Lift Capital Partners Pty Ltd (in Liq) v Bacnet Pty Ltd & ors [2010] NSWSC 857

Because the outcome of the High Court proceedings will have a decisive impact on the present motion and no significant prejudice arises from an adjournment, the proper exercise of discretion is to adjourn the present application until after the determination of the special leave application.

Parties: Plaintiff/respondent: Lift Capital Partners Pty Ltd (in liq); First Defendant/applicant: Bacnet Pty Ltd; Second Defendant: Banctrade Pty Ltd; Third Defendant: Biovest Pty Ltd; Fourth Defendant: Columcille Trading Pty Ltd; Fifth Defendant: Fambros (Aust) Pty Ltd; Sixth Defendant: Famgroup Pty Ltd; Seventh Defendant: Famtrust Pty Ltd; Eighth Defendant: Fictrade Pty Ltd; Ninth Defendant: Hypertade Pty Ltd; Tenth Defendant: Jamasco Pty Ltd; Eleventh Defendant: Josmar Pty Ltd; Twelfth Defendant: Mlt Trade Pty Ltd; Thirteenth Defendant: Musgard Pty Ltd; Fourteenth Defendant: Payto Pty Ltd; Fifteenth Defendant: Pennabroker Trading Pty Ltd; Sixteenth Defendant: Rento Pty Ltd; Seventeenth Defendant: Sharefund Pty Ltd; Eighteenth Defendant: Stocknet Pty Ltd; Nineteenth Defendant: Tf Trade Pty Ltd; Twentieth Defendant: Toaust Pty Ltd; Twenty First Defendant: Trade 2 Pty Ltd; Twenty Second Defendant: Tradeshare (Aust) Pty Ltd; Twenty Third Defendant: Tradex (Aust) Pty Limited; Twenty Fourth Defendant: Tritrade Pty Ltd; Twenty Fifth Defendant: Vinang Pty Ltd; Twenty Sixth Defendant: Famularo, Anthony Samuel
Jurisdiction: Australia
Judgment Date: 04 June 2010
Procedural Posture: Civil / Interlocutory (motion to Adjourn Proceedings and Application to Amend Cross Claim)
Outcome: Adjournment granted; costs awarded to plaintiff.
Legal Topics: Adjournment of Proceedings, Leave to Amend Cross Claim, Scheme of Arrangement, Effect of Pending Appellate Proceedings

Civil Procedure Adjournment of Proceedings Leave to Amend Cross Claim Scheme of Arrangement Effect of Pending Appellate Proceedings

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Parties

Lift Capital Partners Pty Ltd (in liq)

Plaintiff/respondent

Bacnet Pty Ltd

First Defendant/applicant

Banctrade Pty Ltd

Second Defendant

Biovest Pty Ltd

Third Defendant

Columcille Trading Pty Ltd

Fourth Defendant

Fambros (Aust) Pty Ltd

Fifth Defendant

Famgroup Pty Ltd

Sixth Defendant

Famtrust Pty Ltd

Seventh Defendant

Fictrade Pty Ltd

Eighth Defendant

Hypertade Pty Ltd

Ninth Defendant

Jamasco Pty Ltd

Tenth Defendant

Josmar Pty Ltd

Eleventh Defendant

Mlt Trade Pty Ltd

Twelfth Defendant

Musgard Pty Ltd

Thirteenth Defendant

Payto Pty Ltd

Fourteenth Defendant

Pennabroker Trading Pty Ltd

Fifteenth Defendant

Rento Pty Ltd

Sixteenth Defendant

Sharefund Pty Ltd

Seventeenth Defendant

Stocknet Pty Ltd

Eighteenth Defendant

Tf Trade Pty Ltd

Nineteenth Defendant

Toaust Pty Ltd

Twentieth Defendant

Trade 2 Pty Ltd

Twenty First Defendant

Tradeshare (Aust) Pty Ltd

Twenty Second Defendant

Tradex (Aust) Pty Limited

Twenty Third Defendant

Tritrade Pty Ltd

Twenty Fourth Defendant

Vinang Pty Ltd

Twenty Fifth Defendant

Famularo, Anthony Samuel

Twenty Sixth Defendant

Procedural Posture

Civil / Interlocutory (motion to Adjourn Proceedings and Application to Amend Cross Claim)

Legal Issues

1 Whether the application to amend the cross-claim should be adjourned until the determination of the special leave application to the High Court regarding the scheme of arrangement

Ratio Decidendi

Court Disposition

Adjournment granted; costs awarded to plaintiff.

Orders

Proceedings adjourned to Friday, 6 August 2010 at 9.15 a.m. in the Commercial List Judge's motion list.
Defendants to pay the plaintiff's costs of the day.