Folari Pty Ltd & Anor v St Jude Property Investments Pty Ltd & Anor [2012] NSWCA 120

Folari Pty Ltd & Anor v St Jude Property Investments Pty Ltd & Anor [2012] NSWCA 120

The appeal was dismissed because the primary judge was entitled, on documentary material corroborating Michael Saklaoui's evidence and after rejecting Kevin Zouki's evidence, to find that there was a joint venture under which St Jude was entitled to 20 per cent of net profits; the deductible expenses were those relating to obtaining development consent for 41 units up to the date consent was granted; any accrued but unpaid development consent expenses could be resolved on the taking of accounts; and $115,000 per approved unit, totalling $4,715,000, was the agreed basis for calculating profits. The appellants showed no material error in the account or costs orders.

Jurisdiction
Australia
Judgment Date
03 May 2012
Procedural Posture
Civil Appeal Concerning Joint Venture and Account of Profits / Appeal From the Decision of Tamberlin AJ Given on 20 April 2011, [2011] NSWSC 328
Outcome
Appeal dismissed.
Legal Topics
['joint Venture' 'account of Profits' 'development Consent' 'apportionment of Profit' 'appeal From Factual Findings' 'costs']
['contract Law' 'equity' 'civil Procedure'] ['joint Venture' 'account of Profits' 'development Consent' 'apportionment of Profit' 'appeal From Factual Findings' 'costs']

Case Brief

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Procedural Posture

Civil Appeal Concerning Joint Venture and Account of Profits / Appeal From the Decision of Tamberlin AJ Given on 20 April 2011, [2011] NSWSC 328

Legal Issues

  1. 1 ['Whether evidence supported the finding that St Jude was entitled to a 20 per cent share of net profits under the joint venture.' 'Whether expenses to be deducted in calculating net profits were confined to expenses relating to obtaining development approval up to the date development consent was granted, or extended to expenses up to and including sale or disposition.' 'Whether the primary judge was required to determine whether accrued but unpaid development consent expenses were included in the account.' 'Whether the sale price for calculating net profits was $4,715,000 rather than $4,485,000.' 'Whether the form of the account of profits order and the costs order were justified.']

Ratio Decidendi

The appeal was dismissed because the primary judge was entitled, on documentary material corroborating Michael Saklaoui's evidence and after rejecting Kevin Zouki's evidence, to find that there was a joint venture under which St Jude was entitled to 20 per cent of net profits; the deductible expenses were those relating to obtaining development consent for 41 units up to the date consent was granted; any accrued but unpaid development consent expenses could be resolved on the taking of accounts; and $115,000 per approved unit, totalling $4,715,000, was the agreed basis for calculating profits. The appellants showed no material error in the account or costs orders.

Court Disposition

Appeal dismissed.

Orders

  • ['Appeal dismissed.' "The appellants pay the respondents' costs of the appeal."]