Luxcon Developments No. 2 Pty Ltd v Ratner [2014] NSWSC 861

Luxcon Developments No. 2 Pty Ltd v Ratner [2014] NSWSC 861

There is a serious question to be tried regarding entitlement to a profit share (potentially up to 21%) under the joint venture agreement and alleged fiduciary obligations; balance of convenience favours granting interlocutory relief by quarantining $1.5 million from proceeds of sale pending final determination.

Parties
Plaintiff/cross Defendant: Luxcon Developments No. 2 Pty Ltd; Defendant/cross Claimant: John Ratner
Jurisdiction
Australia
Judgment Date
20 June 2014
Procedural Posture
Interlocutory Application / Determination of Application for Interlocutory Injunction
Outcome
Interlocutory injunction granted; orders on costs
Legal Topics
Equitable Remedies, Injunctions, Interlocutory Injunctions, Joint Venture Agreements, Account of Profits, Fiduciary Obligations
Equity Equitable Remedies Injunctions Interlocutory Injunctions Joint Venture Agreements Account of Profits Fiduciary Obligations

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Parties

Luxcon Developments No. 2 Pty Ltd

Plaintiff/cross Defendant

John Ratner

Defendant/cross Claimant

Procedural Posture

Interlocutory Application / Determination of Application for Interlocutory Injunction

Legal Issues

  1. 1 Whether an interlocutory injunction should be granted pending outcome of further proceedings
  2. 2 Whether proceeds of sale should be quarantined for profit share claim
  3. 3 Interpretation and enforceability of joint venture agreement

Ratio Decidendi

There is a serious question to be tried regarding entitlement to a profit share (potentially up to 21%) under the joint venture agreement and alleged fiduciary obligations; balance of convenience favours granting interlocutory relief by quarantining $1.5 million from proceeds of sale pending final determination.

Court Disposition

Interlocutory injunction granted; orders on costs

Orders

  • Orders 3 and 4 made on 13 June 2014 discharged.
  • Cross-defendant to pay into the trust or controlled moneys account of Salim Rutherford Lawyers a sum sufficient to bring moneys held to not less than $1.5 million from proceeds of sale upon completion of the last to be sold of lots 29, 3, 19 and/or 23 in Strata Plan 89685.