Bayly, O'Sullivan, Turner and Finn addressed these issues. | [
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|
nsw_caselaw:54a636e73004de94513d96f4:30 | nsw_caselaw:54a636e73004de94513d96f4 | 169Mr Donald Bayly gave general non-contentious evidence in relation to the practicalities of the loan approvals both from the borrower's and the lender's perspective. Usually asset lenders would approach each transaction by identifying a number of basis principles so as to avoid the risk of default. They would take a number of steps in order to mitigate against the risk of default.
This mitigation could be achieved in a variety of ways across the lending spectrum. For example, by way of analogy, the taking of a guarantee in transactions could be for a variety of purposes and might have been done in a variety of situations, but each would be to achieve a mitigation of the risk of default.
170Mr Bayly said that a traditional lender, such as a bank, would normally take a guarantee from a guarantor in circumstances where it had conducted extensive investigations into the ability of a guarantor to meet the primary debt, should he or she or it be called upon to meet it. This guarantee would often be supported by way of a charge over an asset.
171However, at the other end of the lending spectrum, a non-bank lender would not necessarily look to take a guarantee from a guarantor, but would take a guarantee from a director or entity related to the borrowing entity,
so as to achieve leverage on the controlling mind of the borrowing entity, such that they were exposed to primary liability for the debt themselves in the event of default by the borrower.
It would not be normal for a non-bank lender necessarily to evaluate whether or not the guarantee was worth anything at the end of the day. The real mitigation against the risk was to ensure that the related entity to the corporate borrower would be subject to the direction of the lender.
172In or about early 2000s it was usual practice among many lenders to "asset lend". The basis for this approach to lending was that at the time property prices were steadily increasing. The value of the asset would likely have increased within the term of the loan such as to create a greater equity buffer, so as to minimise the risk of any loss.
On this basis many lenders, traditional or otherwise, were content to lend on the value of the asset alone and did not make extensive enquiries into the ability of a borrower to service a loan, especially on a transaction of this type.
173I accept that Provident Capital's loan to MMT was an "asset lend" because MMT was not in a position to make periodic interest payments. The interest payments were made up front. There was no persuasive evidence that MMT had made a pursued upon approval for a construction loan prior to funds being advanced. The best there was was a letter from St George Bank.
However, I accept that during the period of the loan it was thought MMT would pursue the grant of a construction loan in the marketplace during that initial month period of the loan.
Provident Capital had made it clear to MMT at the outset that it was not interested in financing its construction loan. Mr O'Sullivan's evidence was that he was of the opinion that MMT would be able to obtain construction finance from an entity like Suncorp.
174Provident Capital sought to satisfy the Court that the evidence of Messrs O'Sullivan and Turner demonstrated that the approval of the loan was conditional on a satisfactory valuation, and that the valuation was obtained and considered before the relevant transaction was approved.
The defendants submitted that Provident Capital did not place enough importance on the bona fides of the presales and that caused its loss.
The importance of the bona fides of the presales
175Provident Capital submitted that nowhere in the valuation was there a comment that the presales were not at market, or that without the presales the property would be marketable at a greatly reduced value.
176The defendants submitted that any reader of this valuation, with valuation expertise or not, would be left in no doubt that if the presales were not confirmed and/or secured, the assessment of value by the defendants might be different. | [
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] | null |
|
nsw_caselaw:54a636e73004de94513d96f4:14 | nsw_caselaw:54a636e73004de94513d96f4 | 69Counsel for the defendants accepted that Mr Phillips evidence was at times confusing, but it had to be taken into account that it was the first time he had ever been in court and given evidence.
Provident Capital submitted that this Court should approach Mr Phillips' evidence with caution because he sought to improve his evidence in the witness box and referred to four specific areas where it is said that Mr Phillips sought to improve his position.
They are: firstly, in relation to the searches that he conducted prior to the valuation; secondly, the costs of the construction; thirdly, the conversations with Ms Gold; and lastly, the conversation with Mr Warren Baikie.
70Mr Phillips is a certified practising valuer and an Associate of the Australian Property Institute. He has been a valuer for over 30 years.
Mr Phillips: attends professional education by the institute; receives publications; considers himself bound by the ethical rules; considers it to be part of his professional responsibility to keep in touch with the guidelines and rules of conduct of the institute;
and considers that compliance with those guidelines and rules of conduct is an important part of the reasonable and careful practices of a valuer (T255-256).
71Mr Phillips deposed (Aff, 1/12/10) at [15], [16] and [17]:
"15 Although I do not have a file note of my discussion with Roots, the effect of the words stated in that discussion was that I should provide a valuation on the basis of a site value with development consent for a project of 104 apartments (the Price Instructions)."
Preliminary inquiries
16 On 23 November 2004, I arranged for two searches to be conducted as follows:
16.1 A search on the Property which revealed:
16.1.1 A prior sale for $275,000 in November 1997;
16.1.2 The owner to be Herro.
16.2 A search on other properties on Coulson Street which had sold within the previous 12 months.
17 The searches were conducted on the RO Data site ..."
72In cross-examination, Mr Phillips agreed that he had exhibited to his affidavit the documents he took into account in arriving at his valuation (T278.30-31). He agreed that the searches he performed on the RP data or otherwise, were all exhibited to in his affidavit and other documents he considered in arriving at his valuation were also exhibited to his affidavit (T278.34-40).
73In cross-examination, Mr Phillips gave the following evidence (T279-280):
Q. If we go to p 6 of your exhibits? Pages 6 and 7 are the RP data searches you did in connection this valuation aren't they?
A. Some of.
Q. You now say there are others?
...
BRAHAM: I asked him a minute ago whether the extent he did searches and RP data and otherwise they were exhibited to his report.
WITNESS: They are but there was other data that was available in our practice.
Q. A minute ago I asked you to confirm if you considered a document in relation to your valuation that you exhibited to your reports and you agreed that was wrong?
A. There was a cross reference to the sales within the Glo project yes.
...
Q. Are you saying you did other searches within your office?
A. I did.
Q. And you haven't annexed the results of those searches?
A. Yes. No it is obviously a fault of mine.
...
Q. Do you know what are those other reports?
A. That they would have been RP data and whatever was available in our office.
Q. You don't know what those searches are?
A. They are not in my affidavit.
Q. And you do not remember them do you?
A. I remember their reference to my report at the time.
Q. You can read the report and draw inferences from that. Is that what you are saying?
A. No. I drew the inferences from the data.
Q. Look Mr Phillips: You have exhibited to your report two RP data searches in connection to this valuation. Do you agree?
A. I do.
Q. You make no reference in your affidavit to having done any other RP data searches, correct?
A. Correct.
Q. In paragraph 17 of your affidavit?
A. Could I just go back? 16.2 says: "A search of other properties on Coulson St which sold within." That is that information. Okay. Yes. | [
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|
nsw_caselaw:54a636e73004de94513d96f4:0 | nsw_caselaw:54a636e73004de94513d96f4 | Supreme Court
New South Wales
Medium Neutral Citation: Provident Capital Limited v John Virtue Pty Ltd (No 2) [2012] NSWSC 319
Hearing dates: 24, 25, 26, 27, 28, 31 October 2011 & 1 November 2011
Decision date: 13 April 2012
Jurisdiction: Common Law
Before: Harrison AsJ
Decision: (1) Verdict and judgment entered in favour of the defendants.
(2) The plaintiff is to pay the defendants' costs as agreed or assessed.
Catchwords: NEGLIGENCE - allegation of negligent valuation of property - whether valuer negligent - whether loss - discussion of valuation methods
Legislation Cited: Fair Trading Act 1987
Trade Practices Act 1974 (Cth)
Cases Cited: Adwell Holdings Pty Ltd v Smith [2003] NSWCA 103
Angas v Valcorp [2011] FCA 190; [2001] 277 ALR 538
Bickle v Cmr of Main Roads (1961) 7 LGRA 155
Hann Nominees Pty Ltd v National Australia Bank Ltd [2000] FCA 454
Kenny & Good Pty Ltd v MGICA (1992) Ltd [1999] HCA 25; (1999) 199 CLR 413
La Trobe Capital & Mortgage Corporation Limited v Hay Property Consultants Pty Ltd [2011] FCAFC 4
Minister of Environment v Petroccia (1982) 30 SASR 333
MGICA (1992) Ltd v Kenny v Good Pty Ltd (196) 140 ALR 313
Pamalco Pty Ltd v Minister (No 3) (1991) 71 LGRA
Redeam Pty Ltd v South Australian Land Commission (1977) 40 LGRA
Riverbank Pty Ltd v Commonwealth (1974) 48 ALJR 483
Sellars v Adelaide Petroleum NL [1994] HCA 4; (1994) 179 CLR 332
Singer & Friedlander Ltd v John D Wood & Co [1977] EG 569 [this appears to be a reference to (1977) 243 EG 212]
St Martins' Centre Pty Ltd v Valuer-General (WA) (2003) 30 SR (WA) 218
Tabet v Gett [2010] HCA 12; (2010) 240 CLR 537
Ta Ho Ma Pty Ltd v Allen [1999] NSWCA 202
Vero Lenders v Taylor Byrne [2006] FCA 1430
Category: Principal judgment
Parties: Provident Capital Limited (Plaintiff)
John Virtue Pty Ltd (First defendant)
Mr Grant Phillips (Second defendant)
Representation: P Braham SC with B K Nolan (Plaintiff)
J Catsanos (Defendants)
Tiernan & Associates Lawyers (Plaintiff)
DLA Phillips Fox (Defendants)
File Number(s): 2008/284253
Judgment
1HER HONOUR: The plaintiff seeks damages for what it contends was a negligent valuation carried out by the defendants in December 2004 in relation to a former industrial site at Erskineville ("the property").
In December 2004, the defendants valued the property at $12M. The plaintiff seeks damages for breach of contract, damages in tort, damages pursuant to s 82 of the Trade Practices Act 1974 (Cth) ("the TPA") and/or s 68 of the Fair Trading Act 1987 and interest.
2The plaintiff is Provident Capital Limited ACN 082 735 573 ("Provident Capital"). The first defendant is John Virtue Pty Ltd ACN 001 656 195 ("John Virtue"), a firm of property valuers.
The second defendant is Grant Phillips, who is a valuer employed by John Virtue ("Mr Phillips"). Mr Phillips is the one who prepared and signed two valuations. At the time of the valuations (2/12/2004; 16/102005) and as at the current date Mr Phillips was a director of John Virtue.
3Provident Capital is a non-conforming lender, that is, it does not conform to the lending criteria that would govern traditional lenders such as banks. Provident Capital is also a mortgagee, which is in the business of lending on the security of registered mortgages over real property. | [
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|
nsw_caselaw:54a636e73004de94513d96f4:28 | nsw_caselaw:54a636e73004de94513d96f4 | The subject site is considered saleable at the provided valuation and to constitute a satisfactory basis for mortgage security, subject to confirmation of the pre-sales as bona fide and to those general provisions and disclaimers indicated".
155Mr Phillips addressed (3) and referred to the current off market conditions and said:
"The medium density market within inner south Sydney had suffered from poor absorption rates in a general oversupply situation recently. The market of mid to late 2003 was sound with good sales rates noted, but interest rate rises and negative market sentiment late in 2003 caused the market to soften.
Those poor market conditions have continued into year 2004 and the implementation of exist stamp duty on investment sales in mid 2004 has further damaged a soft market. Value levels have decreased generally and there is a potential for a further diminution in values in the short term, in our opinion.
There are a significant number of new apartments available, under construction or 'in the pipeline' within the South Sydney area generally and we can highlight the areas of Green Square, Waterloo and Zetland where oversupply is in evidence.
A project such as the subject would be difficult to support in a normal context, but we do acknowledge that the significant pre-sales evident to date has motivated our more favourable consideration".
156Mr Phillips also addressed (5), (7), (8) and the ancillary instructions. Mr Phillips' did not refer to instructions (2) and (6). Question (2) asked how long the property had been on the market. This question was not answered but nothing turns on this.
Question (6) is not relevant as the property was not to be rented out and only had two dilapidated buildings on it that were intended to be demolished. In my view Mr Phillips properly addressed the relevant matters referred to in the instructions.
157A valuer is entitled to exercise his professional judgment in carrying out a valuation. As Mr Davis explained, the task of valuations is "an art not a science". I have examined Provident Capital's criticisms of Mr Phillips' first valuation at [88]. None of these complaints were made out.
The guidelines support Mr Phillips' approach that where there are only a small number of comparable sales, the comparative method is not appropriate.
While Mr Phillips applied a more favourable value to the unit price in the feasibility studies, the difference was only one to three percent from those of the two expert valuers. Valuation is not an exact science and this different margin is not significant overall.
158It is my view that Mr Phillips exercised all reasonable care, skill and diligence that would be expected from a competent valuer when he prepared the first valuation in accordance with the instructions he was given. Mr Phillips exercised reasonable care and skill when he valued the property at $12M, proceeding as he did on the disclosed assumption that the presales were bona fide.
The valuation was well within the reasonable range or "bracket" of values that are prima facie not negligent: Hann Nominees Pty Ltd v National Australia Bank Ltd at [29]; Adwell Holdings Pty Ltd v Smith at [9]. To the extent that the instructions furnished to Mr Phillips informed the content of the duty of care (Kenny & Good Pty Ltd v MGICA at [116]), Mr Phillips complied with those instructions.
Causation
159The property was worth about $12M at December 2004 (Mr Rowlands put its value at between $11.5M and $12.250M). Provident Capital was to advance 66 percent of the amount of the first valuation. Provident advanced $7.920M, being 66 percent of that amount.
In these circumstances, the defendants did not cause Provident Capital to suffer any loss. Even with the valuation, Provident Capital elected to provide a further $1M advance for the purchase of the property. Provident Capital accordingly lent more than 66 percent of the valuation amount. | [
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|
nsw_caselaw:54a636e73004de94513d96f4:20 | nsw_caselaw:54a636e73004de94513d96f4 | 103Mr Rowlands said that it is the valuers' role to advise the mortgagee whether or not the project is viable at the land value promoted by the developer. Further that residual cash flow analysis is a methodology employed by developers to evaluate a project and by valuers to establish highest and best use, viability and market value of the land at a return that is acceptable in the marketplace.
104Mr Rowlands says that if a development site has development approval and presales in place and if the mortgagor is seeking finance to acquire and/or develop the site, it is always a requirement by mortgagees, the API Practice Standards and Professional Indemnity Insurers to have assessment using residual cash flow analysis.
According to Mr Rowlands, direct comparison is only regarded as a subordinate methodology in this situation.
It can be used to assist in understanding the broad value parameter applicable to sites similarly zoned and approved but not to establish the highest and best use and/or project viability.
The use of sales and the direct comparison approach is utilised by valuers, as a primary method when preparing valuations of sites that do not have development approval, in situations where a financier requires an indication of site value so that a client can acquire or refinance a site prior to gaining an approval.
105Therefore the two valuers' opinions differ on the methodologies said to be most appropriate in these circumstances, being the comparison sales analysis (according to Davis) and the residual cash flow analysis (according to Rowlands).
106Provident Capital submitted that the Court should treat Mr Rowlands' steadfast adherence to his opinion of reasonable value in 2004 of the property at $12M with caution.
Provident Capital says that Mr Rowlands did not offer a viable explanation for his strict adherence to his higher figure and that his unwillingness to oscillate even within the acceptable 10 percent band of variation showed his willingness to advocate his client's position.
I do not interpret Mr Rowlands' evidence this way. It is my view he gave a straightforward, honest opinion. While he did not agree to a 10 percent variation he was not obliged to do so. He did provide the proper foundation for his opinion.
107Further, Provident Capital drew attention to the apparent friendship between Mr Rowlands and Mr Phillips, which was not one of simple collegial acquaintance.
This was accepted by Mr Rowlands but denied by Mr Phillips and nowhere was their friendship mentioned in either of their written evidence. This was said to be a matter that an expert witness should properly have revealed. It is my view that these submissions are not of substance.
All of the valuers have been in this business for between 30 and 40 years. No doubt their paths have crossed during this time. Both Mr Davis and Mr Rowlands commenced work at the Valuer Generals 30 years or so ago and knew each other from then.
They have seen each other socially on occasion over the years. They are probably best described as professional colleagues. I do not accept that these factors in any way affected Mr Rowland's opinion.
108Provident Capital submitted that it was a calculated assertion by Mr Rowlands that he had not seen the valuation prior to preparing his report as he had access to the annexures to the valuation, which to any experienced valuer would tell of the target value and all relevant inputs.
It was submitted that without proper explanation, the Court should draw an adverse conclusion. It is my view that it was not a calculated assertion that Mr Rowlands had not seen the valuation; it was his counsel who asked this question and he answered truthfully.
The position was that he had not seen the valuation itself although a copy of the cash flow analysis was furnished to him. When he was asked if cash flow analysis was included as an annexure to his instructions, he freely admitted that it was. | [
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|
nsw_caselaw:54a636e73004de94513d96f4:2 | nsw_caselaw:54a636e73004de94513d96f4 | 12The purpose of the loan was to advance funds sufficient to allow Toubia to settle on their purchase of the property in March 2003. In late 2004, Toubia approached Provident Capital through its broker Karen Gold ("Ms Gold") of Capital Now, to obtain bridging finance for the property. Ms Gold submitted the application on behalf of Toubia.
13The amount of the loan was to be for the lesser of either $10.860M or 66 percent of the valuation of the property. During consideration of the proposed loan, Provident Capital retained the defendants to provide the valuation.
As previously stated, the valuation was undertaken by Mr Phillips on behalf of John Virtue who assessed the site value of the property, with development consent, at $12M exclusive of GST as at 2 December 2004. The proposed loan to Toubia did not proceed.
The change of borrower from Toubia to MMT
14In early February 2005, Provident Capital was notified that the proposed borrower would no longer be Toubia, but rather a company known as MMT.
15By the time that MMT had been put forward as the proposed borrower, Toubia's proposed purchase of the property had fallen through and MMT had negotiated a purchase price at $10,765,500. Herro remained the vendor.
16A new contract for sale of the property was drafted with MMT as the purchaser. There was no deposit required in the new contract for sale, as there was to be a simultaneous exchange and settlement.
The purchase price of $10,765,500 took into account the deposit already received and retained by Herro and included further consideration in kind of an assignment to Herro of nine exchanged contracts for off the plan units to be constructed as the security units.
17Provident Capital agreed to advance $8.920M to MMT ("the loan") and took collateral including a first registered mortgage over the property and obtained guarantees from Michael Toubia, Monica Toubia, Toubia and Capital Access Holdings Pty Ltd ("Capital Access") ("the mezzanine lender").
Michael Toubia was the sole director of Toubia and Monica Toubia, Michael Toubia's wife, was the sole director of MMT.
18As discussed above, the property had development approval for the demolition of existing buildings and the construction of 103 residential units and one commercial unit.
19On 8 November 2004, Karen Gold wrote to Stan Roots, an employee of Provident Capital, informing him that he had:
"... a client which will require a (sic) asset lend to settle on land which he exchanged on 18 months ago.
In the 18 months he had pre-sold 20.9 million in apartments and completed DA.
He is going to require a 20 million construction loan on a 52 million gross realization would you be interested in the construction once I put the deal together."
20Emails were exchanged. Further information was provided in relation to the site. Ms Gold indicated that the first step was "the asset lend" and then to move onto the construction loan. Mr Roots informed Ms Gold that Provident Capital would not be interested in the construction facility; it was interested in settling the land component only. The basic conditions were outlined as follows:
"1. Maximum LVR 66% of current value
2. Application/establishment fee 2.95% of loan amount - client to pay $15,000 plus valuation and $5,000 towards legals on acceptance of offer
3. Would want evidence of stated pee (sic) sales and our offer would include that they can't rescind/cancel contracts
4. Interest would state accruing 5 days from date our Solicitors provide documentation to borrowers Solicitors
5. Interest rate 11.25% payable 6 monthly in advance (term of loan) with no rebate if paid out early"
21The next day (9 November 2004), Ms Gold forwarded documents to Mr Roots by fax. | [
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|
nsw_caselaw:54a636e73004de94513d96f4:25 | nsw_caselaw:54a636e73004de94513d96f4 | 5 units would be sold each month during the 18 month construction period, so he calculated that at the time the construction period finished, the average sale price would be $475,000. In reality there had been no presales for six months prior to the valuation and Mr Phillip's evidence was that he assumed that the marketing of the units had ceased.
135Mr Davis calculated that were 26 exchanged presales and 21 awaiting exchange. Mr Rowlands calculated that there were 27 exchanged presales and 21 pending.
136All experts calculated the same number of contracts pending, namely 21. Mr Davis calculated 26 exchanged contracts, Mr Rowlands 26 and Mr Phillips, 27. This difference is slight and insignificant.
137Mr Phillips was asked if his assumption that the marketing has ceased goes directly to the reasonableness of the assumption that the presales would continue. He did not think so (T399.9). In other words he calculated the presales on the basis there was no marketing in place. This approach is logical.
Assumption made as to construction costs
138There was no criticism made by the experts as to the amount Mr Phillips attributed to construction costs. He obtained that information from a quantity surveyor and Ms Gold.
(iv) Using only one method of valuation
139Provident Capital submitted that the expert valuers in this matter both agreed that it is necessary that there be two methods of valuation to provide a "cross check" (T362). Mr Phillips agreed with this proposition (T256).
