Dib & Anor v Taylor & Ors (No 2) [2008] NSWSC 503

Dib & Anor v Taylor & Ors (No 2) [2008] NSWSC 503

The Court accepted the plaintiffs’ method, finding that the building value cannot be treated as fixed if the overall property sale price was lower than the prior valuation. The appropriate apportionment is to apply the value ratios established by the valuer to the contract sale price, resulting in specified entitlements for the plaintiffs and AHJ Group Pty Limited.

Jurisdiction
Australia
Judgment Date
22 May 2008
Procedural Posture
Principal Judgment / Determination of Entitlement to Funds Paid Into Court After Property and Business Sale; Costs
Outcome
Apportionment of funds ordered between plaintiffs and second defendant; costs orders made; proceedings otherwise dismissed.
Legal Topics
['co Ownership of Property' 'apportionment of Sale Proceeds' 'valuation of Land and Building' 'distribution of Funds']
['corporations' 'equity'] ['co Ownership of Property' 'apportionment of Sale Proceeds' 'valuation of Land and Building' 'distribution of Funds']

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Procedural Posture

Principal Judgment / Determination of Entitlement to Funds Paid Into Court After Property and Business Sale; Costs

Legal Issues

  1. 1 ['Appropriate apportionment between the plaintiffs and AHJ Group Pty Limited of funds paid into Court after sale of property and business' 'Valuation method for allocating sale price between land and building']

Ratio Decidendi

The Court accepted the plaintiffs’ method, finding that the building value cannot be treated as fixed if the overall property sale price was lower than the prior valuation. The appropriate apportionment is to apply the value ratios established by the valuer to the contract sale price, resulting in specified entitlements for the plaintiffs and AHJ Group Pty Limited.

Court Disposition

Apportionment of funds ordered between plaintiffs and second defendant; costs orders made; proceedings otherwise dismissed.

Orders

  • ['Funds paid into Court to be paid $274,993 to Corporate and Civil Legal (for plaintiffs), balance (including interest) to Turks Legal (for second defendant and cross-claimants).' 'Liquidator to direct Turks Legal to pay 58.24% of accrued interest to Corporate and Civil Legal within 7 days of receipt.' 'Originating...