AAV Australia Pty Limited v Regency Media Pty Limited [2008] NSWDC 106

AAV Australia Pty Limited v Regency Media Pty Limited [2008] NSWDC 106

The National Online Statement Reports generated at the commencement of the next business day recorded the credit balances as at close of business on the Completion day; these are bank statements within the Letter Agreement. The defendant failed to procure payment to the plaintiff of 51% of all cash or cash...

Source-derived case information.

Jurisdiction
Australia
Judgment Date
19 June 2008
Procedural Posture
Civil / Judgment
Outcome
Judgment for the plaintiff, calculation of damages to be finalised, and costs to follow the event.
Legal Topics
['joint Venture' 'contract Interpretation' 'damages']
['commercial Law'] ['joint Venture' 'contract Interpretation' 'damages']

Source-derived case record

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Procedural Posture

Civil / Judgment

Legal Issues

  1. 1 ['Whether the defendant failed to pay the plaintiff the full Distribution required under the Share Sale Agreement and Letter Agreement' "Proper construction of 'as at 5pm on day of Completion' and 'bank statements' in the Letter Agreement"]

Ratio Decidendi

The National Online Statement Reports generated at the commencement of the next business day recorded the credit balances as at close of business on the Completion day; these are bank statements within the Letter Agreement. The defendant failed to procure payment to the plaintiff of 51% of all cash or cash equivalent as required, including the Sony Payment, and is therefore in breach of the Share Sale Agreement and liable for damages.

Court Disposition

Judgment for the plaintiff, calculation of damages to be finalised, and costs to follow the event.

Orders

  • ['Matter stood over for mention for calculation of the damages and interest.' 'Costs to follow the event unless otherwise submitted.']