However, Mr Phillips admits that only the one method of valuation, being a feasibility analysis, was adopted in the valuation (T256). According to Provident Capital, Mr Phillips, in performing the feasibility study of the property, which was in essence the only valuation method adopted in the valuation, failed to act reasonably and carefully.
140I accept that the guidelines suggest that a valuer use one or more valuation approaches (GN 9.0). However, where Mr Phillips' selection of comparable sales meant that methodology was unreliable, there was only one other method he could use, the residual site feasibility method.
Messrs Phillips and Rowlands agreed that this was the more desirable approach. Neither Mr Davis nor Mr Rowlands suggested that another suitable method could have been used.
In the circumstances, it is my view that Mr Phillips was entitled to use only one method of valuation but perhaps it would have been more appropriate to have pointed out to Provident Capital the limitations: because only one method was used, it was not possible to perform a cross check.
Nevertheless, I have not reached the conclusion that Mr Phillips' approach was one where he failed to act reasonably and carefully.
141I shall express my conclusions on these matters shortly.
Consideration of the second valuation dated 16 October 2005
142It is necessary now to consider what use should be made in relation to the second valuation.
143Provident Capital argued that the second valuation, which valued the property at $6.25M to $7M 10 months after the first valuation for $12M was evidence in itself of negligence and referred to MGICA (1992) Ltd v Kenny v Good Pty Ltd (196) 140 ALR 313 (at first instance), where it was said at 336-337:
"In my opinion, even after giving full weight to the respondents' submission, which was supported by numerous concessions made by the valuers in their evidence, that value is to a substantial extent a matter of opinion, impression and personal taste and preference,
and further that in considering whether a duty of care was breached one must be careful to put to one side the benefit of hindsight, it should be accepted that the true value of the property as completed as at 18 April 1990 was about $4 million.
On this basis, Mr Kenny's figure of $5.5 million was a gross overvaluation and affords some evidence of negligence on his part."
144When the borrower defaulted on repayment, a second valuation was sought and obtained from Mr Phillips in October 2005. In the second valuation Mr Phillips valued the property as worth between $6.25M to $7M. | [
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] | null |
|
nsw_caselaw:54a636e73004de94513d96f4:17 | nsw_caselaw:54a636e73004de94513d96f4 | He considered it may be open to a Judge, in a suitable case, to hold that a valuation figure is so far removed from what is the true value of the property that it could be regarded as a valuation that was outside the limits open to a competent valuer without specific professional evidence being given of what those limits were."
85In Adwell Holdings Pty Ltd v Smith [2003] NSWCA 103 Meagher JA (Mason P and Buddin J agreeing) agreed with the court in Hann Nominees Pty Ltd v National Australia Bank Ltd, stating at [9]:
"In Singer & Friedlander Ltd v John D Wood & Co [1977] EG 569 Watkins J said:
The valuation of land by trained, competent and careful professional men is a task, which really, if ever, admits of precise conclusion. Often beyond certain well-founded facts so many imponderables confront the valuer that he is obliged to proceed on the basis of assumptions.
Therefore, he cannot be faulted for achieving a result, which does not admit of some degree of error. Thus, two able and experienced men, each confronted with the same task, might come to different conclusions without anyone being justified in saying that either of them has lacked competence and reasonable care, still less integrity, in doing his work.
Since then, Judges seem to have taken a figure of 10% (or, in some cases at least, perhaps 15%) of the true figure to constitute an area, or bracket, within which, prima facie, a valuation is not negligent. But the importance of that "bracket" notion must not be misunderstood. It is not a statement of some principle that no valuation within the bracket can, as a matter of law, be negligent.
That such a valuation can still be negligent is not only a matter of common sense, but has been judicially developed in such cases as Interchase Corp Ltd v ACN 010 087 573 Pty Ltd (Supreme Court, Queensland, 520 of 1994, BC 200000188) [this appears to be a reference to [2000] QSC 013] and Lion Nathan Ltd v Coca-Cola Bottlers Ltd [1996] 1 WLR 1438.
Once one finds that a valuation is within the "bracket", one can infer that prima facie, but only prima facie, it is not tainted by negligence; of course, it may have been arrived at by negligence, but that fact must be proved;
one can never say that purely because a figure is within the "bracket", no negligence can be involved; but, on the other hand, if one arrives at a conclusion that a particular valuation is correct, one may turn to the "bracket" test as a check."
86From the latter two cases, the courts have accepted that there are so many imponderables that confront a valuer that two able and experienced valuers may come to different conclusions without anyone lacking in competence and reasonable care. An allowance can be made that valuation figures may vary between 10 to 15 percent.
The content of the duty of care and whether there was a breach
87The content of the duty owed by the defendants to Provident Capital can largely be determined from the terms of the instructions given to them: see Kenny & Good per McHugh J at 439 [58], Kirby and Callinan JJ at 456 [116] and Gummow J at [83]; Vero Lenders v Taylor Byrne [2006] FCA per Greenwood J 1430 at [50].
In relation to whether the defendants breached their duty of care owed to Provident Capital, both parties relied upon expert evidence.
88When distilled, counsel for Provident Capital in cross-examination of Mr Phillips sought to criticise his first valuation on five grounds, namely: failure to carry out a comparative analysis; not undertaking/documenting searches;
the unit price ascribed to the individual apartments for the purposes of a feasibility analysis; assumptions made as to the construction costs for the purposes of a feasibility analysis; and assumptions made as to the number of presales for the purposes of a feasibility analysis.
89In summary Mr Phillips reported in the first valuation under "Approach to Valuation" (as quoted above in bold): | [
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] | null |
|
nsw_caselaw:54a636e73004de94513d96f4:38 | nsw_caselaw:54a636e73004de94513d96f4 | Q: And making an inquiry probably before the point of settlement as to where are you at with your construction finance?
A: Yes. I mean there would need to be or want to be some idea that something is cooking in relation to construction refinance.
Q: You would want to see some documents, that sort of thing. You agree with that?
A: Yes.
230In relation to Capital Access Mr O'Sullivan conceded that he did nothing to check their capacity to repay the extra $1M (T127). Mr Turner also stated he would expect that Mr O'Sullivan would have had sufficient documentation to justify that they had the financial wherewithal to come up with further funds (T446).
231Provident Capital also argue that criticisms of an alleged failure to adhere to lending policies are irrelevant as this is not an action brought pursuant to ameliorative legislation such as the Contracts Review Act 1980. They refer to Mason J in Commissioner of Railways v Ruprecht [1979] HCA 37; (1979) 142 CLR 563 at 570.
Consequently they conclude that the defendants have not demonstrated that Provident Capital failed to act in a reasonable and prudent manner in mitigating the foreseen risks. Rather, Provident Capital says that the defendants' plea is more a criticism that Provident Capital failed to act as a conservative traditional lender might act.
232As I have found that the plaintiff's claim in negligence fails, I have not found it necessary to reach a concluded view on this issue.
However, I note that Provident Capital's failure to inquire into whether MMT had taken steps to obtain construction finance would be relevant to any assessment of contributory negligence. The plaintiff's decision to lend MMT a further $1M in excess of 66 percent of the valuation would also be relevant.
Conclusion
233In summary, my conclusions are that the defendants did not breach their duty of care to the plaintiff. The defendants did not cause Provident Capital's loss. Provident Capital's reliance on the defendants' valuation was unreasonable. Hence, the defendants were not negligent, so the claim in negligence fails, as does the claim under the Trade Practices Act.
234The result is that the plaintiff's claim fails.
235I enter a verdict and judgment in favour of the defendants.
236Costs are discretionary. Costs normally follow the event. The plaintiff is to pay the defendants' costs as agreed or assessed.
The Court orders:
(1) Verdict and judgment entered in favour of the defendants.
(2) The plaintiff is to pay the defendants' costs as agreed or assessed.
**********
DISCLAIMER - Every effort has been made to comply with suppression orders or statutory provisions prohibiting publication that may apply to this judgment or decision.
The onus remains on any person using material in the judgment or decision to ensure that the intended use of that material does not breach any such order or provision. Further enquiries may be directed to the Registry of the Court or Tribunal in which it was generated.
Decision last updated: 13 April 2012 | [
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|
nsw_caselaw:54a636e73004de94513d96f4:32 | nsw_caselaw:54a636e73004de94513d96f4 | 184The evidence of the valuers is clear - without the presales, the value of the property would have been less. Both expert valuers also gave evidence that their opinion would change if there had been no presales (both at T381).
185Mr O'Sullivan also confirmed this at T142-143 and T147:
Q. And if the pre-sale weren't there you would have to reassess the value and reassess the transaction?
A. Potentially, yes.
...
Q. If there was an issue as to the viability of the pre-sale contracts you would agree this would be a matter to remit to the valuer to consider the valuation afresh?
A. Yes.
186In cross-examination Mr Turner stated (T448-452):
Q. You understood the valuer saw the pre-sale contracts as being significant in his valuation?
A. Look, I mean having read a number of valuations it's not an unusual clause for a valuer to put in a valuation.
Q. I'm just asking you as an expert, can you answer my question. When you read this valuation you would have seen the valuer placed a significant store on the presence of pre-sale contracts. Would you agree with that?
A. Yes.
...
Q. If you go down, 2 paragraphs down...Again, there's no doubt that he is placing significant store on the pre-sales and counsel that that they be confirmed, do you agree with that?
A. Yes, I agree with that. That line, yeah.
Q. The next 2 paragraphs.
HH. Do you agree?
Q. I agree.
...
Q. Coming back to what I suggested to you earlier, would you agree with me Mr Turner, that it is clear on any reading of that valuation that the valuer placed significant emphasis on the presence of pre-sales in terms of assessing value?
A. In this valuation the valuer has made a number of references to pre-sales as being fundamental to the value, yeah.
187Mr Bayly expressed the opinion that non-bank lenders were less likely to demand presales as a prerequisite to the loan proceeding than traditional banks. He was of the view that they would, however, be very interested in any existing presales as a measure of the potential pricing and saleability of the project.
Many developers regard presales as an impost on their ability to sell the end product as it tends to cap the upside potential of the project. Further, presales often come via project marketers and can be of doubtful value.
188According to Mr Bayly, for those reasons, the prudence, or lack thereof, of accepting a presale with a component of trade dollars was not necessarily a major consideration that traditional or non-bank lenders would take into account.
While this may reflect the general approach, it ignores the specific warning given by Mr Phillips as to the importance of the bona fides in relation to this particular valuation.
189As previously stated, in its own evaluation of the valuation noted under the heading, "Has the valuer commented on any adverse findings likely to affect the security or saleability", Provident Capital noted "Yes" and added "Has commented that due to slow down in market need to ensure that presales are in place!"
190The following handwritten notes by Provident Capital appear at the bottom of the valuation certificate:
"BP (Berstein Pain solicitors) have been instructed to confirm
(i) That contracts are unconditional
(ii) That deposit are held in trust
(iii) That contracts cannot be cancelled without our written consent and
(iv) That deposits cannot be released without our [indecipherable].
191On 16 December 2004, Provident Capital instructed Berstein Pain solicitors after the valuation was received to seek confirmation that the presales were actually in place.
192On 17 December 2004, Berstein Pain sent a fax to Konstan Lawyers seeking, first, confirmation that the contracts which had been issued were unconditional aside for the completion of the project; secondly, that the deposit relating to each of the contracts was being held in the trust account;
and thirdly, that the deposits would not be released without the prior written consent of Provident Capital and that no contracts would be cancelled, terminated or rescinded without the prior written consent of Provident Capital. | [
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|
nsw_caselaw:54a636e73004de94513d96f4:13 | nsw_caselaw:54a636e73004de94513d96f4 | WITNESS TURNER: Correct.
55On 25 March 2005, Provident Capital advanced funds equal to 66 percent of the valuation, being $7.92M. Both Michael Toubia, sole director of Toubia, and Monica Toubia, sole director of MMT, also gave guarantees. Provident Capital took a registered first mortgage over the property.
56Provident Capital then agreed to advance an additional sum of $1M to MMT pursuant to a limited guarantee provided by Capital Access Holdings Pty Ltd ("Capital Access"), the second mortgagee to the property. The $1M was basically advanced to Capital Access. In one sense, this meant that Provident Capital advanced a total amount that was greater than 66 percent of the purchase price.
57On 2 March 2005, the funds were advanced to MMT. The following deductions were made from the advance, an establishment fee of $331,000 and interest in advance of $458,149.29.
58The limited guarantee provided by Capital Access was subject to different conditions to the primary advance of $7.920M. The funds advanced pursuant to the Capital Access guarantee were to be repaid by 15 April 2005. Capital Access (the Mezzaine funder) could not pay the $1M by the due date.
59There was a further concession requested this time by Capital Access not MMT. It requested an extension to pay the balance of $700,000. Following discussions with Capital Access, Provident agreed to amend the terms of the agreement to allow Capital Access additional time to repay the loan as follows: $300,000 on 15 April 2005; and $700,000 on 29 April 2005.
60Provident also required a loan variation fee of $20,000 to be paid. Capital Access paid these amounts to Provident.
61In late May 2005, arrangements were made with MMT to rollover the loan for a period of 90 days with the new maturity date to be 17 September 2005. The conditions of the rollover were:
a A monthly rollover fee of $30,000 for each month, or part thereof, that the loan remained outstanding during the rollover period;
b Interest in advance at the lower - discounted rate of 11.25 percent for the 90 day term.
62If the loan was not repaid within the 90 day period of the rollover, the loan would be considered to be in default. This would result in the higher rate of interest of 17.
25 percent being charged for the 90 day period of the rollover, and the balance of the rollover fee, being $331,000 less any monthly rollover fees already paid, would be due and payable. Capital Access paid the rollover fee and interest in advance on behalf of MMT.
63On 17 September 2005, the loan was not repaid. Provident Capital took possession of the property and commenced a marketing campaign for its sale on a mortgagee in possession basis. A second valuation of the property was sought from Mr Phillips.
64On 16 October 2005 John Virtue, in his second valuation, valued the property at $7M for a "normal sale" valuation and at $6.25M as a forced sale value.
To arrive at these amounts he used two methods, namely, the comparative sale method and residual site feasibility (hypothetical development methodology)). In the first report Mr Phillips used only the residual site value feasibility (hypothetical development) methodology.
65During 2005 and 2006, Provident Capital received, through its agent Ray White, offers to purchase the property in the vicinity of $6M to $7M.
66In June 2007, the development application that related to the property expired. As there were no reasonable offers to purchase the development before this time, Provident Capital says it had to attend to measures in order to keep the development application in force. This included "substantial demolition works and commencement works" in the order of $2.8M.
67On 22 February 2007, the property was sold to AV Jennings for $12,506,720.
Credibility of Mr Phillips
68It is convenient that I record my observations of Mr Phillips and assess his credibility. I closely observed Mr Phillips when he gave evidence and was cross-examined. | [
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|
nsw_caselaw:54a636e73004de94513d96f4:27 | nsw_caselaw:54a636e73004de94513d96f4 | ...Mitchell Road, Erskineville
...
... Marrickville Road, Marrickville
...
Based upon the available date, in the subject matter, we have adopted potential Gross Realisation (inclusive of GST) levels (on average) as follows:
...
We have further been instructed to provide a 'Forced Sale' assessment (Valuation 2) and in this case, we have appropriately discounted in the above Site Value to reflect a mortgagee sale and which is representative of reasonable auction 'Reserve Price'. In this case, we have adopted a rate of $60,000 per unit site and a Site Value ('Forced Sale') of $6,250,000 (Valuation 2).
...
VALUATION
We are of the opinion that fair and reasonable valuation information with regard to the Residential Redevelopment Site at Numbers 2-4 Coulson Street, Erskineville, New South Wales, 2043, is as follows:
1. A 'Normal Sale' valuation which reflects a conventional three (3) to six (6) months marketing --- $7,000,000 (Seven million dollars) GST exclusive.
2. A 'Forced Sale' valuation which acknowledges a short term marketing campaign including an auction and being a reasonable auction 'Reserve Price' --- $6,250,000 (Six million two hundred and fifty thousand dollars) GST exclusive..."
147The defendants submitted that the assertion that over-valuation can be inferred by comparing the second valuation to the first valuation is illogical and erroneous in law. It overlooks that the second valuation was provided on an entirely different basis to the first valuation; the defendants' conduct must be assessed as at December 2004.
148By the end of 2005 the market was slowing down and more properties of a similar nature had become available. Mr Phillips, for the second valuation, was advised by Provident Capital not to take presales into account. In my view it would be wrong to compare a valuation given in December 2004 to one given on 16 October 2005 as the circumstances and instructions given were different.
The instructions in relation to the first valuation
149In order to determine whether or not Mr Phillips breached the duty of care he owed the Provident Capital it is necessary to return to the instructions given to him to ascertain the content of that duty.
150By letter dated 22 November 2004, Provident Capital instructed the defendants to provide an opinion as to the market value of the property at the date of the valuation. The instructions have been reproduced at [33], and I shall refer to them by number.
I accept that shortly after receipt of these written instructions Mr Phillips spoke to Mr Roots of Provident Capital and Mr Roots informed him that he should provide a valuation on the basis of a site valuation with development consent for the project of 104 apartments. The information given in this telephone conversation formed part of Mr Phillips' instructions.
151Provident Capital pointed out that the defendants were told that when preparing a report.
152According to Provident Capital, these are the standard instructions that a reasonable valuer acting to the requisite standard of due care and skill would recognise as being requirements for a valuation for mortgage security purposes.
153In addressing (1) Mr Phillips, in the exercise of his professional skill and judgment, determined that reliable comparative sales in the area are those made within 12 months prior to the valuation.
As there were none, he advised Provident Capital under the heading "Approach to Valuation" that, given the lack of appropriate site sales evidence relative to the current soft market conditions and reflecting the 46 percent presale proportion,
they had addressed the site value (with development consent) upon the basis of a residual site feasibility (hypothetical development) exercise per a computer generated cash flow analysis spreadsheet.
Mr Rowlands' evidence is that this was the preferred method to adopt in valuing the property.
154Mr Phillips addressed (2) and stated:
"Given the level of presales, the subject would have reasonable appeal. | [
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|
nsw_caselaw:54a636e73004de94513d96f4:18 | nsw_caselaw:54a636e73004de94513d96f4 | "Given the lack of appropriate site sales evidence relative to the current soft market conditions and reflecting the 46% pre-sale proportion, we have addressed the Site Value (with Development Consent) upon the basis of a residual site feasibility (hypothetical development) exercise per a computer generated Cash Flow Analysis spreadsheet.
" In this case, we have assessed an achievable Gross Realisation primarily defined by the pre-sales to date and have deducted site acquisition costs, unit disposal expenses, construction costs, interest and holding charges and an appropriate Development Margin to produce a Site Value (with Development Consent)".
90Mr Phillips concluded that:
"...
a fair and reasonable valuation with regard to the Residential Redevelopment Site at Numbers 2-4 Coulson Street, Erskineville, New South Wales, 2043, is in the sum of $12,000,000 (Eleven million dollars) (sic) GST exclusive,
as at 2nd December, 2004, being upon the basis of a fee simple in possession interest, with vacant possession, subject to confirmation of the pre-sales as bona fide and to those/general provisions and disclaimers indicated in this report.
"
91Mr Phillips set out the assumptions he relied upon in carrying out his cash flow analysis that forms part of the information he used in his residual site feasibility exercise.
Provident Capital submitted that two of those assumptions were wrong, firstly, an average gross realisation (net of GST) of $442,300 per unit - a total gross realisation (net of GST) of $45,999,200;
and secondly, Mr Phillips had factored seventy five (75) pre-sales (current presales plus sales during construction) into his calculations and then a sales rate of six (6) to eight (8) units per month thereafter.
92I shall examine Provident Capital's complaints, which can be summarised as follows: failure to carry out comparative analysis and not undertaking searches; the unit price ascribed to the individual apartments for the purposes of a feasibility analysis;
assumptions made as to the number of presales for the purposes of a feasibility analysis; assumptions made as to the construction costs for the purposes of a feasibility analysis; and finally, using only one method of analysis.
Expert evidence
93Each party relied upon expert evidence in relation to two topics, firstly, the expertise of valuers and secondly, expert evidence in relation to prudent lending practices of a non-conforming lender.
So far as the valuation evidence is concerned, Provident Capital relied on the report and evidence of Mr Davis. Mr Davis is the sole director of J T Davis & Associates Pty Ltd. He is a Certified Practising Valuer with 38 years' experience in valuing properties throughout New South Wales and the United Kingdom.
The defendant relied upon the report and evidence of Mr Robert Rowlands, who is the CEO of Landsbury Property Pty Ltd. He is registered valuer in New South Wales and Queensland and a Fellow of the Australian Property Institute and has had over 40 years' experience.
The experts participated in a conclave. From that they wrote a joint report, which incorporated matters upon which they agreed and those upon which they disagreed (Ex C).
94Mr Terence John Davis prepared two reports dated 22 April 2010 and 2 September 2011. In the letter of instruction, he was provided with Mr Phillips' valuations. It was his opinion that valuations of development sites of the nature of this property are most often carried out by comparative sales analysis.
Similar sites that have been sold in the open market and are in geographical and temporal proximity to the first and second dates could be identified and adjusted for relativity to the property.
