In the matter of Global Mortgage Equity Corporation Pty Limited [2013] NSWSC 1818

In the matter of Global Mortgage Equity Corporation Pty Limited [2013] NSWSC 1818

Declaratory relief and proposed notes were unnecessary because the Court of Appeal's orders and the primary judgment already determined the relevant matters and operative effect could be given by lifting the stay of the 2009 judgment. AFSC should be ordered to transfer its GMEC shares because the Plaintiffs would receive the benefit of the set-off and there should be no uncertainty about prompt transfer. The Plaintiffs were not entitled to interest on the share valuation amount because that was inconsistent with the logic of the Court of Appeal's orders. The stay of the 2009 judgment should be lifted for the agreed net amount of $510,924, but the new orders should be stayed to allow...

Jurisdiction
Australia
Judgment Date
06 December 2013
Procedural Posture
Equity Division Corporations List; Procedural and Other Rulings / Further Judgment After Primary Judgment on Form of Orders, Interest, Lifting Stay and Costs Following Remitter for Valuation
Outcome
Orders made for stay of judgment in earlier proceedings to be lifted in respect of specified sum and for the transfer of shares. Orders stayed until 4pm 14 February 2014. No orders made as to costs.
Legal Topics
['judgments and Orders' 'enforcement of Judgment' 'stay Pending Appeal' 'valuation of Shares' 'oppression Buy Out Order' 'set Off' 'costs Follow the Event' 'issue Based Costs']
['civil Procedure' 'corporations' 'costs'] ['judgments and Orders' 'enforcement of Judgment' 'stay Pending Appeal' 'valuation of Shares' 'oppression Buy Out Order' 'set Off' 'costs Follow the Event' 'issue Based Costs']

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Procedural Posture

Equity Division Corporations List; Procedural and Other Rulings / Further Judgment After Primary Judgment on Form of Orders, Interest, Lifting Stay and Costs Following Remitter for Valuation

Legal Issues

  1. 1 ["Whether the Court should make a declaration that the value of AFSC's shares in GMEC as at 30 June 2010 was $1,305,000." "Whether the orders should note matters already addressed by the Court of Appeal's orders, including the share purchase terms, absence of transfer of certain shares and units, and set-off." 'Whether AFSC should be ordered to execute and deliver transfers and share certificates for its shares in GMEC to One Australia.' "Whether the Plaintiffs should have interest on the valuation amount for GMEC's shares since 30 June 2010." 'Whether the stay of the judgment in proceedings 297497 of 2009 should be lifted for the net sum of $510,924 and whether the present orders should be stayed pending consideration of an appeal.' 'What costs order should be made for the valuation process and the application heard on 10-13 September 2013.']

Ratio Decidendi

Declaratory relief and proposed notes were unnecessary because the Court of Appeal's orders and the primary judgment already determined the relevant matters and operative effect could be given by lifting the stay of the 2009 judgment. AFSC should be ordered to transfer its GMEC shares because the Plaintiffs would receive the benefit of the set-off and there should be no uncertainty about prompt transfer. The Plaintiffs were not entitled to interest on the share valuation amount because that was inconsistent with the logic of the Court of Appeal's orders. The stay of the 2009 judgment should be lifted for the agreed net amount of $510,924, but the new orders should be stayed to allow...

Court Disposition

Orders made for stay of judgment in earlier proceedings to be lifted in respect of specified sum and for the transfer of shares. Orders stayed until 4pm 14 February 2014. No orders made as to costs.

Orders

  • ['The stay of the judgment in proceedings 297497 of 2009 be lifted in respect of the sum of $510,924 with the effect that the judgment in that proceeding can be enforced as to that amount together with any interest accruing on the amount of $510,924 at the prescribed rate on that amount from the date of these...