Yu & anor v Brownvalley Investments Pty Ltd & ors [2010] NSWSC 652

Yu & anor v Brownvalley Investments Pty Ltd & ors [2010] NSWSC 652

Because the plaintiffs obtained an interlocutory injunction restraining payment on the bank guarantee, were ultimately held not entitled to that injunction, and had given an undertaking as to damages, Brownvalley was entitled to judgment for the undisputed loss caused by delayed payment. Because the bank guarantee was in substance equivalent to cash and an unconditional undertaking to pay, and the Bank had declined to pay the balance after the Court held payment was due, judgment for the outstanding balance was appropriate. Costs followed the failed claims and cross-claims, with a Bullock order preferred over a Sanderson order because Golden Harvests was a foreign corporation with...

Jurisdiction
Australia
Judgment Date
06 May 2010
Procedural Posture
Consequential Orders / Ex Tempore Judgment Following Earlier Substantive Judgment
Outcome
Judgments and costs orders made; plaintiffs' claims otherwise dismissed; entry of orders deferred until 14 May 2010 with liberty to apply.
Legal Topics
['bullock and Sanderson Orders' 'consequential Orders' 'undertaking as to Damages' 'interlocutory Injunction' 'bank Guarantee']
['procedure' 'costs' 'equity'] ['bullock and Sanderson Orders' 'consequential Orders' 'undertaking as to Damages' 'interlocutory Injunction' 'bank Guarantee']

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Procedural Posture

Consequential Orders / Ex Tempore Judgment Following Earlier Substantive Judgment

Legal Issues

  1. 1 ['Whether Brownvalley Investments Pty Ltd should have judgment against the plaintiffs pursuant to the undertaking as to damages given when the interlocutory injunction was obtained.' 'Whether the Commonwealth Bank of Australia should pay the outstanding balance under the bank guarantee.' 'Whether costs should be ordered by way of a Bullock order or Sanderson order.']

Ratio Decidendi

Because the plaintiffs obtained an interlocutory injunction restraining payment on the bank guarantee, were ultimately held not entitled to that injunction, and had given an undertaking as to damages, Brownvalley was entitled to judgment for the undisputed loss caused by delayed payment. Because the bank guarantee was in substance equivalent to cash and an unconditional undertaking to pay, and the Bank had declined to pay the balance after the Court held payment was due, judgment for the outstanding balance was appropriate. Costs followed the failed claims and cross-claims, with a Bullock order preferred over a Sanderson order because Golden Harvests was a foreign corporation with...

Court Disposition

Judgments and costs orders made; plaintiffs' claims otherwise dismissed; entry of orders deferred until 14 May 2010 with liberty to apply.

Orders

  • ['Give judgment that the fourteenth defendant Golden Harvests Ltd LLC pay the plaintiffs the following sums: (a) AUS$550,000; (b) USD$80,000; (c) AUS$51,227.' 'Give judgment that the plaintiffs pay the cross-claimant Brownvalley Investments Pty Limited the sum of AUS$51,227.' "Order that the plaintiffs' claims be...