It was Mr Davis' opinion that the similar sales (sometimes referred to as comparative sales approach in this judgment) was the principal method of valuation employed in the valuation profession both in New South Wales and elsewhere in Australia and internationally (Report [109], 22/4/2010). | [
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|
nsw_caselaw:54a636e73004de94513d96f4:26 | nsw_caselaw:54a636e73004de94513d96f4 | 145Mr Baikie advised Mr Phillips that the presales were no longer relevant and so he had to disregard this factor in his valuation.
Mr Phillips in his report dated 16 October 2005, adopted a different primary approach to valuation, namely a site value upon the basis of a direct comparison with limited sales and marketing indicators. The purpose of his evaluation was to assist in a possible sale of mortgagee in possession.
146The relevant part of this report is as follows:
"...Initially, we have considered the Site Value upon the basis of a direct comparison with the limited sales and marketing indicators. The most relevant site currently available for sale is XX Botany Road which extends .
.. also have frontage to McEvoy Street, Wyndham Street and Retreat Street at Alexandria. This is an irregular shaped site of some 5,600 square metres which is vacant and partially excavated.
It reportedly had Development Consent for one hundred and twenty three (123) apartments of one, two and three bedroom type plus some 1,800 square metres of retail and commercial accommodation on the ground and first floor level. The overall yield is reportedly equivalent to some one hundred and forty (140) apartments.
This site is currently being marketed for a Mortgagee and we were advised of a standing bona fide high offer of $8,500,000 which reflects a rate of $60,714 per unit for a larger development and within a marginally inferior location which is affected by busy road frontage.
We were further advised that a smaller redevelopment site at 104 Robey Street, Mascot is currently available for sale and that terms have reportedly been agreed at a purchase price of $3,200,000.
This site of approximately 2,400 square metres has a Development Consent reportedly available for fifty four (54) apartments of basis one and two bedroom type and the prospective buyer will likely develop the complex as served apartments.
The advised sale price reflects a rate of $60,000 per apartment site for a smaller project but one within a substantially inferior position which is very close to Sydney Airport with aircraft noise issues.
The above would indicate that a marketable rate per unit in the range of $60,000 - $70,000 is achievable currently in respect of the subject property.
The direct comparison evidence is quite thin but we were advised by marketing agents that there are buyers (although limited in quantum) within the marketplace for significant sites. This prospective buyers comprise mid size Builder/Developer companies as well as a number of serviced apartment providers who have entered the market recently given constricting site values.
By way of an alternate Site Value methodology, we have addressed a residual site feasibility (hypothetical development) exercise per a computer generated Cash Flow Analysis spreadsheet.
In this case, we have placed ourselves in the position of a notional Builder/Developer buyer and have taken a view that the market will improve in the likely project completion period of late 2006/2007 so as to support ready marketability of the notionally completed product in the latter construction period and post construction completion.
Therefore, we have assessed reasonably achievable Gross Realisation levels relative to current sales data for the apartments to be produced and have deducted site acquisition costs, unit disposal expenses, estimate construction costs, interest and holding charges and a reasonable Development Margin to produce a Site Value with Development Consent available.
We have adopted a reasonably bullish apartment absorption rate with marketing to be addressed during construction (from an onsite display apartment being the optimum strategy) and then a disposal completion with an overall two (2) year development program.
In our consideration of achievable Gross Realisation (inclusive of GST) levels, we have had regard to the following sales data:
... Eve Street (corner Coulson Street, Erskineville
...
... Sydney Park Road, Erskineville
... | [
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|
nsw_caselaw:54a636e73004de94513d96f4:36 | nsw_caselaw:54a636e73004de94513d96f4 | 217The defendants submitted that having regard to the above, it could not be said that Provident Capital was deprived the opportunity of using the loan funds for the subject loan transaction on an alternative loan - in the context of the Angas v Valcorp [2011] FCA 190; [2011] 277 ALR 538 authority, the defendants submitted that:
"There is no evidence that the Plaintiff lost the opportunity to make loans on its usual terms because it did not have sufficient funds available."
218And in La Trobe Capital & Mortgage Corporation Limited v Hay Property Consultants Pty Ltd [2011] FCAFC 4, Finkelstein J at [96] considered a claim of this nature and summed up the position by stating that a plaintiff must establish that:
"...there were more potential borrowers than money available and La Trobe (the lender) could not satisfy the demand of potential borrowers."
219So far as the claim for foregone income is concerned, the loan to MMT was initially for a six-month period. It was extended for a further 90 days (three months). I accept Mr O'Sullivan's evidence that he would have lent the funds allocated to MMT to another borrower. There was a substantial and not merely a speculative chance of this event occurring.
While I accept that Provident Capital lost an opportunity to proceed with an alternative commercial transaction or transactions as assessment of that lost opportunity, it depends on a number of factors.
In order to loan those funds earmarked for MMT over the period of three years, there would have had to have been potential borrowers seeking those funds; as loan in default was for a period of six months with a three-month extension, it is likely that more than one loan would have need to be approved over the three-year period.
The borrowers would have to have been able to satisfy the criteria required by Provident Capital for the advance of those funds and the borrower would have to have proceeded with the loan to settlement.
It is not possible to be precise with this calculation in relation to the likelihood of successful alternative transactions, but taking these factors into account I would allow a 50 percent chance that there was an alternative loan or loans that would have proceeded to settlement.
I would allow half the amount claimed under this head of damage. Provident Capital during this period had an almost negligible default in repayments during that time. I would allow the whole amount claimed for foregone income at 14.19 percent on the recovery expenses and I would allow an amount for court interest.
Contributory negligence
220Once again, if I am wrong in relation to breach of duty of care, reliance and causation, I have summarised the argument on contributory negligence but I have not come to a view.
221Counsel for Provident Capital submitted that it is not guilty of contributory negligence as in assessing the loan they employed the standard of lending practices employed by reasonable lenders, when lending bridging finance on a land bank on an inner-city development site in 2005.
Such lending practices involve the taking of reasonable precautions so as not to incur economic loss, based on its knowledge of the risks inherent in transactions, which it actually held or ought to have held.
222They relied on the case of Trade Credits Ltd v Baillieu Knight Frank (NSW) Pty Ltd (1985) Aust Torts Reports 80-757 where the plaintiff lender was induced to enter into a risky loan transaction on the basis of the defendant's property valuation.
The valuation had grossly and negligently overvalued the property. Clarke J, in the NSW Supreme Court, rejected the defendant's plea of contributory negligence, finding that the decision to lend was not induced by any carelessness on its part.
223The defendants disagreed and submitted that Provident Capital's failure to act as a reasonably competent, responsible or prudent lender in the circumstances of this transaction was wholly or in partly causative of Provident Capital's alleged loss. | [
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|
nsw_caselaw:54a636e73004de94513d96f4:9 | nsw_caselaw:54a636e73004de94513d96f4 | The subject project has been pre-sale marketed from September, 2003 and we are advised that a total of forty eight (48) apartments are pre-committed to date with twenty seven (27) apartments having proceeded to Contract exchange and with twenty one (21) apartments at exchange pending stage awaiting settlement of the site acquisition.
The total consideration for pre-sales is $22,898,500 and the average price achieved is $477,052 per unit. A pre-sale status report and extracts from pre-sale contracts are appended. We have proceeded upon the basis that these pre-sales are confirmed as bona fide by your legal advisors.
...
APPROACH TO VALUATION
Given the lack of appropriate site sales evidence relative to the current soft market conditions and reflecting the 46% pre-sale proportion, we have addressed the Site Value (with Development Consent) upon the basis of a residual site feasibility (hypothetical development) exercise per a computer generated Cash Flow Analysis spreadsheet.
In this case, we have assessed an achievable Gross Realisation primarily defined by the pre-sales to date and have deducted site acquisition costs, unit disposal expenses, construction costs, interest and holding charges and an appropriate Development Margin to produce a Site Value (with Development Consent).
The Gross Realisation has been approached upon an average sale price per apartment of $475,000 - being supported by the pre-sales to date (see above) and furthermore, the average sale price being achieved within the key comparable as follows:
2 Eve Street (corner Coulson Street), Erskineville
'Glo'
A new five (5) level contemporary style apartment complex in close proximity to the subject. Good standard finishes with lift access. Air conditioned one, two and three bedroom apartments with basement (security) parking.
Ninety (90) apartments in total. Similar level of finish. Common facilities include pool and gymnasium to date, forty two (42) apartments have sold from late 2003 but with activity quite slow recently. Note the range:
Type Area Range m2 Sale Price Range
One bedroom 54-70 $325,000-$390,000
Two bedroom 74-90 $435,000-$560,000
Three bedroom 95 $40,000-$6000,000
The latest and most relevant sales recorded within 'Glo' are as follows:
Unit Bedrooms Parking Contract Price
2 2 7/04 $479,000
4 2 8/04 $479,000
5 2 7/04 $490,000
10 2 8/04 $476,000
11 2 8/04 $494,000
13 3 8/04 $589,000
14 3 8/04 $558,000
17 1 9/04 $365,000
24 1 9/04 $325,000
27 1 8/04 $374,136
31 2 8/04 $450,000
43 11/04 $495,000
46 3 7/04 $540,000
47 3 7/04 $600,000
51 3 8/04 $500,000
52 3 7/04 $595,000
54 2 10/04 $535,000
56 2 7/04 $435,000
71 2 10/04 $495,000
The average sale price achieved in overall sales per apartment is $483,585.
As above, the Gross Realisation (inclusive of GST) is 104 units at $475,000 (average) per unit - a total of $49,400,000.
GST will be payable in respect of the unit sales and will be absorbed by the developer as a project expense. We have assumed that the 'Margin Scheme' could be utilised to minimise the GST payable and the calculation of GST and the Gross Realisation (net of GST) is as follows:
Gross Realisation (incl. GST) $49,400,000
Less Land Value (see Cash Flow Analysis) $12.000,000
Margin $37,400,000
GST @ 1/11 $ 3,400,000
Gross Realisation (incl. GST) $49,400,000
Less GST $ 3,400,000
Gross Realisation (net of GST) $46,000,000
Average per Unit (104) $ 442,308
Round to (for Cash Flow Analysis purposes) $ 442,300 | [
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|
nsw_caselaw:54a636e73004de94513d96f4:19 | nsw_caselaw:54a636e73004de94513d96f4 | 95Mr Davis also stated that it was considered good valuation practice to utilise an alternative methodology by way of a check on the conclusions reached by the primary approach. In this regard, he said that the alternative methodology that is common for valuers to carry out is a residual land value analysis.
This methodology calculates the value of a development site by estimating the gross sales revenue of a finished project, and deducting appropriate allowances for development costs, profit and risk and selling costs (Report [111], 22/4/2010).
96Mr Davis relied primarily on site sales analysis in order to assess the market value of the property and used the "estate feasibility analysis" as an alternative approach. He says that the conclusion of his estate feasibility analysis broadly supports his primary approach. He valued the property as at 2 December 2004 at $8M.
97Mr Davis took into account the report of Mr Rowlands (notwithstanding the inconsistency of the 21 Coulson Street sale) together with the other comparison sales and comparison evidence and commentary contained in the Rowlands report. Mr Davis then made another affidavit.
In this latter affidavit Mr Davis said that while he remained of the opinion that the value of the site was in the order of $8M, a range of $8M to $9M was nonetheless broadly consistent with comparison sales evidence. He had analysed the comparison sales in both the Davis and Rowlands reports in order to illustrate the veracity of this range of values.
98Mr Davis was of the opinion, especially having regard to the instruction of Provident Capital to John Virtue, that the primary valuation methodology that should have been adopted was of the nature of comparison sales analysis of similar development sites in the locality or in similar localities. The use of feasibility analysis was, in Mr Davis' opinion, a valid check methodology.
99When preparing his expert report, Mr Rowlands was not furnished with either of the valuations carried out by Mr Phillips. Hence, he did not know what method or methods Mr Phillips used nor did he know the valuation figure Mr Phillips valued the property.
Mr Rowlands was instructed (letter 1/12/08) to provide a retrospective valuation of the property on a vacant possession basis for mortgage purposes as at 2 December 2004.
100At [15] under the heading "Valuation" Mr Rowlands stated that, in his opinion the market value assessed by direct comparison as at 2 December 2004 with vacant possession and development approval was $12M.
Mr Rowlands was of the opinion that the market value assessed by the development feasibility study as at 2 December 2004, subject to development approval, and the assumptions/conditions contained in the report, was $11.
75M. It was also his opinion that a reasonable range in market value assessed by a competent Valuer as at 2 December 2004 with vacant possession and development approval would be $11.5M to $12.25M.
101Mr Rowlands disagreed with Mr Davis that the primary valuation methodology that is most often carried out is the comparative sale analysis.
Mr Rowlands was of the view that in situations where a financier is considering providing finance for acquisition and/or development of a site that has development approval, a residual cashflow analysis was a fundamental requirement, and was always regarded as the primary method of assessing the market value of the land. This is also the approach that Mr Phillips took.
102Mr Rowlands says that the task of assessing the market value of a site with development approval requires the use of a methodology that enables the valuer to factor in all the conditions of the development approval.
These being s 94 contributions and the cost of all off-site works, as well as the cost of construction, management of the building process, payment of interest on land and construction cost, marketing costs and establishing the effect of presales and projected sale rates on the profitability of the project. These could only be measured by preparing a residual cash flow analysis. | [
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|
nsw_caselaw:54a636e73004de94513d96f4:34 | nsw_caselaw:54a636e73004de94513d96f4 | 203However, once Provident Capital confirmed that 17 of the presales were in trade dollars, it made its own decision to go ahead with the loan. Either Provident Capital no longer relied on the valuation, or it was unreasonable to rely on the valuation when it accepted trade dollars in relation to the presales.
204As I have made findings that the defendants did not breach their duty of care and did not cause Provident Capital to suffer loss, the defendants were not negligent. The claim in negligence fails.
It was not reasonable for Provident Capital to rely solely on the valuation when it lent a further $1M, meaning that a sum of over 66 percent of the valuation was lent, and when it accepted deposits on presales in trade dollars. For the same reasons, the claim under the Trade Practices Act for misleading and deceptive conduct also fails.
Damages
205In case I am wrong in finding that the defendants were not negligent in preparing the valuation, that the valuation did not cause the loss, and that Provident Capital was not entitled to rely on the valuation, I turn to consider the damages claimed by Provident Capital.
206While Provident Capital achieved a sale on the property of approximately $12.5M on 22 November 2008, it says that this was after substantial demolition works and the commencement of other works it was obliged to expend funds on in order to carry out this work.
207So far as the recovery expenses are concerned, there does not appear to be a dispute that they were reasonably incurred. The buildings on the property had to be demolished to keep the development application in force. This had to be done before the property could be sold. Nor, it appears, is there any dispute that the sum of $7.
8M was lent to MMT and that interest accrued at 18 percent for 12 months ($1.404M) and legal costs of $25,000 were incurred. The sum of $10,405,965 is not in dispute. What is in issue is whether Provident Capital should be compensated for the loss of the use of the moneys loaned to MMT.
208Provident Capital sought to satisfy the Court that had the defendants not negligently valued the property, the loan would not have been written and that instead of lending to MMT, Provident Capital would have loaned the money to another borrower.
It sought to demonstrate that lending to another borrower would have likely resulted in a loan without default, by referring to its rate of default on loans in 2005/2006 of 0.1 percent.
209Provident Capital's claim for damages is for loss of commercial opportunity. In support it referred to Sellars v Adelaide Petroleum NL [1994] HCA 4; (1994) 179 CLR 332, where the High Court considered this type of claim for damages.
At 349 Mason CJ, Dawson, Toohey and Gaudron JJ discussed the way in which contract law recognises that a loss of an opportunity is compensable. Where a claim is made for the loss of a commercial opportunity, the Court must, before it awards damages in respect of such a claim, be satisfied on the balance of probabilities that a commercial opportunity of some value was lost.
Once that is done the Court assesses the value of the opportunity by reference to the degree of probabilities or possibilities (at 355 per Mason CJ, Dawson, Toohey and Gaudron JJ; at 368 per Brennan J (as his Honour then was)).
In Sellars v Adelaide Petroleum NL, the High Court held that the trial judge was correct to make an award of damages in favour of the applicant for the loss of an opportunity to proceed with an alternative commercial transaction that had a 40 percent chance of proceeding to settlement.
210In Tabet v Gett [2010] HCA 12; (2010) 240 CLR 537, Kiefel J (with whom Hayne and Bell JJ agreed) referred to Sellars v Adelaide Petroleum NL and said (at 581 [124]) that if providing an opportunity provides a substantial and not merely a speculative prospect of acquiring a benefit, it can be regarded as of value and therefore as loss or damage. | [
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|
nsw_caselaw:54a636e73004de94513d96f4:8 | nsw_caselaw:54a636e73004de94513d96f4 | The standing improvements will require demolition and removal to facilitate the proposed redevelopment. We have proceeded upon the basis that asbestos based building materials will be disposed of in an appropriate Department of Environment and Conservation (DEC) approved manner.
DESCRIPTION OF PROPOSED IMPROVEMENTS
Proposed for erection upon the subject land is a six (6) level apartment building over two (2) basement carparking levels. The proposal is for a contemporary style building which will stand over reinforced concrete footings, have concrete flooring throughout, external walls of cavity face brickwork and tiled roofing.
Powdercoat aluminium window and external door joinery will be provided and the internal linings will be of rendered brick, set plaster and plasterboard.
The complex will be accessed via two (2) - entrance foyers with automatic glass doors activated by a security intercom system and accessing ceramic tiled lift lobbies where slow passenger lifts will service the basement carparking and upper residential levels.
A reasonably significant number of two (2) level maisonette style apartments are proposed, as is a common rooftop recreation terrace.
The breakup of apartment types and living area ranges is as follows:
1 X Commercial (43 square metres)
6 X Studio (41-49 square metres)
42 X One bedroom (46-47 square metres
51 X Two bedroom (79-95 square metres)
4 X Three bedroom (97 squares metres
104 Total
...
We are advised that construction is to be addressed upon the basis of a Developer/Builder and we have been provided with a construction cost estimate (including demolition) of $18,720,000 ($180,000 per unit) over a construction period of eighteen (18) months.
We have included the likely cost of landscaping works within the reserve land adjacent and have adopted a total construction cost of $19,000,000.
The above estimates are considered reasonable to produce an appropriate standard of product and to cover possible cost overruns, we have factored a 5% contingency ($950,000) into our calculations, although we acknowledge that the above costing and time estimates have not been supported by a professional Quantity Survey.
GENERAL COMMENTS
The subject is a significant redevelopment site which is zoned Mixed Uses and which stands within the former unsightly and unimpressive Erskineville industrial area, in Sydney's inner south.
The site currently provides older industrial type improvements most recently utilised for clothing manufacturer and which are vacant. The improvements will require demolition and removal to facilitate a redevelopment.
Conditional Development Consent is in place for a multi-level project to produce one hundred and four (104) apartments of studio, one, two and three bedroom type and including a single ground floor commercial unit. The predominate apartment types will be of one and two bedroom accommodation. Seventy seven (77) resident carspaces will be provided.
The subject is a well designed and specified project which will produce quite market acceptable apartments with an appropriate level of finish proposed.
Although this area was formerly quite unappealing, over recent years, a significant amount of good quality residential redevelopment has been addressed. We acknowledge the major projects of Sydney Park Village and Zenix which flank the subject site.
Furthermore, a new six (6) level project known as 'Glo' was recently completed and is in the latter stages of marketing in the close vicinity. Further development sites were noted nearby.
We envisage that the vast majority of older industrial buildings will be eventually replaced with apartment buildings and this area will in the future provide a good standard residential precinct. This area benefits significantly from the massive Sydney Park passive and active reserve lands which stand closeby to the south. | [
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|
nsw_caselaw:54a636e73004de94513d96f4:24 | nsw_caselaw:54a636e73004de94513d96f4 | Q. If a sale is more than a year old you have said in general terms when dealing with these development sites. If it is more than a year old you disregard it as a comparable. What is there about that temporal disassociation that causes you to disregard it as a comparable?
A. Because of changing circumstances of a market.
127Both Mr Rowlands and Mr Davis took into account "comparable sales" that went back 15 months rather than the 12 month cut off point as implemented by Mr Phillips.
128While the respective experts, Mr Davis and Mr Rowlands, differed as to the primacy to be afforded comparative analysis, there is no dispute that temporal and geographic differences affect and limited the reliability and usefulness of comparative sales. This valuation principle is similarly reflected in the guidelines.
129Mr Phillips' reason for rejecting comparative sales older than 12 months was because he regarded them as unreliable.
In a recent case, Australian Executor Trustees Limited v Propell National Valuers (WA) Pty Ltd [2011] FCA 522, Barker J at [148] and [149] made it clear that there may be circumstances where it is inappropriate to rely on comparable sale which are older than, in that instance, 12 months from the date of valuation.
130The expert valuers, Mr Davis and Mr Rowlands, relied on one or two sales only, which were within the 12 month period (depending on whether one refers to the exchange date or settlement date). They are the Glo site and 16-20 Eve Street, Erskineville.
