BCI Finances Pty Limited (in liq) v Binetter (No 6) [2018] FCA 500

BCI Finances Pty Limited (in liq) v Binetter (No 6) [2018] FCA 500

Because the relevant benefits were the amounts received by Ligon 158 and Ligon 159 from funds advanced by Israeli Discount Bank to EGL, and because the applicants identified those amounts and the tax liabilities to which they were referable without any particular error being shown, the Court accepted the applicants' calculations and entered judgment for the relevant applicants in the calculated compensation amounts.

Jurisdiction
Australia
Judgment Date
16 April 2018
Procedural Posture
Commercial and Corporations; Corporations and Corporate Insolvency Proceeding Concerning Compensation / Quantification of Equitable Compensation and Entry of Monetary Judgments Following Liability Judgment and Consequential Orders
Outcome
Judgments entered for the second, third and fourth applicants against the specified respondents in quantified compensation amounts.
Legal Topics
['equitable Compensation' 'quantification of Compensation' 'breach of Fiduciary Duty' 'knowing Participation' 'corporate Respondents' 'tax Liabilities']
['commercial and Corporations' 'corporations and Corporate Insolvency' 'equity'] ['equitable Compensation' 'quantification of Compensation' 'breach of Fiduciary Duty' 'knowing Participation' 'corporate Respondents' 'tax Liabilities']

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Procedural Posture

Commercial and Corporations; Corporations and Corporate Insolvency Proceeding Concerning Compensation / Quantification of Equitable Compensation and Entry of Monetary Judgments Following Liability Judgment and Consequential Orders

Legal Issues

  1. 1 ["What equitable compensation was payable by Ligon 159 and Ligon 158 to the second applicant, EGL, for benefits referrable to EGL's tax liabilities." "Whether the applicants' calculations of benefits received from funds advanced by Israeli Discount Bank to EGL involved double counting or other identified error." 'Whether judgments should also be entered for Ligon 268 and Binqld against Erma and Ligon 158 using the benefit methodology.']

Ratio Decidendi

Because the relevant benefits were the amounts received by Ligon 158 and Ligon 159 from funds advanced by Israeli Discount Bank to EGL, and because the applicants identified those amounts and the tax liabilities to which they were referable without any particular error being shown, the Court accepted the applicants' calculations and entered judgment for the relevant applicants in the calculated compensation amounts.

Court Disposition

Judgments entered for the second, third and fourth applicants against the specified respondents in quantified compensation amounts.

Orders

  • ['Judgment be entered for the second applicant against the ninth respondent in the sum of $4,986,533.71.' 'Judgment be entered for the second applicant against the tenth respondent in the sum of $24,263,278.15.' 'Judgment be entered for the third applicant against the eighth respondent in the sum of $3,056.60.'...