Anthony James Gee v David Cam [2009] NSWSC 683

Anthony James Gee v David Cam [2009] NSWSC 683

Mr Cam failed to establish that any trust or related entity obtained or held shares in Perfectus Solutions or Perfectus Holdings for Mr Gee, or that Mr Gee received any share certificate, declaration of trust, or other acknowledgement of a beneficial interest. Mr Gee therefore received nothing for his $645,000, amounting to a total failure of consideration, and Mr Cam was liable to repay the money with interest and costs.

Jurisdiction
Australia
Judgment Date
08 July 2009
Procedural Posture
Contract Claim for Repayment on the Basis of Total Failure of Consideration / Ex Tempore Judgment After Hearing in the Equity Division
Outcome
Judgment for the plaintiff against the first defendant for $645,000 plus interest and costs.
Legal Topics
['consideration' 'total Failure of Consideration' 'beneficial Interest in Shares' 'share Investment Arrangement']
['contracts' 'restitution'] ['consideration' 'total Failure of Consideration' 'beneficial Interest in Shares' 'share Investment Arrangement']

Case Brief

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Procedural Posture

Contract Claim for Repayment on the Basis of Total Failure of Consideration / Ex Tempore Judgment After Hearing in the Equity Division

Legal Issues

  1. 1 ['Whether Mr Gee contracted with Mr Cam for Mr Gee to obtain a beneficial interest in shares in Perfectus Solutions in return for payment of $645,000.' 'Whether Mr Gee received share certificates, a declaration of trust, or any acknowledgement evidencing a beneficial interest in shares.' 'Whether there was a total failure of consideration requiring Mr Cam to repay the money.']

Ratio Decidendi

Mr Cam failed to establish that any trust or related entity obtained or held shares in Perfectus Solutions or Perfectus Holdings for Mr Gee, or that Mr Gee received any share certificate, declaration of trust, or other acknowledgement of a beneficial interest. Mr Gee therefore received nothing for his $645,000, amounting to a total failure of consideration, and Mr Cam was liable to repay the money with interest and costs.

Court Disposition

Judgment for the plaintiff against the first defendant for $645,000 plus interest and costs.

Orders

  • ["The first defendant, David Cam, is to pay the plaintiff's costs on the usual basis." 'The matter is to be put in on Friday at 9:30am for the handing up of the interest calculation.' 'Exhibits are to be retained for 28 days and returned thereafter in the absence of an appeal.']