131So far as the criticism that Mr Phillips did not undertake searches is concerned, I accept that he did carry out some on his internal computer program and he decided that with only one comparable sale within the last 12 months that method was not reliable. Even if there were two comparables within the 12 month period, a sample of two is unreliable.
The guidelines caution against using comparable transactions that require adjustment, as their usefulness may be destroyed.
It is my view that this attests to the fact that Mr Philips engaged in a deliberate and considered approach that he would take into account comparable sales only within 12 month period and that the sample was too small for the comparative sales method to be reliable. Hence he used the feasibility analysis in carrying out the first valuation.
132Overall, Provident Capital's criticism of Mr Phillips not adopting the comparative sales approach is not persuasive. Mr Phillips' chosen method of approach to the Valuation was the same as Mr Rowlands, in that both regarded the feasibility analysis as the appropriate methodology where a development site has development approval (T257; T369).
In the exercise of his judgment, Mr Phillips decided that there were not enough comparables to make the comparable sale method a reliable one to use. I agree with this view.
(ii) The unit price ascribed to the individual apartments and the assumption made as to the number of presales
133Mr Phillips calculated the average unit price at the time of completion at $475,000 (as extracted from his report above). Mr Davis calculated the average price to be $461,000 and Mr Rowlands calculated it to be $465,000 (T502). Mr Phillips' calculation was about two to three percent less than Mr Davis and Mr Rowland's calculations.
With 104 units these calculations amount to: Mr Phillips calculating $49.4M; Mr Davis calculating $47.944M (making a difference of $1.456M); and Mr Rowlands calculating $48.360M (making a difference of $1.040M). Mr Phillips calculated the total value of 194 units at about $1M to $1.5M less than Messrs Rowlands and Davis respectively.
134So far as presales are concerned, as previously stated, Mr Phillips calculated that 27 contracts were exchanged and 21 contracts were pending exchange. The total of both came to $22,898,500. He anticipated that 1 to 1. | [
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|
nsw_caselaw:54a636e73004de94513d96f4:35 | nsw_caselaw:54a636e73004de94513d96f4 | 211Further, in the recent Full Federal Court decision of La Trobe Capital & Mortgage Corporation Limited v Hay Property Consultants Pty Ltd [2011] FCAFC 4 the Court stated that the proper manner of approach is to award interest at a rate which would place Provident Capital in the position it would have been in if the tortious conduct had not occurred.
That is, affording Provident Capital a rate of interest on the funds it would not have lent to MMT reflecting Provident Capital's normal return from the investment of its funds for the three years that it was without it.
Provident Capital says that if it had invested moneys in February 2004 on a first mortgage security for a period of three years it would have obtained an average return of 14.19 percent. This rate reflects a figure between 17.25 percent (the higher rate on the loan) and 11.15 percent (the lower rate on the loan).
212Provident Capital submitted that the way in which Provident Capital's funds are managed meant that the monies set aside to lend to the borrower in this transaction would have been lent very swiftly to another borrower.
213Their claim for damages entails:
Net funds loaned $7,149,720 TB 1130 - 1136
Recovery expenses: $3,256,244 TB 771, 890, 891, 954, 989 - 990, 100 - 1007, 1008, 1116 - 1120, 1130 - 1136
Sub total $10,405,965
Foregone income at 14.19% on net funds loaned $3,495,956 (3 years, capitalized annually)
TB 745, 970, 972, 1014, 1026, 1028, 1070, 1071, 1073
Foregone income at 14.19% on recovery expenses $462,061 (1 year, capitalized annually)
TB 745, 970, 972, 1014, 1026, 1028, 1070, 1071, 1073
Total cost: $14,363,982
Less recovery: $12,506,720 TB 1046 - 1048
Net amount: $1,857,262
Plus court interest $566,248.65 Civil Procedure Act (NSW) 2005 s 100
Total claimed $2,423,510.65
214There is a summary of Provident Capital's balance sheet for the nine months from March 2005 to December 2005 which is summarised in the following table (TB 433-734):
Period Debenture Holders Funds Loans Cash on Hand Cash % of Debentures
March 2005 $229,711,709 $211,003,643 $30,998,088 13.5%
April 2005 $228,924,715 $208,211,266 $32,238,667 14.1%
May 2005 $228,520,773 $207,853,998 $31,695,309 13.9%
June 2005 $221,469,015 $213,680,514 $24,630,305 11.1%
July 2005 $222,764,638 $213,485,396 $21,817,350 9.8%
August 2005 $229,880,758 $217,933,932 $23,059,358 10.0%
September 2005 $227,097,051 $217,665,962 $20,231,388 8.9%
October 2005 $224,882,267 $211,038,306 $23,670,028 10.5%
November 2005 $220,062,556 $204,150,128 $24,335,251 11.1%
December 2005 $217,825,401 $195,927,131 $29,326,960 13.5%
215I accept that Provident Capital's lending patterns remain consistent annually throughout the relevant period.
216The defendants submitted that from the above the following can be gleaned:
(1) At the end of the month of the subject loan, Provident Capital had $31M cash on hand.
(2) The amount of cash on hand for the subsequent two months was greater than the cash on hand in March 2005, notwithstanding the subject advance - in other words, it had more cash to lend.
(3) Provident Capital was, at the very least, prepared to lend to a level where cash on hand reduced to $20M - or 8 percent of debentures held. There is no evidence that Provident Capital would have limited its lending such that cash on hand was no less than $20M or 8.9 percent of debentures held and no inference can be drawn that this was the case.
(4) As at the end of March 2005, Provident Capital had cash on hand available for further loans. | [
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] | null |
|
nsw_caselaw:54a636e73004de94513d96f4:6 | nsw_caselaw:54a636e73004de94513d96f4 | 38Mr Phillips asked her to provide a copy of that valuation and it was duly forwarded to him.
Ms Gold also provided to Mr Phillips the following documents: a schedule of sales exchanged in respect of the nearby comparable development, known as the Glo apartments ("Glo"); report from Urban Planning Consultants dealing with the environmental effects of the proposed development; notice of determination of the development application;
building plans in respect of the proposed development; a schedule of finishes in respect of the proposed development; draft strata plan in respect of the proposed development; schedule of presales in respect of the proposed development; the front page of various contracts exchanged in respect of presales for the proposed development; and survey report.
39On 2 December 2004, when Mr Phillips inspected the property he observed that, it was approximately 100-150 metres north of the Sydney Park recreation reserve; it adjoined a new six-level residential complex of units known as "Zenix"; it was located approximately 80-100 metres from a new six-level apartment complex known as Glo; it was located within 1.
5 kilometres of a sub-regional type shopping centre known as the Marrickville Metro Centre; it was located in close proximity to a popular restaurant/cafe strip on King Street in Newtown; it was well serviced by public transport and located on a sealed thoroughfare experiencing average rate of traffic;
the land was at road height, rising slightly towards the rear boundary and bearing a slight west to east cross-fall; and that it contained two 1920s/1930s factory buildings of brick construction and corrugated iron and asbestos roofing which would require demolition in the event the property was to be developed in accordance with the development consent.
40Mr Phillips gave evidence that it was Ms Gold who informed him that the development budget was $18.72M.
41On 9 December 2004, Ms Gold sent Mr Phillips a facsimile attaching a letter from Ray White Marrickville to Toubia dated 25 November 2004 in which a representation was made that a genuine offer to acquire the development had been submitted in the amount of $15.5M.
42On 10 December 2004, Ms Gold sent Mr Phillips a facsimile attaching a valuation report from R V Dimond dated 8 December 2004 in which the residual land value of the property was assessed at $15.5M clear of GST.
Relevant parts of the first valuation dated 2 December 2004
43I have reproduced the relevant parts of the valuation and have added emphasis (in bold) to the portions of the report that are controversial.
"INSTRUCTED BY
Mr Stan Roots, Manager - Mortgage Lending, Provident Capital Limited, Level 42, Tower Building, Australia Square, 264-268 George Street, Sydney, New South Wales, 2000.
YOUR CLIENT
Toubia Constructions Pty Ltd.
PURPOSE OF VALUATION
Mortgage arrangements.
DISCLAIMER
... In summary, this valuation report is for the use of and may be relied upon only by the parties to whom it is addressed. No other party is entitled to use or rely upon it without our specific written consent and the valuer shall have no liability to any party who does so.
...
DEFINITION OF MARKET VALUE
This valuation has been prepared on the basis of market value as defined by the Australian Property institute - "Market value is the estimated amount for which an asset should exchange at the date of valuation between a willing buyer and willing seller in an arms length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion."
PRECISE INSTRUCTIONS
We are instructed to supply a Site Value with Development Consent in place for a project of one hundred and four (104) apartments.
...
REGISTERED PROPRIETOR
Title Search records indicate that the subject lots are both held in the ownership of Herro Trading Corporation Pty Limited.
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|
nsw_caselaw:54a636e73004de94513d96f4:16 | nsw_caselaw:54a636e73004de94513d96f4 | 80It was the first time that Mr Phillips had ever been required to give evidence in court. Where Mr Phillips' credibility was challenged it was because he had omitted to include a piece of information in his affidavit. When he was asked a question about that piece of information and its source and it was pointed out to him that it was not in his affidavit, it did not portray him in a good light.
It is my view that Mr Phillips gave truthful evidence. While the sources of the information were not included in his affidavit, a lot of information had been. He did not keep many file notes so he had to rely upon his memory when he prepared his affidavit. His explanations as to the source of that information were consistent with the rest of his evidence and with other facts known to the parties.
Negligence
81It is not disputed that the valuer owed a duty of care to Provident Capital to exercise reasonable care and skill in preparing the valuation. But did he fail to meet the standard expected of a reasonably competent valuer?
82Both parties referred to Kenny & Good Pty Ltd v MGICA [1999] HCA 25; (1999) 199 CLR 413. The short facts are as follows. At the request of a lending institution (MGICA), a real estate valuer valued a property under construction at $5.35M as it stood and $5.
5M on completion. The valuation report contained a statement that a named mortgage insurer "may" rely on the valuation in the same way as the lender. The insurer agreed to indemnify the lender. The actual value of the property at the time of report was in the order of $3.
9 to $4M. The report stated that the property was a suitable security for the investment of trust funds to the extent of 65 percent of the valuation for a term of three to five years. The lender lent $3.575M. The borrower defaulted.
The property was sold for $2.65M, which was its value at the time of the sale. The insurer indemnified the mortgagee for the deficiency in principal and interest, which was $1,977,513.67. The insurer sued the valuer in negligence.
83At [83] Gummow J stated:
"In this case, MGICA relied upon the valuers to exercise reasonable care and skill in providing the valuation. The relationship of reliance was particularly close in that but for the valuation MGICA would not have acted to its detriment in entering into the mortgage insurance transaction.
Further, given the text of their Report, the valuers knew, or ought to have known, that their representations would be relied upon by MGICA."
And at [116] Kirby and Callinan JJ held:
"The instructions, and the terms in which they were complied with, and the valuation provided, all give content to the duty of care in this case, as they will in most, if not all, such cases."
84In Hann Nominees Pty Ltd v National Australia Bank Ltd [2000] FCA 454 the Full Court of the Federal Court, per Tamberlin, Sundberg and Emmett JJ stated:
"[26] Because a valuation does not admit of a precise conclusion, competent and careful valuers may properly differ as to a particular figure. Therefore difference of result does not necessarily mean that a valuer has been negligent.
However where a valuer determines a figure which is outside a range of values which could properly be arrived at by a competent valuer the Courts have taken the view that such an over-valuation affords some evidence of negligence on the valuer's part ...
[29] The relevant principles were also considered by the English Court of Appeal in Merrivale Moore Plc v Strutt & Parker [1999] 2 EGLR 171 at 176-177 where Buxton LJ (with whom Nourse LJ agreed)
pointed out that a finding that a valuation fell outside a reasonable range or "bracket" is not of itself sufficient to establish negligence but it substantially eases the task of the Court in deciding whether a valuer has been negligent.
His Lordship was not prepared to hold in general terms that the adducing of evidence to the effect that the valuation is outside a reasonable range or bracket is a necessary precondition to a finding of negligence on the part of a valuer. | [
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|
nsw_caselaw:54a636e73004de94513d96f4:7 | nsw_caselaw:54a636e73004de94513d96f4 | The relevant draft Strata Plan indicates that the subject land, in consolidation, has a front boundary measurement of 99.985 metres, an irregular rear boundary measurement (subject to a splay corner) of 37.
945 metres, an irregular east side boundary measurement of 91.34 metres and an irregular west side boundary measurement of' 109.52 metres (we note that dimensions on the Deposited Plans are indecipherable).
Valuation of the Residential Redevelopment Site at Numbers XX Coulson Street, Erskineville, New South Wales, 2043
LAND AREA
The relevant Deposited Plans indicates that the subject land, in consolidation, has an area of 4,869 square metres.
...
DEVELOPMENT CONSENT
Conditional Development Consent was granted (for five years) in respect of the subject property, per DA No. XXX-00757, on 17thOctober, 2001, for the demolition of existing industrial buildings, the erection of a six (6) storey residential flat buildings over two (2) basement carparking levels.
...
SITUATION AND SERVICES
The subject property is located upon the southern side of Coulson Street, being just west of the intersection with Eve Street and with the site extending towards a busy railway line, at Erskineville.
This is an improving inner south western suburbs area which stands about 5 kilometres from Sydney Central Business District and is closeby to the extensive Sydney Park passive and active recreation reserve.
This section of Erskineville was formerly an unsightly and unappealing industrial area and a number of industrial buildings remain nearby.
The area has evolved significantly over recent years to be a more residential precinct and we acknowledge that the massive Sydney Park Village adjoins to the east, being a large multi-stage and multi-level apartment project which has been developed over the past three years.
Adjoining the subject to the west is a new and significant complete known as 'Zenix' which is a six (6) storey contemporary project which extends to nearby Sydney Park Road. The 'Zenix' project extends to adjoin the railway line between Erskineville and St Peters stations.
Closeby on the corner of Coulson Street and Eve Street is a new six (6) level apartment complex known as 'Glo' which provides the key sales evidence for new stock in this case - see later in this report.
As previously mentioned, the Sydney Park recreation reserve, with its passive and active facilities, is within walking distance of the subject property. It provides a pleasant amenity to what is a generally unimpressive mixed residential/industrial precinct.
There are local convenience shops provided within the Sydney Park Village next door and good sub-regional type shopping is available within the Marrickville Metro centre - within 1.5 kilometres. The popular restaurant/cafe strip along King Street, Newtown is within close proximity.
This area is well serviced by bus transport and as previously mentioned, the Erskineville and St Peters railway stations are closeby.
The subject property is in the reasonably proximity of Sydney Airport but a perusal of flight path maps available indicate a very minor affectation only.
Coulson Street is an average type of industrial/residential thoroughfare which passes under the nearby railway line. The road construction is of full width concrete with concrete kerb and gutter and bitumen and concrete footpath areas. Above the ground electricity reticulation together with town water, sewer and telephone are available and are connected to the subject property.
DESCRIPTION OF LAND
This is a parcel of building land which stands at road height at the front alignment and which features a very slight rise to the rear boundary and a slight west to east crossfall.
DESCRIPTION OF EXISTING IMPROVEMENTS
Erected upon the subject land are two (2), 1920's/1930's vintage factory buildings of single and two storey type of brick construction with corrugated asbestos and corrugated iron roofing. | [
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|
nsw_caselaw:54a636e73004de94513d96f4:5 | nsw_caselaw:54a636e73004de94513d96f4 | 32On 22 November 2004, Provident Capital wrote to John Virtue as follows:
"John
RE: XX COULSON STREET ERSKINEVILLE NSW
The above property as a DA for 103 units, 1 commercial and associated party etc
Clients state that the current value is between $16.5 million and $18.5 million
It would be appreciated if you could advise whether or not you are in a position to undertake a valuation of this property and if so what your fees would be
Please note that we would need the valuation completed within 2 weeks of you having received instructions
Accordingly we await your advices
..."
33On 22 November 2004, Provident Capital wrote to John Virtue as follows:
"Dear John
Re: XX Coulson Street Erskineville NSW
Would you kindly arrange for an independent valuation of the following property to be carried out at your earliest convenience. Details are as follows:-
Name of Borrower: Toubia Constructions Pty Ltd
Address of Property to be Valued: XX Coulson Street Erskineville NSW
Title Particulars: Lot 1 DP XXXX and Lot 2 DP XXXX (Copy of front page of contract as follows)
Name of person to Arrange Access: Michael Toubia
Telephone Number: xxxx xxx xxx
When preparing your report you must include comment on the following matters:
1. Comparable sales in the area;
2. If the property is being purchased, how long was it on the market;
3. Sales ability and marketability of the security together with confirmation that the property is readily saleable at your valuation figure within a 6 month period assuming an appropriate sale and marketing campaign;
4. Suitability, in general terms, as security for a mortgage loan;
5. Value of land as distinct from improvements;
6. Assessment of current market rental; and
7. Whether or not the property being valued is or may be affected by any environmental issues, or is or may be subject (either now or at some future date) to any of the provisions of environmental legislation.
8. An estimated amount for replaced and reinstatement insurance including allowance for professional fees, anticipated costs, movements and removal of debris.
Would you also note in your report whether any work, repair, renovation or improvement is to be undertaken, and if so, your assessment of:
1. The extent of the work;
2. The cost; and
3. The estimated valued of the property upon satisfactory completion.
Irrespective of the foregoing, your report should state the valuation of the subject property at the date of inspection and having regard to its then - existing condition (where applicable).
...
It is mandatory that a colour photograph of the subject is securely affixed to your report, that it clearly shows the extent of the improvements to the property.
....
Your agreed fee is $9,900 inclusive of GST"
34Shortly after receipt of these instructions, Mr Phillips had a telephone conversation with Mr Roots of Provident Capital. Mr Roots told Mr Phillips that he should provide a valuation on the basis of a site valuation with development consent for the project of 104 apartments.
35On 23 November 2004, Mr Phillips arranged for two searches on the property. One was a search on the property that revealed: a prior sale for $275,000 in November 1997 and that the owner of the property was Herro. The other was a search on other properties on Coulson Street that had sold within the previous 12 months.
36On 24 November 2004, Mr Roots advised Mr Phillips that access to the property, the development approval and plans could be obtained from Karen Gold. That day Mr Phillips contacted Ms Gold. Mr Phillips sought access to the property and they made arrangements for the inspection of the property to take place on 2 December 2004.
37On 2 December 2004, Mr Philips had a conversation with Ms Gold at the property. Ms Gold informed him that she was the finance broker for Toubia.
She also informed Mr Phillips that there was a whole load of pre-sales for the development with contracts having been exchanged. She said that Provident Capital had arranged for their own valuation and the indications were that the property would come in at about $15M. | [
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] | null |
|
nsw_caselaw:54a636e73004de94513d96fd:2 | nsw_caselaw:54a636e73004de94513d96fd | Knight v F P Special Assets Ltd (1992) 174 CLR 178
Law Society of New South Wales v Bruce (1996) 40 NSWLR 77
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Lunn v Cardiff Coal Company (No 3) [2003] NSWSC 789; (2003) 177 FLR 411
Mansfield v Director of Public Prosecutions for Western Australia [2006] HCA 38; (2006) 226 CLR 486
Monie v Commonwealth of Australia (No 2) [2008] NSWCA 15
Morris v Kanssen [1946] AC 459
Nece Pty Ltd v Ritek Incorporation (1997) 24 ACSR 38
Nenna v Australian Securities and Investments Commission [2011] FCA 1193; 284 ALR 386
North Sydney Brick & Tile Co Ltd v Darvall (1989) 17 NSWLR 327
NRMA Ltd v Gould (1995) 18 ACSR 290
NSW Rugby League Ltd v Australian Rugby Football League Ltd [1999] NSWCA 9; (1999) 30 ACSR 354
Official Trustee v Buffier [2005] NSWSC 839; (2005) 54 ACSR 767
Omega Estates Pty Ltd v Ganke (1962) 80 WN (NSW) 1218
Ooregum Gold Mining Co of India Ltd v Roper [1892] AC 125
Oshlack v Richmond River Council (1998) 193 CLR 72
Owners of 'Shin Kobe Maru' v Empire Shipping Co Inc (1994) 181 CLR 404
Patton v Buchanan Borehole Collieries Pty Ltd (1992) 178 CLR 14
Phonogram Ltd v Lane [1982] QB 938
PMT Partners Pty Ltd (in liq) v Australian National Parks and Wildlife Service (1995) 184 CLR 301
Port of Melbourne Authority v Anshun Pty Ltd (1981) 147 CLR 589
Re Ausram Resources Ltd [2004] FCA 823
Re Australian Continental Resources Ltd (1975) 1 ACLR 405
Re Centennial Coal Co Ltd [2006] NSWSC 62; (2006) 56 ACSR 698; (2006) 226 ALR 341
Re Continental Pacific Insurance Co [2002] NSWSC 789
Re MLC Ltd [2006] FCA 1357; (2006) 60 ACSR 187
Re Yanollee Pty Ltd (in liq) [2006] NSWSC 705; (2006) 24 ACLC 1087
Sheahan v Londish [2010] NSWCA 270; (2010) 80 ACSR 337; (2010) 244 FLR 64
Tomlinson v The Broken Hill Proprietary Co Ltd (Victorian Supreme Court, Southwell J, 20 September 1984, unreported)
Weinstock v Beck [2011] NSWCA 228; (2011) 252 FLR 462
Winpar Holdings Ltd v Goldfields Kalgoorlie Ltd [2001] NSWCA 427; (2001) 166 CLR 144; 40 ACSR 221
Yat Tung Investment Co Ltd v Dao Heng Bank Ltd [1975] AC 581
Category: Principal judgment
Parties: Tamar Rivqa Beck (Appellant/Cross-Respondent)
L W Furniture Consolidated (Aust) Pty Limited (First Respondent/First Cross-Appellant)
Amiram David Weinstock (Second Respondent/Second Cross-Appellant)
Helen Weinstock (Third Respondent/Third Cross-Appellant)
Representation: Counsel
R G McHugh SC; D J Barnett (Appellant/Cross-Respondent)
D F Jackson QC; J O Hmelnitsky (Respondents/Cross-Appellants)
Solicitors
McCabe Terrill Lawyers Pty Ltd (Appellant/Cross-Respondent)
Baker & McKenzie (Respondents/Cross-Appellants)
File Number(s): 2010/324963
Decision under appeal Jurisdiction: 9111
Citation: Beck v L W Furniture Consolidated (Aust) Pty Limited [2011] NSWSC 235
Date of Decision: 2011-04-01 00:00:00
Before: Barrett J
File Number(s): 2010/324963
Judgment
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nsw_caselaw:54a636e73004de94513d96fd:39 | nsw_caselaw:54a636e73004de94513d96fd | "10. Paragraphs 35-37. Section 1322 of the Corporations Act, 2001 has no application to the present case.
