HFPS Pty Limited (Trustee) v Tamaya Resources Limited (In Liq) (No 2) [2016] FCA 446

HFPS Pty Limited (Trustee) v Tamaya Resources Limited (In Liq) (No 2) [2016] FCA 446

Leave to make the opposed amendments was refused because the plaintiffs had conducted the proceeding as a piggy back proceeding and should not be permitted to resile from the position that the amendments would stand or fall with the substantially identical amendments sought in related proceedings, which had been refused by Gleeson J and upheld by the Full Court. The same discretionary reasons applied, including delay, prejudice, expansion of the case, inefficiency, case management difficulties, deficient explanation, and the absence of a proper factual basis for the Chilean mine impairment allegations. The unopposed amendments were permitted, and the unopposed amendment to the group...

Jurisdiction
Australia
Judgment Date
28 April 2016
Procedural Posture
Representative Proceeding Under Pt IVA of the Federal Court of Australia Act 1976 (cth) / Interlocutory Application for Leave to Amend the Originating Application and Amended Statement of Claim and to Amend the Group Member Definition
Outcome
The plaintiffs' application for leave to amend was refused except to the extent that the amendments were not opposed; the unopposed application to amend the group definition was to be allowed; indemnity costs in favour of the Deloitte defendants were considered warranted.
Legal Topics
['leave to Amend Pleadings' 'representative Proceedings' 'amendment of Group Member Definition' 'continuous Disclosure' 'misrepresentations in Financial Statements and Annual Report' 'share Purchase Plan and Sophisticated Investor Placement' 'section 1041 E of the Corporations Act 2001 (cth)' 'audit Issues' 'indemnity Costs']
['practice and Procedure' 'commercial and Corporations' 'corporations and Corporate Insolvency'] ['leave to Amend Pleadings' 'representative Proceedings' 'amendment of Group Member Definition' 'continuous Disclosure' 'misrepresentations in Financial Statements and Annual Report' 'share Purchase Plan and Sophisticated Investor Placement' 'section 1041 E of the Corporations Act 2001 (cth)' 'audit Issues' 'indemnity Costs']

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Procedural Posture

Representative Proceeding Under Pt IVA of the Federal Court of Australia Act 1976 (cth) / Interlocutory Application for Leave to Amend the Originating Application and Amended Statement of Claim and to Amend the Group Member Definition

Legal Issues

  1. 1 ['Whether the plaintiffs should be granted leave to amend their Originating Application and Amended Statement of Claim in circumstances where the proposed amendments substantially mirrored amendments refused in related proceedings.' 'Whether the plaintiffs should be permitted to amend the description of group members in the representative proceeding.' 'Whether the plaintiffs should be able to press amendments after having conducted the proceeding on the basis that it would piggy back the related proceedings.' 'Whether the proposed allegations concerning impairment of the Chilean mine had an arguable factual basis.' 'Whether the Deloitte defendants should receive indemnity costs of the amendment application.']

Ratio Decidendi

Leave to make the opposed amendments was refused because the plaintiffs had conducted the proceeding as a piggy back proceeding and should not be permitted to resile from the position that the amendments would stand or fall with the substantially identical amendments sought in related proceedings, which had been refused by Gleeson J and upheld by the Full Court. The same discretionary reasons applied, including delay, prejudice, expansion of the case, inefficiency, case management difficulties, deficient explanation, and the absence of a proper factual basis for the Chilean mine impairment allegations. The unopposed amendments were permitted, and the unopposed amendment to the group...

Court Disposition

The plaintiffs' application for leave to amend was refused except to the extent that the amendments were not opposed; the unopposed application to amend the group definition was to be allowed; indemnity costs in favour of the Deloitte defendants were considered warranted.

Orders

  • ['By 5 May 2016, the plaintiffs serve upon the solicitors for the eighth and ninth defendants (the Deloitte defendants) a draft of the Orders which they contend give effect to Reasons for Judgment published this day (HFPS Pty Limited (Trustee) v Tamaya Resources Limited (In Liq) (No 2) [2016] FCA 446).' 'By 10 May...