Qi Wang –v- Kaymet Corporation Pty Limited [2016] NSWSC 742

Qi Wang –v- Kaymet Corporation Pty Limited [2016] NSWSC 742

Because the increase in the units' capital value was unrealised, the defendant had not made a gain comparable to the realised gains in Churnin, and was under no obligation to sell the units; accordingly the agreed lost rental was compensable without reduction for any unrealised increase in value.

Jurisdiction
Australia
Judgment Date
30 May 2016
Procedural Posture
Equity Commercial List / Defendant's Motion for Compensation Under the Usual Undertaking as to Damages After Interlocutory Injunctions Were Dissolved
Outcome
The defendant was held entitled to compensation equating to its loss of rental without deduction, and the plaintiffs were ordered to pay the defendant's costs.
Legal Topics
['usual Undertaking as to Damages' 'interlocutory Injunction' 'compensation' 'lost Rental' 'unrealised Capital Gain' 'rescission of Contracts for Sale of Units']
['equity' 'civil Procedure'] ['usual Undertaking as to Damages' 'interlocutory Injunction' 'compensation' 'lost Rental' 'unrealised Capital Gain' 'rescission of Contracts for Sale of Units']

Case Brief

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Procedural Posture

Equity Commercial List / Defendant's Motion for Compensation Under the Usual Undertaking as to Damages After Interlocutory Injunctions Were Dissolved

Legal Issues

  1. 1 ['Whether compensation payable to the defendant under the usual undertaking as to damages for lost rental should be reduced by an unrealised increase in the capital sale value of the units during the period of the injunction.']

Ratio Decidendi

Because the increase in the units' capital value was unrealised, the defendant had not made a gain comparable to the realised gains in Churnin, and was under no obligation to sell the units; accordingly the agreed lost rental was compensable without reduction for any unrealised increase in value.

Court Disposition

The defendant was held entitled to compensation equating to its loss of rental without deduction, and the plaintiffs were ordered to pay the defendant's costs.

Orders

  • ['The defendant is entitled to compensation in the agreed amounts with respect to lost rental.' "The plaintiffs are to pay the defendant's costs." 'There will be judgment against each of the plaintiffs, except the two plaintiffs who apparently passed away in mainland China after the proceedings were dismissed by...