11. At the outset, it is necessary to identify what the section is being applied to. That involves consideration of, inter alia:-
(a) Where there is a 'procedural irregularity' within the meaning of section 1322(2);
(b) What is the thing or proceedings 'purporting' to have been done/taken for the purposes of section 1322(4);
(c) What is the 'contravention' of the Act or constitution that would otherwise invalidate the thing or proceeding for the purposes of section 1322(4)?
12. The interlocutory process seeking relief under section 1322 is unclear. It seeks orders that appear to be limited to relief under section 1322(4) only.
The relief sought is principally that certain identified resolutions 'were not invalid by reason of any contravention of any provisions of the Corporations Act 2001 (Cth) or the constitution of the First Defendant'. Curiously it also seeks a similar order in respect of the absence of any resolution pleaded at Points of Claim paragraph 14.
13. Section 1322(4) cannot apply to validate the resolutions as members resolutions. The absence of voting power to pass the resolutions was not a 'contravention'.
14. Section 1322(4) cannot apply to validate the resolutions as directors resolutions as the resolutions did not 'purport' to be directors resolutions.
15. Section 1322(4) cannot apply to validate the failure to pass a resolution. There is no relevant 'thing' or 'proceeding'.
16. To the extent that Section 1322(2) is relied upon, there is no relevant 'procedural irregularity' within the meaning of that subsection. The resolution purportedly appointing Ami and Tami as directors was not 'essentially of a procedural nature' within the meaning of s 1322.
17. In Cordiant Communications (Aust) Pty Limited v Communications Group Holdings Pty Ltd (2005) 55 ACSR 185 Palmer J held:
"[103]...I think that the following general proposition may be formulated for the purposes of the application of CA s 1322:
what is a 'procedural irregularity' will be ascertained by first determining what is 'the thing to be done' which the procedure is to regulate;
if there is an irregularity which changes the substance of 'the thing to be done', the irregularity will be substantive;
if the irregularity merely departs from the prescribed manner in which the thing is to be done without changing the substance of the thing, the irregularity is procedural.'
18.Applying the above formula to the present case yields the following:
The relevant 'thing to be done' for present purposes was the re-election/appointment of directors by either:-
The members, by way of re-election; or
The board, by way of appointment;
If the 'thing to be done' was re-election by the members, there was no voting power - a matter being upon substantive rights, not mere procedural irregularity.
If the 'thing to be done' was the appointment by the board and this was invalidly done because the members of the board met as shareholders, this is not a mere procedural irregularity either. It would be an instance of one organ of corporate power purporting to exercise a power expressly reserved for another organ. Accordingly, the irregularity would be substantive.
The present case is not just a departure from prescribed manner of doing the thing, what has been done goes to the very substance of the thing complained of.
19. The appointment of directors is clearly substantive and not merely procedural: see Sheahan v Londish (2010) 80 ACSR 337 at [144]-[148]. See also Andrews v Queensland Racing Ltd (2009) 74 ACSR 538 (at [84]-[86]) where the Court held that irregularities going to governance infringed substantive rights and were not merely procedural.
20. For an example of an application of Palmer J's formulation see Onefone Australia Pty Ltd v One.Tel Ltd (2010) 80 ACSR 11 at [8]-[11] and [17]-[18]. | [
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nsw_caselaw:54a636e73004de94513d96fd:50 | nsw_caselaw:54a636e73004de94513d96fd | The relevant provisions of s 1322 are set out by Campbell JA (at [102]). His Honour also records (at [108(a)]) the question for determination identified by Mr McHugh SC, who appeared with Mr Barnett for the appellant (Tami).
231The critical issue in my opinion is whether the purported appointment by Ami of Helen as a director was invalid "by reason of a contravention of a provision of this Act or a provision of the constitution of a corporation": s 1322(4)(a). The primary Judge found (at [150]-[151]) that there was a "contravention" of the constitution of the Company for these reasons:
"... [T]he person who purported to make the appointment allowed by the constitution did not formally and regularly occupy the position of director necessary to make the appointment a valid appointment. It cannot be said that there was no action or that the person acting was a mere interloper.
[Ami] was not only a member holding one 'C' share but also a former director whose appointment, validly made, had expired and who had then functioned as a de facto director for some thirty years. Those connections with the company did not make him capable of acting under the combination of article 87 and article 69 under which he ostensibly acted.
151. The conclusion that there was, in these circumstances, a 'contravention' of the constitution is confirmed by the following passage in the judgment of Lehane J in Nece Pty Ltd v Ritek Incorporation (1997) 24 ACSR 38
'...
[C]ases such as North Sydney Brick & Tile [North Sydney Brick & Tile Co Ltd v Darvall (1989) 17 NSWLR 327] and Omega Estates [Omega Estates Pty Ltd v Ganke (1962) 80 WN (NSW) 1218] proceed on the basis that if something is done which has not been properly authorised because,
for example, appropriate resolutions have not been passed or because there is in office no validly elected board of directors, the doing of it without authority may be regarded as a contravention, for these purposes, of the articles of association.'
152. Acceptance here of the proposition that something not properly authorised 'because there is in office no validly elected board of directors' is a 'contravention' of the constitution is of particular significance.
The absence of the formal status of sole extant director that would have enabled [Ami] to act as he purported to act on 30 July 2003 is of the same quality as non-existence of a validly elected board of directors and therefore within the relevant concept of 'contravention'."
Interpretation of s 1322(4)(a)
232A number of propositions are established in relation to the construction of s 1322(4)(a):
* Section 1322 is a remedial provision to be accorded a liberal interpretation.
Its scope and operation are not to be restricted solely because of the effect an exercise of the power might occasion to third parties: North Sydney Brick & Tile Co Ltd v Darvall (1989) 17 NSWLR 327, at 341, per Clarke JA (with whom Samuels and Mahoney JJA agreed);
Winpar Holdings Ltd v Goldfields Kalgoorlie Ltd [2001] NSWCA 427; 40 ACSR 221, at 240 [74], per Giles JA (with whom Beazley JA and Davies AJA agreed); see also the authorities cited by Campbell JA (at [130]).
* The word "contravention" in s 1322(4)(a) is to be read very widely and is not to be confined to its orthodox meaning of "infringement": NRMA Ltd v Gould (1995) 18 ACSR 290, at 293, per Young J; Jordan v Avram (1997) 141 FLR 275, at 276, per Gillard J; Sheahan v Londish [2010] NSWCA 270; 80 ACSR 337, at [162], per Young JA; at [234], per Lindgren AJA.
Thus a failure to comply with the articles in the course of taking steps that the company is not obliged to take (for example, a reduction of capital) may constitute a contravention: Re Centennial Coal Co Ltd [2006] NSWSC 62; 226 ALR 341, at 346 [15], per Barrett J.
* Section 1322(4)(a) is not confined to procedural irregularities, but extends to irregularities, errors and mistakes of a general nature. It includes a power to validate an act which is not in accordance with the articles: Jordan v Avram, at 157. | [
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nsw_caselaw:54a636e73004de94513d96fd:14 | nsw_caselaw:54a636e73004de94513d96fd | 67Fourth, even if it were correct that it was intended that no voting shares be issued prior to the death of Leo, that would not compel the correctness of the construction that Mr Jackson advocates.
Leo and Hedy would be deemed re-elected under Article 67 at each annual general meeting for as long as they were not disqualified under the Act from holding office and offered themselves for re-election. By them making a casual appointment under Article 69 after each annual general meeting, the composition of the board could be in accordance with their wishes.
Further, if that succession of casual appointments were made, there would be at least one director in office at the death of Leo.
Even if there were only one director in office at Leo's death, that director could act, under Article 69 and Article 87, to increase the number of directors the board that continued in office after Leo's death could take whatever steps were appropriate to continue the corporate governance of the Company.
68In my view, the primary judge was right in concluding that Ami ceased to be a director on 31 December 1973.
Issue 2 - Was Helen Validly Appointed?
69Mr Jackson submits that even if Ami was not a validly appointed director on 30 July 2003, there is an independent reason why Helen was validly appointed. This argument was not put to the primary judge, but Mr McHugh raises no objection to it being put for the first time on appeal.
70The argument is based on Article 92, which provides:
"All acts done by any meeting of the directors or of a committee of directors or by any person acting as a director shall, notwithstanding that it is afterwards discovered that there was some defect in the appointment of any such director or person acting as aforesaid,
or that they or any of them were disqualified, be as valid as if every such person had been duly appointed and was qualified to be a director."
71The primary judge has referred to the resolution of 30 July 2003 as "the purported appointment of Helen Weinstock by a de facto director having no formal power to appoint" [163].
The primary judge found, at [122], that each of Ami and Helen "in fact acted as a director from the date of appointment or purported appointment (29 June 1973 in one case and 30 July 2003 in the other) and has continued to do so up to the present".
He held that Ami and Helen "continue to be de facto directors today". Mr Jackson submits that on 30 July 2003 Leo was "acting as a director" within the meaning of Article 92.
He submits that if the primary judge was right in concluding that Ami was not validly appointed on 30 July 2003 (as I have held is the case) it has been "afterwards discovered that there was some defect in the appointment of" him, within the meaning of that article.
Thus, he argues that the purported appointment of Helen is deemed to be "as valid as if ... [Ami] had been duly appointed and was qualified to be a director". Mr Jackson submits that this is consistent with the conclusion reached by Blackburn J in Re Australian Continental Resources Ltd (1975) 1 ACLR 405 at 412-414.
72In Australian Continental Resources there was what purported to be a meeting of the board of the relevant company on 3 April 1975. Of the two persons acting as directors on that day, one, Mr Cowper, had never been validly appointed. The other, Mr Macarthur-Stanham, had been validly appointed, but had ceased to be a director by virtue of later disposing of his qualification shares (412).
The meeting purported to appoint Messrs Elliott and Ware as additional directors.
Blackburn J at 412-414 held that if the only problem with the appointments of Messrs Elliott and Ware was the lack of qualification shares on the part of Mr Macarthur-Stanham at the time the appointments were made, their appointments would be validated by s 119 of the Companies Ordinance 1962 (ACT). Section 119 provided:
"The acts of a director, manager or secretary are valid notwithstanding any defect that may afterwards be discovered in his appointment or qualification." | [
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] | What is the effect of Article 92 on the validity of acts done by a director who was not duly appointed or was disqualified? | [
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nsw_caselaw:54a636e73004de94513d96fd:47 | nsw_caselaw:54a636e73004de94513d96fd | (d) cancel shares which at the date of the passing of the resolution in that behalf have not been taken or agreed to be taken by any person or which have been forfeited and diminish the amount of its share capital by the amount of the shares so cancelled.
Article 45:
An annual general meeting of the Company shall be held in accordance with the provisions of the Act. All general meetings other than the annual general meetings shall be called extraordinary general meetings.
Article 48:
All business shall be special that is transacted at an extraordinary general meeting and also all that is transacted at an annual general meeting, with the exception of declaring a dividend,
the consideration of the accounts, balance-sheets, and the report of the directors and auditors, the election of directors in the place of those retiring, and the appointment and fixing of the remuneration of the auditors.
Article 56:
Subject to any special rights or restrictions for the time being attaching to any special class of shares in the capital of the Company -
(a) on a show of hands every member (not being a corporation) present in person shall have one vote and every member being a corporation present by a representative authorised pursuant to the Act or by proxy or by attorney shall have one vote.
(b) on a poll every member (not being a corporation) present in person or by proxy or by attorney shall have one vote for every share held by him and every member being a corporation present by a representative authorised pursuant to the Act or by proxy or by attorney shall have one vote for every share held by it.
Article 65:
Until otherwise determined by a general meeting the number of directors shall not be less than two nor more than five. The first directors shall be LEO AIRE WEINSTOCK and HEDY JADWIGA WEINSTOCK.
Article 66:
At every annual general meeting each director shall retire from office and be eligible for re-election. Retiring directors shall act as directors throughout the meeting at which they retire.
Article 67:
The Company at the meeting at which a director so retires may fill the vacated office by electing a person thereto, and in default the retiring director shall if offering himself for re-election and not being disqualified under the Act from holding office as a director be deemed to have been re-elected,
unless at that meeting it is expressly resolved not to fill the vacated office or unless a resolution for the re-election of that director is put to the meeting and lost.
Article 68:
The Company may from time to time by ordinary resolution passed at a general meeting increase or reduce the number of directors and may also determine in what rotation the increased or reduced number is to go out of office.
Article 69:
The directors shall have power at any time and from time to time to appoint any person to be a director either to fill a casual vacancy or as an addition to the existing directors but so that the total number of directors shall not at any time exceed the number fixed in accordance with these Articles.
Any director so appointed shall hold office only until the next following annual general meeting and shall then be eligible for re-election but shall not be taken into account in determining the directors who are to retire by rotation at that meeting.
Article 70:
The Company may by ordinary resolution remove any director before the expiration of his period of office and may by an ordinary resolution appoint another person in his stead; the person so appointed shall be subject to retirement at the same time as if he had become a director on the day on which the director in whose place he is appointed was last elected a director.
Article 71:
The remuneration of the directors shall from time to time be determined by the Company in general meeting. That remuneration shall be deemed to accrue from day to day. | [
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nsw_caselaw:54a636e73004de94513d96fd:3 | nsw_caselaw:54a636e73004de94513d96fd | 1CAMPBELL JA: Mr Leo Weinstock and his wife Mrs Hedy Weinstock brought about the incorporation on 30 April 1971 of LW Furniture Consolidated (Aust) Pty Ltd ("the Company"). They were its first directors. On 29 June 1973 their two children, Tamar Beck and Amiram David Weinstock were purportedly appointed directors of the Company.
2Without intending any disrespect in doing so, I shall refer to these members of the Weinstock family as "Leo", "Hedy", "Tami", and "Ami".
3All the issued shares in the Company were preference shares that conferred no right to vote.
4By 30 July 2003 Tami had resigned as a director, Leo had died, and Hedy had become incapable. On 30 July 2003 Ami, purporting to act as the sole remaining director, purported to appoint his wife Helen Weinstock ("Helen") as an additional director ("the Purported Appointment"). Hedy died in July 2004.
5Tami brought proceedings in the Equity Division of the Supreme Court of New South Wales in which she contended that Ami was not a director of the Company on 30 July 2003 or thereafter, and that the Purported Appointment was invalid. Tami sought the winding up of the Company on the just and equitable ground (s 461(a)(k) Corporations Act 2001 (Cth)).
She submitted that the absence of directors, and the absence of shareholders who could ever elect directors, had the effect that the Company was entirely without governance, that there was no way in which a system of governance could be restored to it.
She contended that winding up was the appropriate way of dealing with the constitutional and administrative vacuum that resulted from that state of affairs: cf Lunn v Cardiff Coal Company (No 3) [2003] NSWSC 789; (2003) 177 FLR 411 at [60]-[61]; Official Trustee v Buffier [2005] NSWSC 839; (2005) 54 ACSR 767 at [39]-[40].
For a time, she also sought relief under the provisions of s 233 Corporations Act, but that claim was abandoned at the trial.
6Ami, Helen, and also (it was claimed) the Company, brought an interlocutory process in the nature of a cross-claim in those proceedings. They sought a declaration that Ami and Helen were validly appointed directors, or alternatively certain orders under s 1322 Corporations Act to regularise the governance of the Company.
7Barrett J (as his Honour then was) made an order that validated the appointment of Helen as a director. His Honour decided that Ami did not hold office as a director on 30 July 2003, and in consequence the purported appointment of Helen as a director on 30 July 2003 would not (absent its validation under s 1322) have been valid.
He decided that, in a way I shall explain in more detail below, validation of the purported appointment of Helen opened the way for proper governance to be restored to the Company. In consequence he declined to order the winding up of the Company: Beck v LW Furniture Consolidated (Aust) Pty Limited [2011] NSWSC 235.
8Tami appeals against the order validating the appointment of Helen, and seeks that this Court make an order winding up the Company.
9Ami, Helen, (and also, purportedly, the Company) bring a cross-appeal that challenges the judge's decisions that Ami did not hold office as director on 30 July, 2003 and that Helen had not been validly appointed.
They also contend that the primary judge should have dismissed Tami's proceedings on the basis of the principle in Port of Melbourne Authority v Anshun Pty Ltd (1981) 147 CLR 589. By a Notice of Contention, they submit that the Court in its discretion should have refused to make a winding up order for the Company.
10The Company does not trade, but holds a complex set of interests in various companies and other commercial ventures associated with the Weinstock family. It is undisputed that the assets of the Company are worth numerous millions of dollars.
11At the hearing of the appeal Mr RG McHugh SC and Mr DJ Barnett appeared for Tami. Mr DF Jackson QC and Mr JO Hmelnitsky appeared for Ami, Helen, and the Company | [
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|
nsw_caselaw:54a636e73004de94513d96fd:44 | nsw_caselaw:54a636e73004de94513d96fd | (iii) The said 'A' 5% Preference Shares shall carry the right to a fixed cumulative preferential dividend at the rate of 5% per annum on the capital paid up thereon respectively in priority to all other shares in the Company.
(iv) The said 'A' 5% Preference Shares shall rank
(a) in a winding up both as regards return of capital and dividend accrued up to the commencement of the winding up and not declared, and
(b) in a reduction of capital as regards return of capital
in priority to all others shares in the Company.
(v) The said 'A' 5% Preference Shares shall not carry the right to any further participation in surplus assets of profits.
and the said 'A' 5% Convertible Preference Shares shall thereupon become 'A' 5% Preference Shares as aforesaid.
(3) The rights privileges and conditions attached to the said 5 'B' Redeemable Preference Shares are as follows:-
(a) If upon the death of the said LEO AIRE WEINSTOCK or upon his ceasing during his lifetime to be the registered holder of at least four of the said 'A' 5% Convertible Preference Shares or 'A' 5% Preference Shares HEDY JADWIGA WEINSTOCK (wife of the said LEO AIRE WEINSTOCK)
shall be living and shall be the registered holder of at least four of the said 'B' Redeemable Preference Shares then from and after the death of the said LEO AIRE WEINSTOCK or the date of his ceasing to be the registered holder of at least four of the said 'A' 5% Convertible Preference Shares or 'A' 5% Preference Shares (whichever shall first happen)
and until the death of the said HEDY JADWIGA WEINSTOCK or until she shall cease to be the registered holder of at least four of the said 'B' Redeemable Preference Shares (whichever shall first happen) the said 'B' Redeemable Preference Shares shall be the only shares in the capital of the Company which shall confer the right to vote at any general meeting of the Company.
(b) Except as hereinbefore provided the said 'B' Redeemable Preference Shares shall not confer any right to vote at any general meeting of the Company but the holders thereof shall be entitled to notice of and to attend any general meeting of the Company.
(c) The said 'B' Redeemable Preference Shares shall carry the right to a fixed cumulative preferential dividend at the rate of 5% per annum on the capital paid up thereon respectively and shall rank for dividend pari passu with the said 'A' 5% Preference Shares and subject thereto in priority to all other shares in the Company.
(d) The said 'B' Redeemable Preference Shares shall rank in a winding up and in a reduction of capital both as regards return of capital and dividend accrued but not declared pari passu with the said 'A' 5% Preference Shares and subject thereto in priority to all other shares in the Company.
(e) The said 'B' Redeemable Preference Shares shall not carry the right to any further participation in surplus profits or assets.
(f) Subject to the provisions of section 61 of the Act and subject to the Company having given to LEO AIRE WEINSTOCK seven (7) days notice in writing of its intention to exercise such option the said 'B' Redeemable Preference Shares shall at the option of the Company be liable to be redeemed at par at any time prior to whichever is the earlier of
(i) 30th June, 2016, or
(ii) the date upon which the said LEO AIRE WEINSTOCK shall die or cease during his lifetime to be the registered holder of at least four of the said 'A' 5% Convertible Preference Shares or 'A' 5% Preference Shares (whichever shall first happen).
Any such redemption shall be effected by notice in writing to the holders at their respective registered addresses and each notice shall be accompanied by the Company's cheque or by a bank cheque bank draft or money order for the amount payable to the holder to whom the notice is sent. | [
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|
nsw_caselaw:54a636e73004de94513d96fd:6 | nsw_caselaw:54a636e73004de94513d96fd | The founder could pay salaries and dividends to himself and others during his lifetime at his discretion but the rights attached to those shares lapsed on death and their value accrued to other shareholders: Robertson v FCT [1952] HCA 71, 86 CLR 463.
This appeal concerns an incomplete Robertson scheme which has gone badly wrong."
The Directors of the Company
27The primary judge recorded at [16] that the matter was argued on an agreed footing that Leo and Hedy continued in office beyond the first annual general meeting ("AGM") of the Company (which was held on 30 October 1972) and were therefore in office as directors on 29 June 1973.
28Article 65 provided that until otherwise determined by a general meeting, the number of directors shall be not less than two, nor more than five. It provided that the first directors would be Leo and Hedy.
No general meeting has ever purported to alter the provision concerning the number of directors. While the issued shares of the Company remain as they are, it will not be possible for a general meeting to pass any resolution altering the permissible number of directors.
29Article 66 provides:
"At every annual general meeting each director shall retire from office and be eligible for re-election. Retiring directors shall act as directors throughout the meeting at which they retire."
30The effect of that Article was that Leo and Hedy were required to retire from office at the first AGM after their election.
31Article 67 provides:
"The Company at the meeting at which a director so retires may fill the vacated office by electing a person thereto, and in default the retiring director shall if offering himself for re-election and not being disqualified under the Act from holding office as a director be deemed to have been re-elected,
unless at that meeting it is expressly resolved not to fill the vacated office or unless a resolution for the re-election of that director is put to the meeting and lost."
32Because of the absence of voting shares it was not possible for the Company at the meeting at which a director retired to fill the vacated office by electing a person to that office. However, the "in default" provision in Article 67 provided an alternative means by which a retiring director could be deemed to have been re-elected, even if there was no corporate resolution to re-appoint him or her.
33The minute book of the Company contains a page whose heading proclaims it is minutes of an extraordinary general meeting of shareholders held on 29 June 1973. Those attending are recorded as being Leo and Hedy.
The minutes record "the consent of all members to the holding of an Extraordinary General Meeting at short notice" for the purpose of considering, and if thought fit passing, a certain special resolution. It goes on to record a decision:
"that the following Resolution be passed as a Special Resolution -
That Tamar Beck and Amiram David Weinstock be appointed Directors and they shall hold office until the holding of the next Annual General Meeting of the Company."
34The minutes record that an AGM of members was held on 31 December 1973. All five of the then shareholders of the Company are recorded as being present. They record a resolution:
"that any director retiring in accordance with the provisions of the Company's Articles of Association be re-appointed."
35There are minutes of an AGM of members held in December of each of 1974, 1975 and 1976, each of which records a resolution in the same terms as that recorded concerning the 1973 AGM.
36The minutes for AGMs in each of the years 1977 to 1982 record that all five members were present and that a resolution was passed:
"Resolved that Directors retiring by rotation be and are hereby reappointed for the ensuing year."
37It is hard to grasp what that resolution means. Article 68 provides:
"The Company may from time to time by ordinary resolution passed at a general meeting increase or reduce the number of directors and may also determine in what rotation the increased or reduced number is to go out of office." | [
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|
nsw_caselaw:54a636e73004de94513d96fd:11 | nsw_caselaw:54a636e73004de94513d96fd | 52The primary judge based that construction of the articles on Eyre v Milton Proprietary Limited [1936] 1 Ch 244; Australia Hydrocarbons NL v Green (1985) 10 ACLR 72; NSW Rugby League Ltd v Australian Rugby Football League Ltd [1999] NSWCA 9; (1999) 30 ACSR 354 and Tomlinson v The Broken Hill Proprietary Co Ltd (Victorian Supreme Court, Southwell J, 20 September 1984, unreported).
53Eyre v Milton Proprietary Limited concerned a company article 85 of which provided:
"At the ordinary meeting in the year 1925 and in every subsequent year, one-third, or the nearest number next below one-third, of the whole number of directors, shall retire from office, and the meeting shall elect qualified members in their place. A retiring director shall be eligible for re-election at the meeting at which he retires and shall act as a director throughout that meeting."
54The article went on to stipulate the manner in which the directors who were to retire would be identified. Article 90 provided:
"The Board may from time to time appoint additional directors, but so that the total number of directors shall not exceed the prescribed maximum, but any director so appointed shall hold office only until the next following ordinary general meeting of the company, and shall then be eligible for re-election."
55At the time in question the company had a total of eight directors. One was the managing director, who under a particular clause of the articles was not liable to retire by rotation or be taken into account in determining the rotation of retirement of directors. Two were "additional directors" appointed under article 90.
The question at issue was whether one director, or two directors would be required to retire at the next ordinary general meeting. The English Court of Appeal unanimously held that only one director was required to retire. The reasoning of Lord Wright MR at 254-5 was:
"But at the ordinary general meeting it is clear under art. 90 that the two additional directors will not be in office.
They are to hold office 'only until the next following ordinary general meeting of the company,' so that at the moment when the next following ordinary general meeting of the company begins they are no longer in office, whereas the other five directors, whether retiring or not, are to act as directors throughout the meeting. There is no express provision as in art.
90 that their office is to continue only until - that is to cease just before - the ordinary general meeting. It follows that, in my opinion, at the critical time, which is the commencement of the ordinary general meeting, the number of directors to be considered is the number of directors exclusive not only of the managing director but also of the two additional directors.
That being so, the number to be considered is only five and 'one-third, or the nearest number next below one-third' of five is obviously one ..." (emphasis added)
The "critical time" to which his Lordship referred is, fairly clearly, the time as at which a decision must be made about how many directors are obliged to retire.
56Romer LJ at 257 agreed with that reasoning. Greene LJ at 257-8 said:
"... it appears to me that arts. 85 and 90 show a clear distinction in the status of additional directors appointed under art. 90, and directors who retire by rotation under art. 85 at the relevant moment. The status of those appointed under art.
90 when the ordinary general meeting opens is that they are not directors. On the other hand, at the moment when the meeting opens a director retiring by rotation is entitled to be present in his capacity as director, notwithstanding that he is to retire, and may retire, at the next moment." (emphasis added) | [
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|
nsw_caselaw:54a636e73004de94513d96fd:16 | nsw_caselaw:54a636e73004de94513d96fd | 77Grant v John Grant & Sons Pty Ltd (1950) 82 CLR 1 concerned a resolution that had been voted for by three people purporting to be directors of the company. Two of them had not been validly appointed, because there had been no extraordinary resolution increasing the number of directors and thereby creating vacancies to which they could be appointed (34).
Williams J, at 34, referred to an article and statutory provision like those in Morris v Kanssen and to the principle I have quoted from Lord Simonds' speech. He said that the article requiring there to be a resolution to increase the number of directors
"... was a substantive provision which had to be fulfilled before they could be appointed, and one that could not be overridden by a section of an Act or an article dealing with slips or irregularities in appointments."
78Kitto J agreed, but at 52-3 said that the passage that Williams J had quoted from Lord Simonds' speech:
"... justifies a broader proposition. The passage points out that the section and article relate only to the case where a slip has been made in appointing a director, and it draws a distinction between such a case and a case in which substantive provisions relating to an appointment have been ignored or overridden.
The reason for the distinction is, I think, that a defect in an appointment can be said to exist only where some requirement has been neglected in exercising a power to make an appointment.
The section and the article presuppose an appointment in fact made by a person or body having power to appoint, and they refer to a slip in the making of the particular appointment in question. It is therefore necessary to distinguish between the defective exercise of a power to appoint and the non-exercise or non-existence of such a power.
The proposition which I think is justified by Morris v Kanssen is that where a person acts as a director, either without being appointed or in pursuance of a purported appointment made by a person or body not authorized to make an appointment, neither the section nor the article operates to validate his actions."
79In Albert Gardens (Manly) Pty Limited v Mercantile Credits Limited (1973) 131 CLR 60 Barwick CJ (with whom McTiernan and Gibbs JJ agreed) said at 65 that "the settled view" of an article of the type of Article 92 is that it is:
"effective to validate acts done as director on behalf of a company by a person appointed a director by a person or body with power under the articles to appoint directors."
80The particular act that was validated in Albert Gardens was execution of corporate securities by a director who at the time of appointment had lacked qualification shares.
81Mr McHugh submits that the Article 92 does not operate to validate Helen's appointment. He submits that the articles refers to "some defect in the appointment of any director or person acting [as a director]". He submits that the article does not refer to, or "cure", the lack of any appointment; it only operates in respect of an appointment that is defective in some relevant way.
He submits that there was an appointment of Ami, "until the next following Annual General Meeting", but that that appointment came to its natural end and there was no subsequent re-appointment. Thus, he submits that there was not any "defect" in the appointment that could be cured by Article 92.
82In my view, this submission is correct, and is justified by Morris v Kanssen, Grant v John Grant & Sons and Albert Gardens. At the time he purported to appoint Helen as a director, Ami was, in the words of Lord Simonds, someone whose "term of office of a director ... has expired, but he nevertheless continues to act as a director".
He was not, in the words I have quoted from Albert Gardens "a person ... with power under the articles to appoint directors". Properly understood, the passage in Australian Continental Resources on which Mr Jackson relies does not lead to the conclusion that he seeks to draw from it. Article 92 does not validate Ami's purported appointment of Helen as a director.
Issue 3 - Anshun Estoppel | [
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|
nsw_caselaw:54a636e73004de94513d96fd:53 | nsw_caselaw:54a636e73004de94513d96fd | The other 50 per cent of the shares in the corporation were held by a company associated with the existing director, who had power to make the appointments if he so chose. Presumably the two non-directors could have required the existing director to make the appointments, by obtaining orders enforcing the antecedent agreement between the two families.
Alternatively, the two non-directors could have called a general meeting which would have had power to appoint additional directors. While the families were deadlocked, the non-directors could have enforced the antecedent agreement through the mechanism of the general meeting if necessary obtaining orders to enforce the terms of the agreement.
Gillard J made the orders sought, but his Honour did not specifically consider whether a purported appointment by someone who was not a director and had never been so appointed was a "contravention" of the constitution of the corporation. (It does not appear that the issue was raised in argument.)
246In North Sydney Brick v Darvall, the Court of Appeal did not find it necessary to consider the application of s 539(4)(a) of the Companies (New South Wales) Code, (the predecessor to s 1322(4)(a)).
Nonetheless, Clarke JA considered that the provision could have been applied to validate a resolution which had been passed at an extraordinary general meeting, but not in the form required for the declaration of a dividend. There was no issue that the meeting had power to pass a resolution in the appropriate form.
247In Nece Pty Ltd v Ritek, Lehane J held that s 1322(4)(a) was inapplicable in the particular circumstances of that case.
Lehane J's obiter comments (at [231] above), referred to by the primary Judge, were not directed to a case such as the present, but merely contemplated that an act done by an invalidly appointed board of directors could constitute a "contravention" of the constitution of the corporation for the purposes of s 1322(4)(a).
His Honour did not need to consider and did not in fact consider how the provision might apply, if at all, where a person who was not a director, and could not be appointed as a director by any procedure available to the corporation, purported to appoint another director.
248In Sheahan v Londish, X, the sole corporate shareholder of a corporation (Y), gave notice advising Y that X had removed a director. The notice was not expressed to be and did not purport to be an act or resolution of Y and thus was "the purported exercise of a non-existent power under a non-existent article of [the corporation]" (at [90]), per Young JA.
Section 1322(4)(a) was applied to validate the notice because it was open to X to take advantage of s 249 of the Corporations Act (dealing with the form of resolutions of one member companies) to achieve the same result (see at [161], per Young JA).
249None of these cases involved an act by a person who, although a de facto director, had not been appointed (or purportedly appointed) as a director and could not be appointed as a director because there was no mechanism available to the corporation to bring about that result. They therefore do not govern or provide clear guidance for this case.
ORDERS
250For these reasons, I think that the appeal should be allowed. Campbell JA has also concluded that the appeal should be allowed, but for different reasons.
I would make the same substantive orders proposed by Campbell JA, except that I would amend Order 3 so as to remit the matter only for the purpose of determining whether the Company should be wound up. I would also order the respondents to pay the costs of the appellant of the appeal and cross-appeal.
251As I would order the respondents to pay the whole of the costs of the appellant of the appeal, it is appropriate that the respondents' certificate under the Suitors' Fund Act 1951 relate to all of their costs of the appeal. I would assess those costs as being 80 percent of the combined costs of the appellant of the appeal and the cross-appeal. | [
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|
nsw_caselaw:54a636e73004de94513d96fd:42 | nsw_caselaw:54a636e73004de94513d96fd | Costs
208As every issue raised by the cross-appeal failed, the ordinary order would be that that cross-appeal be dismissed with costs. However, there is reason to depart from the usual position that costs follow the event if making such an order will unduly complicate an assessment of costs. This is, in my view, such a case.
209While the appeal has succeeded, some of the contentions raised in it, concerning whether the Court had power to make an order of the type it actually made under s 1322(4)(a), and whether validation of Helen's appointment would put the Company into a situation where it was able to issue voting shares, failed.
While those issues were not dominant, they were separable: James v Surf Road Nominees Pty Ltd (No 2) [2005] NSWCA 296; Elite Protective Personnel Pty Ltd v Salmon (No 2) [2007] NSWCA 373.
If a separate order were to be made concerning the costs of the appeal, the failure of the Appellant concerning those issues should result in some moderation of the costs order concerning the appeal to which she would otherwise be entitled.
210To facilitate the process of assessment, it would be desirable to make an overall costs order concerning the costs of the appeal and the cross-appeal. In light of the matters that I have mentioned, I would order the Respondents to pay 80% of the combined costs of the Appellant of the appeal and of the cross-appeal.
211As the appeal has succeeded, the Respondents would ordinarily be entitled to an indemnity certificate under the Suitors Fund Act 1951 concerning the costs of the appeal.
For the purpose of fixing the amount to which that indemnity can attach, it is necessary to identify what are the costs of the appeal that has succeeded, and that the Respondents have been ordered to pay. I would assess that amount as being 50% of the combined costs of the Appellant of the appeal and of the cross-appeal.
212While there is a common practice that when a new trial is ordered, the costs of the first trial are ordered to follow the event in the second trial, this does not detract from the obligation of the court to exercise its discretion concerning costs in each case by reference to the facts of that particular case:
Monie v Commonwealth of Australia (No 2) [2008] NSWCA 15 at [54]-[61] and cases there cited.
In the present case, the amounts at stake are very large, and the parties have so far shown no lack of willingness to litigate. Thus, I doubt that there is a realistic risk that making an order that the costs of the first trial follow the event of the second trial would inhibit the second trial from occurring.
I see no reason to depart from the usual practice whereby the costs of the first trial should follow the event in the second trial.
Bona Vacantia
213One matter that the primary judge treated as relevant to his conclusion that no winding up order should be made was that if no ordinary shares were to be issued, the surplus assets, beyond the par value of the various 'A', 'C' and 'D' shares, would be divisible amongst the holders of those preference shares, and would not go to the Crown as bona vacantia.
Unsurprisingly, neither the Appellant nor the Respondents supported the submission that the surplus assets would go to the Crown.
However, the judge's conclusion was reached without there being any contender for the proposition that the Crown would take the surplus as bona vacantia. At the start of the hearing of the appeal the Court raised the question of whether the Crown should be a party to the appeal.
Mr Jackson pointed out that there might also be a question of whether, if the Crown were to take as bona vacantia, it would be the Crown in right of the State, or the Crown in right of the Commonwealth. As the question only arose on the day of the hearing, we permitted the hearing of the appeal to proceed on the basis that the Crown would not be bound by the eventual outcome. | [
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|
nsw_caselaw:54a636e73004de94513d96fd:32 | nsw_caselaw:54a636e73004de94513d96fd | One of the documents that were registered, the memorandum of association of the company, was to identify that sum of money and in what manner it was to be divided into shares. It was also to set out the purposes in which that fund of money was to be utilised.
Rather confusingly, the word "share" was used to describe both the fractional part of the authorised capital of the company (concerning which the name made sense), and also the source of the set of rights that were initially acquired when someone made a contribution to the capital of the company and received in return an entitlement to various rights against the company and other shareholders.
The rights making up the "share", in this second sense, were assignable, subject to any limitations in the articles of association. The articles of association was another of the documents that were registered. It set out some aspects of the basis on which the members would associate together.
One matter that was often identified in the articles was the various rights to which a person who held one of the shares would be entitled. The fractional amount of the authorised capital that was attributed to one of the shares that made up the authorised capital was the "par value" of the share.
Textbooks and court decisions drew distinctions, not always consistently with each other, between the "creation", "allotment" and "issuing" of shares, but this is not the place to discuss those distinctions. Courts developed a principle whereby a company limited by shares could not issue shares at a discount to par value: Ooregum Gold Mining Co of India Ltd v Roper [1892] AC 125.
A statutory exception later permitted a court to approve a company issuing shares at a discount to par in certain circumstances. Aickin J accurately captured the Australian law in his dissenting judgment in Federal Commissioner of Taxation v St Helens Farm (ACT) Pty Ltd (1981) 146 CLR 336 at 427 when he said:
"'unissued shares' do not constitute individual items of property but indicate merely the number of shares which a company may issue without increasing its nominal capital in accordance with the Companies Acts or Ordinances."
159Some of these conceptual presuppositions on which the memorandum and articles of association of the Company had been drafted were altered when s 1427(1) Company Law Review Act 1998 (Cth) ("CLR Act") came into effect. It provides:
"Any provisions in a company's constitution stating the amount of the company's share capital, and dividing that share capital into shares of a fixed amount, are repealed on commencement."
160Section 1412 CLR Act defined "commencement" as meaning "the commencement of section 3 of the Company Law Review Act 1998".
161Mr McHugh submitted that the effect of s 1427(1) is that clause 3 of the Memorandum of Association of the Company is repealed in its entirety, and Article 3(1) is repealed insofar as it identifies or creates an initial but unissued share capital.
He submits that in consequence there are no longer any "shares of the Company for the time being unissued", and that hence the directors no longer have power to "allot or otherwise dispose of" the (now non-existent) unissued shares of the Company. It is only these now non-existent shares that Article 4 empowers the directors to issue.
He submits that the only way in which new shares can be issued is if the Company in general meeting resolves, under Article 43, to increase the share capital. He accepts that once such a resolution was passed, the directors would have power under Article 4 to issue the shares that were thereby allowed to be issued.
However, because of the impossibility of the Company in general meeting passing an ordinary resolution, the situation will not arise where the directors have the power to issue ordinary shares. Thus, he submits, even if Helen were to appoint another director, the general meeting would still be incapable of operating as an organ of corporate governance.
162I do not accept that submission. | [
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|
nsw_caselaw:54a636e73004de94513d96fd:23 | nsw_caselaw:54a636e73004de94513d96fd | The offeror wished to extend the offer period, but failed to meet a mandatory statutory deadline for the time within which a notice of variation of the offer could be mailed to shareholders in the target who had not already accepted. Barrett J validated the late sending of the notice of variation. He said, at [15]:
"The Court of Appeal held in Winpar Holdings Ltd v Goldfields Kalgoorlie Ltd (2001) 166 FLR 144; 40 ACSR 221; [2001] NSWCA 427 that failure to take the appropriate steps to call a separate meeting of certain shareholders made necessary by a provision of the Corporations Law to the efficacy of a particular type of reduction of capital was a 'contravention' of that provision.
There, as here, the company was under no obligation to embark upon the reduction of capital. But, having done so, it was required to proceed in the prescribed way and failure to take any of the prescribed steps was a 'contravention'.
In this case, the plaintiff, having embarked on the offer extension process, was required to comply with s 650D(1)(c)(ii) and its failure to do so was a 'contravention' of the Act."
117Sheahan v Londish concerned three companies. Valofo was a wholly-owned subsidiary of LNQ, which in turn was a wholly-owned subsidiary of Vesudi. A provision in the articles of Association of Vesudi enabled the holders of the majority of issued shares to remove a director and appoint a replacement by a notice under their hands.
There was no corresponding provision in the articles of LNQ or of Valofo. Section 249B Corporations Act allowed a one member company to pass a resolution by the member recording it and signing the record.
A majority of shareholders of Vesudi signed a notice removing an existing director and appointing a replacement, Mr Sidney Londish. Mr Londish then joined and signing a notice that purported to remove a director of LNQ and replace him with Mr Londish.
Mr Londish and a director of LNQ then joined in signing a notice that purported to remove a director of Valofo and replace him with Mr Londish. Mr Londish and a director of Valofo then purported to appoint administrators to Valofo. The litigation concerned the validity of the appointment of the administrators.
118The majority in the Court of Appeal (Young JA and Lindgren AJA) held that the appointment of Mr Londish as a director of LNQ and of Valofo was invalid. Young JA at [161]-[163] held that there was a "contravention" within the meaning of s 1322(4)(a) "when the company does not infringe the Act, but merely failed to take advantage of a provision of the Act". Lindgren AJA at [233]-[236] said:
"The expression in 1322(4)(a) 'any act, matter or thing purporting to have been done, or any proceeding purporting to have been instituted or undertaken under [the] Act or in relation to a corporation' is of the widest kind. It embraces the purported appointment of the appellants as administrators of Valofo.
As Young JA observes (at [161]-162]), the expression in s 1322(4)(a) 'by reason of contravention of a provision of this Act or a provision of the constitution of a corporation' (my emphasis) has been liberally construed, and the word 'contravention' in the provision has not been confined to its orthodox meaning of 'infringement'.
The appointment by Valofo of the appellants as administrators on 16 July 2009 was invalid because:
· Valofo had not removed Peter and appointed Sidney as a director of Valofo by passing resolutions in conformity with s 249B before the purported instrument of appointment was executed and a resolution of the directors of Valofo was passed,
although the soi-disant directors, Sidney and Mr Bowman, apparently presumed that there was an effective removal of Peter and appointment of Sidney upon or before the giving of the notice by LNQ on 26 February 2009; | [
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] | null |
|
nsw_caselaw:54a636e73004de94513d96fd:41 | nsw_caselaw:54a636e73004de94513d96fd | 201But what is the consequence? If all the Appellant had lost was the opportunity to address argument concerning whether it was just and equitable to validate the Purported Appointment, and whether any substantial injustice had been or was likely to be caused to any person, that omission could be cured by the making of submissions in this Court if all the relevant evidence were before this Court.
However, Mr McHugh submits that in addition the Appellant has lost the opportunity to lead evidence on the topic, and to make submissions concerning that expanded body of evidence.
202As Mr Jackson points out, Tami had filed nearly all of her evidence in chief months before the hearing. However, that evidence in chief was the evidence on which she sought to rely in support of the winding up application.
Though it had all (apart from one formal affidavit of publication and notification to ASIC) been filed by the end of October 2010, the substantive evidence of the Respondents in opposition to that claim, and in support of their interlocutory process, was not filed until 14 January 2011, ie after the affidavit of 10 December 2010 had restricted the scope of the s 1322 claim.
203In all these circumstances, Tami has in my view lost a realistic opportunity to file evidence that went to the question of whether the s 1322 order that was actually made should made, and to make submissions concerning that expanded body of evidence.
204Mr McHugh does not submit that the Respondents are forever shut out from litigating a claim in which they seek a s 1322 order of the kind that the primary judge made. What he seeks is that the matter be remitted, so that the question of whether such an order should be made can be litigated.
In light of the elevation of the primary judge to the Court of Appeal, the order that Mr McHugh seeks is that it be remitted to the primary judge or such other judge as the Chief Judge in Equity might decide. If the matter is to be remitted at all, Mr Jackson does not oppose that type of order. In the circumstances I have set out, that is an appropriate order to make.
205The making of the s 1322 order cut the ground from under the way in which Tami put her claim for a winding up order. Thus, remittal should also examine whether, in the circumstances as they are when a fresh decision has been made about whether s 1322 order should be made, the Company should be wound up.
Other Matters
206Submissions were made to us concerning a number of topics that I have not so far dealt with. They are:
(a) whether the judge should have found that it was just and equitable to make an order validating the Purported Appointment;
(b) whether the judge was right in finding that no substantial injustice has been or is likely to be caused to any person as a consequence of making an order validating the Purported Appointment; and
(c) whether in any event, the court should in the exercise of its discretion decline to make a winding up order.
207As it will be necessary for the matter to be remitted, and at that remitted hearing the evidence might change, it is not appropriate for this Court to express any view about whether any of those evaluative judgments should be made.
Of the legal matters relevant to these topics that were debated, whether it is just and equitable that the order be made permits the court to take into account not only circumstances in existence at the time the act being validated took place, but also circumstances in existence at the time the order is made, and at least some consequences of the making of the order.
Similarly, whether substantial injustice "is likely to be caused to any person" involves the court considering the likely future consequences of the making of an order. There are no other discrete legal points that emerge from the submissions on these topics, and that it would be appropriate to decide at this stage. | [
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|
nsw_caselaw:54a636e73004de94513d96fd:8 | nsw_caselaw:54a636e73004de94513d96fd | That topic was of importance because of the role that "annual general meeting" played in Article 66 and 69, and because the concept of an AGM was imported, by the words "the meeting at which a director so retires" into Article 67.
This step in his Honour's reasoning is also not in dispute. However, as it provides a foundation for some later steps in the argument that are the subject of dispute, I shall set it out:
"73 The articles contain no explicit definition of 'annual general meeting', in the sense that there is no provision beginning, 'In these articles, "annual general meeting" means...'. There are, however, two provisions of significance. First, article 45 requires that an annual general meeting 'be held in accordance with the provisions of the Act'. Second, article 1 says:
'In these Articles ... words or expressions contained in these Articles shall be interpreted in accordance with the provisions of the Interpretation Act of 1897 and of the Act as in force at the date at which there Articles become binding on the Company.'
74 In both these provisions, 'the Act' takes its meaning from the following part of article 1:
'In these Articles ... 'the Act' means the Companies Act, 1961.'
75 Section 136 of the Companies Act 1961 required that a company hold an 'annual general meeting' at least once in every calendar year and not more than fifteen months after the holding of the last such meeting. Section 5(1) contained the following definition:
"'Annual general meeting' in relation to a company means a meeting of the company required to be held by section 136.'
76 This definition formed part of the Companies Act 1961 at the time of [the Company's] incorporation on 30 April 1971 and therefore at the date at which the articles became binding on the company. It follows that article 1, by means of the words quoted at paragraph [73] above, picked up the statutory definition of 'annual general meeting' in s 5(1) and carried it into the articles as a whole.
This imported statutory definition, reinforced by article 45, makes it clear that a particular general meeting will properly be regarded as an 'annual general meeting' if the holding of it is 'required' by s 136 of the Companies Act 1961.
77 Section 18 of the Companies (Application of Laws) Act 1981 (NSW) had the effect that, on 1 July 1982, the Companies (New South Wales) Code (being the provisions of the Companies Act 1981 (Cth) applied as laws of New South Wales by s 6 of the Companies (Application of Laws) Act) came to 'operate to the exclusion of the provisions of the Companies Act 1961 .
.. in relation to acts, matters and things in relation to which' the Companies (New South Wales) Code provisions applied. Section 240(1) of that Code required every company to hold a general meeting called the 'annual general meeting' at least once in every calendar year and within other timing constraints imposed by the section.
That provision of the Code therefore operated 'to the exclusion of' s 136 of the Companies Act 1961.
It follows that, from and after 1 July 1982,
no company was 'required' by the Companies Act 1961 to hold an annual general meeting and that any annual general meeting in fact held could not properly be described as 'held in accordance with the provisions of' the Companies Act 1961 (to quote the words of article 45)
or as 'required to be held by' s 136 of the Companies Act 1961 (to quote the words of the statutory definition imported into the articles).
78 After 1 July 1982, the pre-existing articles of [the Company] continued to be its articles. This was the effect of s 21 of the Companies (Application of Laws) Act.
On that day, however, the requirement under article 45 that an annual general meeting be held 'in accordance with the provisions of the Act' (that is, the Companies Act 1961) and the articles' imported definition of 'annual general meeting' became devoid of content and meaning, unless, upon a proper construction of the articles, as continued in operation, | [
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|
nsw_caselaw:54a636e73004de94513d96fd:35 | nsw_caselaw:54a636e73004de94513d96fd | "The repeal effected by s 1427(1) caused to become inoperative the provisions in the company's constitution stating its capital and dividing that capital into shares of a fixed amount. Clause 3 of the memorandum and Article 5(1) of the articles of association are both provisions of this kind.
But each provision, as well as stating the capital and dividing it into shares of £1/-/-, specified the numbers of shares that were to be "A" class shares, "B" class shares, "C" class shares and ordinary shares.
To the extent that the provisions thus classified shares, they went beyond the matters specified in s 1427(1) of the Corporations Law and it seems to me that those additional aspects must be taken to have survived the repeal effected by that section.
It follows that the twelve shares issued as "A" class shares continued to be "A" class shares after 1 July 1998. In addition and as I have already said, each must today be regarded as a share on which the sum of $2.00 has been paid."
172Mr Jackson submits that the effect of s 1427 on Article 3(1) of the Company is to remove the reference to $20,000, and to remove the reference (concerning the shares) to them being of one dollar each. In the result, Article 3(1) is to be treated as amended so that it reads:
"The Capital of the Company is ... divided into twenty thousand (20,000) shares ...
including five 'A' 5% Convertible Preference Shares five 'B' Redeemable Preference Shares, 10 'C' Redeemable Preference Shares, 10 'D' Redeemable Preference Shares, 1,997 'E' Class Ordinary Shares, 1,997 'F' Class Ordinary Shares, 1,
997 'G' Class Ordinary Shares, 1,997 'H' Class Ordinary Shares, 1,997 'I' Class Ordinary Shares, 1,997 'J' Class Ordinary Shares, 1,997 'K' Class Ordinary Shares, 1,997 'L' Class Ordinary Shares, 1,997 'M' Class Ordinary Shares and 1,997 'N' Class Ordinary Shares.
"
173He submits that when that amendment is made to Article 3(1), Article 4 is then construed so that it confers on the directors power to allot or otherwise dispose of however many of the 20,000 shares identified in the rewritten Article 3(1) as have not been already issued.
174I accept that s 1427 CLR Act has the effect that Article 3(1) should be treated as being re-written in the fashion for which Mr Jackson contends. However, it is just an accident of the drafting of Article 3(1) that it is susceptible to the neat surgery that Mr Jackson has performed upon it.
175When Article 3.1 is so re-written, Article 4 is construed in the fashion for which Mr Jackson contends. Alternatively, if, as I do not accept, s 1427 has the effect that the whole notion of unissued shares in the Company must disappear, Article 75 would confer on the directors the power to issue shares, including ordinary shares.
176Thus, I do not accept that the judge was in error in holding that validation of Helen's appointment would open the way to the Company being able, if the directors so decided, to issue ordinary shares.
177Mr Jackson also submitted that the primary judge's finding that the directors would have power to issue shares was not an essential one for his ultimate refusal of the winding up order. In light of my conclusion concerning the power to issue shares, there is no need to consider that submission.
Issue 6 - Failure to Accord Natural Justice?
178At the hearing of the appeal, the Appellant was granted leave, without opposition, to file an Amended Notice of Appeal that contended that the primary judge had failed to accord natural justice to the Appellant in three respects:
"(a) failing to indicate to the appellant that his Honour was proposing to make an order pursuant to s 1322(4)(a) to validate the purported appointment of [Helen] as director of the [Company] notwithstanding that the purported appointor, [Ami], was not a director of the [Company];
(b) failing to identify, in order to give the appellant an opportunity to address, the matters on which his Honour relied, or proposed to rely, in making the order on that basis; and | [
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|
nsw_caselaw:54a636e73004de94513d96fd:10 | nsw_caselaw:54a636e73004de94513d96fd | 84 It is also relevant to note that a proprietary company such as [the Company] has not been subject to any statutory obligation to hold an annual general meeting since the First Corporate Law Simplification Act 1995 (Cth) came into operation on 9 December 1995. That Act abolished the requirement for an annual general meeting in relation to relevant companies. Thus, even if
(a) it is wrong to think that, after 1 July 1982, the definition of 'annual general meeting' in the constitution was devoid of meaning and there was no requirement under article 45 that such a meeting be held); and
(b) the article 1 definition of 'annual general meeting' and the article 45 requirement, both referring to 'the Act', are properly regarded as referring to any provision for the time being in force that requires a company such as [the Company] to hold an annual general meeting,
the position was that, after 9 December 1995, there was no statutory requirement for the holding of such a meeting and therefore no content to either the article 1 definition or the article 45 requirement."
47The judge held that the inability of any member of the Company to vote at an AGM did not mean that in the period up to 1 July 1982 it was impossible for an AGM to be held. Every shareholder in the Company had, in accordance with the articles defining the terms on which their shares were issued, an entitlement to notice of, and to attend, any general meeting of the Company.
At such a meeting each shareholder could "consider accounts and reports laid before the meeting by the directors and ... engage in the discussion that is part of that process": [87].
48The judge was satisfied that the various meetings that were held prior to 1 July 1982 and purported to be AGMs in the minute book, were "annual general meetings" of the Company, within the meaning of the articles. That step in the argument is also not in dispute.
49The primary judge did not decide at what precise times Leo and Hedy ceased to be directors. He took that course because what was of critical importance was whether there was a validly appointed director on 30 July 2003, and Leo and Hedy had both ceased to be directors by no later than 29 July 2003.
50The judge took the view that there was a close connection between Article 66 and Article 67. When Article 67 referred to "the meeting at which the director so retires" it was referring to the AGM "at" which each director was required to retire by Article 66.
Further, the expression "so retires" refers to retirement in the manner required by Article 66. He accepted that if a director retired from office pursuant to Article 66 the inability of the AGM to pass a resolution to "fill the vacated office by electing a person thereto" did not prevent there being any directors in office after the AGM.
Rather, the failure of the meeting to pass a resolution that filled the vacated office caused the remaining portion of Article 67, beginning "and in default" to come into operation. It was, seemingly, the contention of Ami in the court below that the "and in default" portion of Article 67 had the effect that he was deemed to have been re-elected as a director at the AGM on 31 December 1973.
51The judge did not accept that argument. The appointment of Ami on 29 June 1973 as director under Article 69 was only "until the next following annual general meeting". The judge held that that meant that Ami's office had ceased at the moment the AGM began. The "and in default" provision in Article 67 applied only to a director who retired at an AGM, and thus did not apply to Ami in December 1973.
It followed that Ami was not a director after the start of the 31 December 1973 AGM, and thus was not a director who retired at any subsequent AGM.
It further followed that Ami was ineligible to be deemed reappointed by the "and in default" portion of Article 67 at any subsequent AGM. By the same process of reasoning, Tami had not been a validly appointed director after the commencement of the December 1973 AGM. | [
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] | null |
|
nsw_caselaw:54a636e73004de94513d96fd:43 | nsw_caselaw:54a636e73004de94513d96fd | Now that the matter is to be remitted, the question of whether the Crown (and if so, which Crown, or both Crowns) should be a party to the litigation can be dealt with in the course of pre-trial directions. If it were party to the litigation, that would not compel it to make submissions if it did not wish to.
Order
214I propose the following orders:
(1) Appeal allowed.
(2) Orders 2 and 3 in the court below be set aside.
(3) Remit the matter to the primary judge or such other judge as the Chief Judge in Equity might decide to determine whether an order should be made under s 1322(4)(a) Corporations Act validating the Purported Appointment, and whether the Company should be wound up.
(4) Cross-Appeal dismissed.
(5) Respondents to pay 80% of the combined costs of the Appellant of the appeal and cross-appeal.
(6) Costs of the first trial to follow the event of the second trial.
(7) Respondents to have a certificate under the Suitors Fund Act 1951 concerning those costs of the Appellant of the appeal that they have been ordered to pay, which are assessed as being 50% of the combined costs of the Appellant of the appeal and the cross-appeal.
********
APPENDIX
Article 3:
(1) The Capital of the Company is Twenty thousand dollars ($20,000.00) divided into twenty thousand (20,000) shares of One dollar ($1.
00) each including 5 'A' 5% Convertible Preference Shares, 5 'B' Redeemable Preference Shares, 10 'C' Redeemable Preference Shares, 10 'D' Redeemable Preference Shares, 1,997 'E' Class Ordinary Shares, 1,997 'F' Class Ordinary Shares, 1,
997 'G' Class Ordinary Shares, 1,997 'H' Class Ordinary Shares, 1,997 'I' Class Ordinary Shares, 1,997 'J' Class Ordinary Shares, 1,997 'K' Class Ordinary Shares, 1,997 'L' Class Ordinary Shares, 1,997 'M' Class Ordinary Shares and 1,997 'N' Class Ordinary Shares.
(2) The rights privileges and conditions attached to the said 5 'A' 5% Convertible Preference Shares are as follows:-
(a) The said 'A' 5% Convertible Preference Shares shall not confer any right to vote at any general meeting of the Company but the holders thereof shall be entitled to notice of and to attend any general meeting of the Company.
(b) The said 'A' 5% Convertible Preference Shares shall carry the right to a fixed cumulative preferential dividend at the rate of 5% per annum on the capital paid up thereon respectively in priority to all other shares in the Company.
(c) The said 'A' 5% Convertible Preference Shares shall rank
(i) in a winding up both as regards return of capital and dividend accrued up to the commencement of the winding up and not declared, and
(ii) in a reduction of capital as regards return of capital
in priority to all other shares in the Company.
(d) The said 'A' 5% Convertible Preference Shares shall not carry the right to any further participation in surplus assets or profits.
(e) Until the death of LEO AIRE WEINSTOCK or until he shall cease to be the registered holder of at least four of the said 'A' 5% Convertible Preference Shares (whichever shall first happen)
the said LEO AIRE WEINSTOCK may by notice in writing left at the registered office of the Company elect to convert the 5 'A' 5% Convertible Preference Shares into 5 'A' 5% Preference Shares having attached thereto the following right privileges and conditions viz:
-
(i) Until the death of the said LEO AIRE WEINSTOCK or until he shall cease to be the registered holder of at least four of the said 'A' 5% Preference Shares (whichever shall first happen) the said 'A' 5% Preference Shares shall be the only shares in the capital of the Company which shall confer the right to vote at any general meeting of the Company.
(ii) Except as hereinbefore provided the said 'A' 5% Preference Shares shall not confer any right to vote at any general meeting of the Company but the holders thereof shall be entitled to notice of and to attend any general meeting of the Company. | [
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|
nsw_caselaw:54a636e73004de94513d96fd:45 | nsw_caselaw:54a636e73004de94513d96fd | (4) The rights privileges and conditions attached to the said 10 'C' Redeemable Preference Shares are as follows:-
(a) The said 'C' Redeemable Preference Shares shall not confer any right to vote at any general meeting of the Company but the holder thereof shall be entitled to notices of and to attend general meetings of the Company.
(b) The said 'C' Redeemable Preference Shares shall rank as regards return of capital in a winding up and in a reduction of capital next after any 'A' 5% Convertible Preference Shares or 'A' 5% Preference Shares and any 'B' Redeemable Preference Shares issued in the capital of the Company and subject thereto (but pari passu with any 'D' Redeemable Preference Shares)
in priority to all other shares in the capital of the Company.
(c)
Subject to the provisions of section 61 of the Act the said 'C' Redeemable Preference Shares shall at the option of the Company be liable to be redeemed at par on or before 30th June 2016 by notice in writing to the
holders at their respective registered addresses and each such notice shall be accompanied by the Company's cheque or by a bank cheque bank draft or money order for the amount payable to the holder to whom the notice is sent.
(d)
Notwithstanding anything hereinbefore contained the said 'C' Redeemable Preference Shares or the number thereof then issued and unredeemed shall be redeemed by the Company upon the death of the holder thereof and in the event of redemption in consequence of the death of the holder payment of the amount required for such redemption to the auditor for the time
being of the Company on trust for such holder's personal representatives shall be deemed payment to such holder's personal representatives and such payment to the said auditor shall be a full and sufficient discharge to the Company for such payment and shall relieve the Company and its directors from all liability to see to the application of the moneys so paid.
(e) The said 'C' Redeemable Preference Shares shall confer on the holders thereof the right to receive such dividends as may be declared thereon pursuant to Article 101 hereof and subject to the provisions of sub-clause (3) of that Article shall rank as regards such dividends pari passu with the Ordinary Shares in the Company. Such dividends (if any) shall be non-cumulative.
(f) The said 'C' Redeemable Preference Shares shall not carry the right to any further participation in surplus profits or assets.
(5) The rights privileges and conditions attached to the said 10 'D' Redeemable Preference Shares are as follows:-
(a) The said 'D' Redeemable Preference Shares shall not confer any right to vote at any general meeting of the Company but the holder thereof shall be entitled to notices of and to attend general meetings of the Company.
(b) The said 'D' Redeemable Preference Shares shall rank as regards return of capital in a winding up and in a reduction of capital next after any 'A' 5% Convertible Preference Shares or 'A' 5% Preference Shares and any 'B' Redeemable Preference Shares issued in the capital of the Company and subject thereto (pari passu with any 'C' Redeemable Preference Shares)
in priority to all other shares in the capital of the Company.
(c)
Subject to the provisions of section 61 of the Act the said 'D' Redeemable Preference Shares shall at the option of the Company be liable to be redeemed at par on or before 30th June 2016 by notice in writing to the
holders at their respective registered addresses and each such notice shall be accompanied by the Company's cheque or by a bank cheque bank draft or money order for the amount payable to the holder to whom the notice is sent.
(d)
Notwithstanding anything hereinbefore contained the said 'D' Redeemable Preference Shares or the number thereof then issued and unredeemed shall be redeemed by the Company upon the death of the holder thereof and in the event of redemption in consequence of the death of the holder payment of the amount required for such redemption to the auditor for the time | [
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|
nsw_caselaw:54a636e73004de94513d96fd:49 | nsw_caselaw:54a636e73004de94513d96fd | 218Helen's appointment was invalid. The question is whether that appointment could be validated under s 1322(4)(a), the terms of which have already been set out in the reasons of Campbell JA at [102]
219The two elements of the paragraph that need to be examined are:
(i) whether there was an act purporting to be done in relation to a corporation; and
(ii) whether, unless validated, the act was invalid because of a contravention of the constitution of the corporation.
220As to (i), the authorities show that the word "purported" in this context must be given a wide operation and cover at least some cases where the actor did not have power to do the required act; see eg Dicker v Angerstein (1876) 3 Ch D 600; Logue v Shoalhaven SC [1979] 1 NSWLR 537 at 550; Phonogram Ltd v Lane [1982] QB 938.
I agree with Campbell JA ([148]) that what Ami did in appointing Helen was an act purporting to be done in relation to the Company.
221As to (ii), I have read what my brothers have said. There is some guidance in the authorities as to the ambit of the operation of the paragraph, but there is no authority which provides a ready made answer to the present problem.
222Mr McHugh SC for the appellant submitted that in order for the paragraph to apply it is necessary to find that there is a "contravention" of the constitution, either by infringing a provision of it or failing to take advantage of a provision of it. I would accept that submission.
223It is not every invalid action within a corporation that may be validated under s 1322 as sub-sections (4) and (6) make clear. As I understand it, the approach of Sackville AJA is along the lines that the impugned action must be able to be achieved under the Act or constitution.
If this is the case, then, where the action is performed in a different and invalid way, it may be validated under the section. However, if it is not possible to attain the result under the Act or constitution, the section cannot assist. Whether I have read Sackville AJA correctly or not, I consider that this is the proper approach to the section.
224If this or some near variation is not adopted, the section would cover almost every invalid action in the face of the express limitations built into sub-section 6.
225Accordingly, I would agree with the orders proposed by Sackville AJA.
226It is unnecessary to consider the detailed matters considered by the primary judge as to whether, if the case had come within the section, a validating order should have been made or whether the appellant was denied natural justice.
227The case must thus go back to the Equity Division to determine whether there should be a winding up. Ordinarily, the present sort of problem can be fixed by an order for a court convened meeting made under s 249G of the Corporations Act.
However, in the present case, there is no person qualified to make such an application. Unless there is a scheme of arrangement under s 411 or a compromise, the options available to the Judge in Equity may be very limited.
228SACKVILLE AJA: I have had the privilege of reading Campbell JA's very thorough judgment.
229I agree with his Honour that:
* Mr A D Weinstock ("Ami") was not a director of LW Furniture Consolidated (Aust) Pty Ltd ("the Company") on 30 July 2003 and thus did not have power on that date to appoint his wife, Ms H Weinstock ("Helen"), as a director of the Company;
* Ami's purported appointment of Helen as a director of the Company was not validated by Article 92; and
* Ms T Beck ("Tami") is not precluded, by reason of her failure to raise the issue in earlier proceedings, from now contending that Ami did not hold office as a director of the Company on 30 July 2003.
The Validation Issue
230However, I respectfully disagree with the conclusions that the purported appointment of Helen as a director ("the Purported Appointment") could be validated by an order made pursuant to s 1322(4)(a) of the Corporations Act. | [
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] | null |
|
nsw_caselaw:54a636e73004de94513d96fd:26 | nsw_caselaw:54a636e73004de94513d96fd | He was appointed by Mr Macarthur-Stanham (who had ceased to be a director who could validly act as such because he had disposed of his qualification shares) and Mr Wenham.
Mr Wenham was undoubtedly a director, and would have had power under an article the equivalent of article 87 in the present case to act by himself to appoint a qualified person to be a director. Messrs Elliott and Ware were purportedly appointed by Messrs Macarthur-Stanham and Cowper, neither of whom was a director at the time.
I have earlier discussed at [72]-[82] why the incapacity of Mr Macarthur-Stanham to appoint Messrs Elliott and Ware would be validated by s 119, if Messrs Elliott and Ware had held the necessary qualification shares.
127Blackburn J made an order under s 366(3) validating the appointment of Messrs Cowper, Elliott and Ware. He held, at 415, that their failure to hold qualification shares was an "error or irregularity", and that the purported appointment of them entailed a "default in observance of the ... articles.
He rejected an argument that the purported appointment had not occurred "in the management or administration of a company", because "the persons who committed the error (Messrs Macarthur-Stanham and Cowper) were not even directors; they were in the eyes of the law strangers to the company" (416). His reason for rejecting that argument was, at 416:
"... to put such a construction on the words 'management or administration of a company' would be to deprive the section of much of its usefulness.
Unless the words 'management or administration' can be, where necessary, construed as 'purported management or administration', the beneficent effect of the section must be drastically reduced. I can find nothing in the rest of the section or in the Ordinance which suggests that the narrower construction should be adopted."
128Mr McHugh suggests a critical distinction between the present case and Australian Continental Resources is that in the latter case every invalidity along the way to the final invalidity that was cured under s 366(3) was able to be cured. Similarly, he submits in Sheahan v Londish all the invalidities along the way to the appointment of the administrator were able to be cured.
129I observe that none of the phrases that were critical in Blackburn J's argument ("error or irregularity", "a default in observance of the ... articles" and "in the management or administration of a company") occurs in s 1322.
However, to deal with the substance of Mr McHugh's argument, in my view, there is no justification for imposing a limitation of the kind he submits on the words of s 1322(4)(a).
Doing so would sit awkwardly with a significant body of authority (some of it in this Court) concerning the construction of s 1322. More importantly, it would be contrary to the repeated statements of the High Court about the correct way to construe statutes that confer a jurisdiction on a court.
130There is ample authority that s 1322 is a remedial provision which is to be applied with liberality: North Sydney Brick & Tile Co Ltd v Darvall at 341; NRMA Ltd v Gould (1995) 18 ACSR 290 at 292; Jordan v Avram at 154; Winpar Holdings Ltd v Goldfields Kalgoorlie Ltd [2001] NSWCA 427; (2001) 166 FLR 144; 40 ACSR 221; at [74]; Re Centennial Coal Co Ltd at [15].
However, I recognise that that does not necessarily mean it is to be applied with unbounded liberality.
131Even if one were approaching the construction of s 1322 without any reliance on previous authority concerning the section itself, there is ample High Court authority that provisions conferring jurisdiction or granting powers to a court are not to be read by making implications or imposing limitations which are not found in the express words:
FAI General Insurance Co Ltd v Southern Cross Exploration NL (1988) 165 CLR 268 at 283-284 per Wilson J;
at 290 per Gaudron J; Knight v F P Special Assets Ltd (1992) 174 CLR 178 at 185, 205; Patton v Buchanan Borehole Collieries Pty Ltd (1992) 178 CLR 14 at 17; | [
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] | null |
|
nsw_caselaw:54a636e73004de94513d96fd:54 | nsw_caselaw:54a636e73004de94513d96fd | 252Thus, the orders I propose are:
(1) Appeal allowed.
(2) Orders 2 and 3 in the court below be set aside.
(3) Remit the matter to the primary judge, or such other judge as the Chief Judge in Equity might decide, to determine whether the Company should be wound up.
(4) Cross-Appeal dismissed.
(5) Respondents to pay the costs of the Appellant of the appeal and cross-appeal.
(6) Costs of the first trial to follow the event of the second trial.
(7) Respondents to have a certificate under the Suitors Fund Act 1951 concerning those costs of the Appellant of the appeal that they have been ordered to pay, which are assessed as being 80 percent of the combined costs of the Appellant of the appeal and the cross-appeal.
**********
Amendments
20 April 2012 - [202] - last sentence amended to read "10 December 2010".[220] - last sentence, "Ari" amended to read "Ami".[233] - identity of applicant corrected.
Amended paragraphs: [202], [220] and [233]
DISCLAIMER - Every effort has been made to comply with suppression orders or statutory provisions prohibiting publication that may apply to this judgment or decision.
The onus remains on any person using material in the judgment or decision to ensure that the intended use of that material does not breach any such order or provision. Further enquiries may be directed to the Registry of the Court or Tribunal in which it was generated.
Decision last updated: 08 October 2012 | [
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|
nsw_caselaw:54a636e73004de94513d96fd:4 | nsw_caselaw:54a636e73004de94513d96fd | 12The following issues that arise on the appeal and cross-appeal are dealt with in this judgment:
1. Whether Ami held office as a director of the Company on 30 July 2003 and thus had power to appoint Helen as an additional director. I have concluded that the primary judge was right in holding that Ami was not a director on 30 July 2003.
2. Whether, even if Ami did not hold office as director on 30 July 2003, his purported appointment of Helen is validated by a provision of the Articles that validates certain purported corporate acts that would otherwise be invalid. I have concluded that that article is not effective to validate Helen's appointment.
3. Whether Tami's failure to contest, in certain earlier proceedings that she brought relating to the Company, the validity of Ami holding office as a director, results in her being precluded by an Anshun estoppel from now contending that Ami did not hold office as a director on 30 July 2003. I have concluded that the judge was right in holding that there was no such estoppel.
4. Whether the validation of the Purported Appointment fell outside the powers of the court under s 1322(4)(a) because it was not an "act ... purporting to have been done...
in relation to a corporation" or because there had been no "contravention of ... a provision of the constitution" of the Company. I have concluded that the making of an order of the type the court made is within the powers conferred by s 1322(4)(a).
5. Whether the primary judge was mistaken in holding that, if the Purported Appointment were to be validated, the way would be opened for the Company to issue voting shares. I have concluded that the primary judge was right in holding that in that circumstance the Company would have the power to issue voting shares.
6. Whether, in light of the issues raised and argued in the case below, the court failed to accord natural justice when it made the order validating the Purported Appointment. I have concluded that this submission should succeed, and that in consequence the appeal should succeed and the matter should be remitted for further hearing.
13Because the matter is to be remitted this judgment does not deal with other matters, such as whether an order under s 1322(4) should be made, and whether it is appropriate to order that the Company be wound up, which would need to be decided before the disputes between the parties can be finally decided.
The Shares in the Company
14It will be necessary to refer to numerous provisions of the Articles of Association of the Company. Like the primary judge, I will set out most of the relevant provisions in an appendix to these reasons.
15Clause 3(1) of the Articles of Association with which the Company was originally incorporated made provision for the capital of the Company to be $20,000 divided into 20,000 shares of one dollar each.
These comprised five 'A' 5% convertible preference shares, five 'B' redeemable preference shares, ten 'C' redeemable preference shares, ten 'D' redeemable preference shares, and a total of 19,970 ordinary shares of one dollar each, made up of 1,997 shares each of classes called 'E'-'N' inclusive.
Like the primary judge, I will refer to shares of these various classes as 'A' shares, 'B' shares, etc, without according them their full titles.
16All five of the 'A' shares were allotted on 30 April 1971. Four of them were allotted to Leo, and the remaining share was allotted to a Mr Nagel, who held the share on trust for Leo. A meeting of directors on 1 April 1972 resolved to allot three 'C' shares.
One of them was to be allotted to Hedy, one to Tami, and the remaining 'C' share to Ami. There was a resolution that certificates 3, 4 and 5 be issued, and sealed with the common seal of the Company.
17The Register of Members records that Hedy held eight 'C' shares, said to have been allotted on a date in 1992 and comprised in certificate No 3. | [
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|
nsw_caselaw:54a636e73004de94513d96fd:0 | nsw_caselaw:54a636e73004de94513d96fd | Court of Appeal
Supreme Court
New South Wales
Medium Neutral Citation: Beck v LW Furniture Consolidated (Aust) Pty Ltd [2012] NSWCA 76
Hearing dates: 2 February 2012
Decision date: 05 April 2012
Before: Campbell JA at [1]
Young JA at [215]
Sackville AJA at [228]
Decision: (1) Appeal allowed.
(2) Orders 2 and 3 in the court below be set aside.
(3) Remit the matter to the primary judge, or such other judge as the Chief Judge in Equity might decide, to determine whether the Company should be wound up.
(4) Cross-Appeal dismissed.
(5) Respondents to pay the costs of the Appellant of the appeal and cross-appeal.
(6) Costs of the first trial to follow the event of the second trial.
(7) Respondents to have a certificate under the Suitors Fund Act 1951 concerning those costs of the Appellant of the appeal that they have been ordered to pay, which are assessed as being 80 percent of the combined costs of the Appellant of the appeal and the cross-appeal.
[Note: The Uniform Civil Procedure Rules 2005 provide (Rule 36.11) that unless the Court otherwise orders, a judgment or order is taken to be entered when it is recorded in the Court's computerised court record system.
Setting aside and variation of judgments or orders is dealt with by Rules 36.15, 36.16, 36.17 and 36.18. Parties should in particular note the time limit of fourteen days in Rule 36.16.]
Catchwords:
COMPANIES - management and administration - directors and other officers - appointment removal and retirement of directors - family company incorporated in 1971 - directors consisting of founder, his wife and their two children - no voting shares ever issued - in 2003 the founder passed away,
and his wife had become incapable - both children ceased to be directors - result was no validly appointed directors - the son, who was a de facto director, purported to exercise reserve power under articles to return directors to quorum by electing his wife as an additional director - application by appellant for winding up
COMPANIES - management and administration - directors and other officers - appointment removal and retirement of directors - whether director validly appointed - director appointed to fill casual vacancy until next annual general meeting - articles of association required directors to retire and seek re-election at each annual general meeting,
failing which directors who retired at annual general meeting were deemed to be re-elected - directors did not retire at each annual general meeting but purported to re-elect themselves as "retiring" directors - consequently director appointed to fill casual vacancy was not,
since his first annual general meeting, ever validly elected or deemed elected despite acting as de facto director for decades - default re-election provision not effective where the director had not retired at the annual general meeting - remaining de facto director not director
COMPANIES - management and administration - directors and other officers - appointment removal and retirement of directors - whether additional director validly appointed by de facto director - articles of associated
contained a defect clause that cured any defects in acts done by directors - whether this clause operated to cure fact that the remaining de facto director was never re-elected - held that initial appointment was not defective,
as it had simply run its natural course - no defect for the articles of association to cure - de facto director not able to validly appoint additional director
COMPANIES - management and administration - directors and other officers - appointment removal and retirement of directors - power of court to rectify corporate act which is taken in contravention of corporate constitution - Corporations Act 2001 s 1322 considered | [
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] | null |
|
nsw_caselaw:54a636e73004de94513d96fd:36 | nsw_caselaw:54a636e73004de94513d96fd | (c) failing to provide the appellant with an opportunity to address, and lead evidence in respect of, the elements of s 1322(4)(a) and s 1322(6) and relevant discretionary matters, on the footing indicated in sub-paragraph (a)."
179Considering whether that ground should be upheld requires close consideration of the issues and course of procedure in the court below. Ami, Helen and the Company filed an interlocutory process on 10 December 2010. The substantive orders sought in their interlocutory process were:
"1. A declaration that Amiram David Weinstock and Helen Weinstock are validly appointed directors of the [Company].
2. In the alternative, an order declaring that:
(a) the resolution of the [Company] made on 29 June 1973, being:
"that Tamar Beck and Amiram David Weinstock be appointed Directors and they shall hold office until the holding of the next Annual General Meeting of the Company"; and
(b) the matters referred to in paragraphs 13(c), 13(d), 14, 20 and 21 of the Points of Claim filed by the Plaintiff on 28 October 2010,
were not invalid by reason of any contravention of any provision of the Corporations Act 2001 (Cth or the constitution of the [Company]."
180There were no pleadings or points of claim concerning the interlocutory process.
181The presently relevant provisions of the Points of Claim giving content to the claimed Order 2(b) in the interlocutory process, were:
"17. As a result of Hedy's loss of capacity in about early 1996, or alternatively from about 29 July 2003:
(a) Hedy's office as director of the Company became vacant;
(b) Leo remained the sole director of the Company.
Particulars
Article 73(d) Articles.
18. On 29 July 2003:
(a) Leo died;
(b) the Company had no remaining directors.
19. Hedy died on 6 July 2004.
20. On or about 30 July 2003 Ami purported to pass a resolution appointing Helen as a director.
Particulars
Minutes of purported meeting of directors held on 30 July 2003
21. The said resolution purporting to appoint Helen as director was void and of no effect by virtue of the fact that Ami is not a director of the Company as pleaded herein."
182The Defence to those allegations in the Points of Claim was:
"15 In answer to paragraphs 17 and 18 of the Points of Claim, the defendants:
(a) admit that Hedy's office as director of the Company became vacant by no later than 29 July 2003;
(b) admit that Leo died on 29 July 2003;
(c) say that as a consequence, of the matters pleaded in (a) and (b) above, on 29 July 2003, Ami was the only director of the Company; and
(d) otherwise deny the allegations made in paragraphs 17 and 18 of the Points of Claim.
16 The defendants admit paragraph 19 of the Points of Claim.
17 In answer to paragraphs 20 and 21 of the Points of Claim, the defendants:
(a) refer to and repeat paragraph 15 of the Points of Defence above;
(b)say that Ami, in his capacity as director of the Company, appointed Helen as a director of the Company to fill a casual vacancy left by reason of Leo and Hedy's office as directors both becoming vacant by no later than 29 July 2003; and
Particulars
Article 73(d) and Article 69 of the Articles of Association
(c) as a consequence of the matters pleaded above, Helen was validly appointed as a director of the Company; and
(d) otherwise deny the allegations made in paragraphs 20 and 21 of the Points of Claim."
183There was no reply to that Defence.
184In my view, as a matter of ordinary language the interlocutory process is asking that every departure from regularity that has been pleaded in paras 13(c), 13(d), 14, 20 and 21 of the Points of Claim should be validated.
Thus, the basis for the application of s 1322(4)(a) that the primary judge upheld was within the general words of the interlocutory process. However, on 10 December 2010, the defendants' instructing solicitor swore an affidavit that set out verbatim the relief sought in the interlocutory process, and then said: | [
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] | null |
|
nsw_caselaw:54a636e73004de94513d96fd:21 | nsw_caselaw:54a636e73004de94513d96fd | It has been so decided in Re Continental Pacific Insurance Co [2002] NSWSC 789 at [14], Re Ausram Resources Ltd [2004] FCA 823 at [19]; Re MLC Ltd [2006] FCA 1357; (2006) 60 ACSR 187 at [10] and Sheahan v Londish [2010] NSWCA 270; (2010) 80 ACSR 337; (2010) 244 FLR 64 at [160].
However, in every case when an order is made the requirements of s 1322(6)(c) must be satisfied. The onus of establishing one of the conditions in s 1322(6)(a), and of establishing the absence of substantial injustice, rests upon the applicant for an order: Australian Hydrocarbons NL v Green at 83; Jordan v Avram (1997) 141 FLR 275 at 281-2.
104By their interlocutory process Ami, Helen, and purportedly the Company, sought a declaration pursuant to s 1322 Corporations Act that seven particular things were "not invalid" by reason of a "contravention" of the Corporations Act, or the Constitution of the Company.
The primary judge identified those seven matters at [135]. He granted relief in relation to only one of them, namely the Purported Appointment. As there is no cross-appeal concerning the primary judge's refusal to grant relief under s 1322 concerning the other six matters, I need not consider them in any detail.
105The primary judge recorded that Ami and Helen did not rely upon s 1322(2), which is confined in its operation to proceedings under the Corporations Act and to the effect of "procedural irregularity". He held, at [133] that Ami and Helen were each an "interested person" within the meaning of the chapeau of s 1322(4). That finding is not in dispute on this appeal.
106The relief that the judge granted was:
"2.
Declare that the proceedings purporting to have been taken on 30 July 2003 by which Amiram David Weinstock purported to act as a director of L W Furniture Consolidated (Aust)
Pty Ltd and in that capacity to appoint Helen Weinstock to be a director of that company is not invalid by reason of the contravention of the provision of the constitution of that company consisting of non-observance of the requirement that such proceeding be taken only by a person in office as a director by virtue of valid appointment or election as such.
"
107Tami does not challenge any findings of fact made by the primary judge, save to the extent that his Honour concluded that there was no evidence of prejudice or injustice arising out of the "validation" of the Purported Appointment.
108Mr McHugh raises three issues by way of challenge to the primary judge's decision under s 1322. His written submissions identify them as:
"(a) Whether the power in s 1322(4)(a) authorises the Court to 'validate' an attempt by a person who is not a director of a company to appoint a second person as director, such that the second person becomes a director de jure.
(b) Whether the underlying basis upon which the primary judge 'validated' the Purported Appointment is correct, namely that a validly appointed board of directors would have the power to issue voting shares and thereby bring an end to the present vacuum in corporate governance.
(c) Whether it was 'just and equitable' within the meaning of s 1322(6)(iii) to 'validate' the Purported Appointment, rather than wind up the Company."
109I will deal with the first two, and then with a supplementary submission that there has been a denial of natural justice.
Issue 4 - Was the Validation Order of the Type Described in Section 1322(4)(a)?
110Mr McHugh submitted that there was no power to make a validation order concerning the Purported Appointment, because such an order would not fall within the words of s 1322(4)(a). He submits it would fall outside those words for two separate reasons. The first was that the Purported Appointment is not "any act .
.. purporting to have been done ... in relation to a corporation ". The second is that there has been no "contravention of ... provision of the constitution" of the Company. Both reasons assumed that the act of Ami in making the Purported Appointment was a total nullity. | [
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