LM Investment Management Limited (In Liquidation) (Receivers Appointed) v BMT & Assoc Pty Limited (No. 2) [2016] NSWSC 317

LM Investment Management Limited (In Liquidation) (Receivers Appointed) v BMT & Assoc Pty Limited (No. 2) [2016] NSWSC 317

On the evidence, the only date when it could be said that recoupment was impossible was the date on which the property was sold; therefore, pre-judgment interest should run from 30 May 2014.

Parties
First Plaintiff: LM Investment Management Limited ACN 077 208 461 (In Liquidation) (Receivers Appointed); Second Plaintiff: The Trust Company (PTAL) Limited ACN 008 412 913; Defendant: BMT & Assoc Pty Limited ACN 079 247 751
Jurisdiction
Australia
Judgment Date
24 March 2016
Procedural Posture
Civil / Post Judgment; Determination of Pre Judgment Interest
Outcome
Pre-judgment interest to run from 30 May 2014; parties to bring in short minutes of order to give effect to judgment; Court to hear parties on costs if not agreed.
Legal Topics
Pre Judgment Interest, Assessment of Damages
Civil Procedure Pre Judgment Interest Assessment of Damages

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Parties

LM Investment Management Limited ACN 077 208 461 (In Liquidation) (Receivers Appointed)

First Plaintiff

The Trust Company (PTAL) Limited ACN 008 412 913

Second Plaintiff

BMT & Assoc Pty Limited ACN 079 247 751

Defendant

Procedural Posture

Civil / Post Judgment; Determination of Pre Judgment Interest

Legal Issues

  1. 1 From what date should pre-judgment interest run?
  2. 2 When did the plaintiffs' loss from inability to recoup loan arise?

Ratio Decidendi

On the evidence, the only date when it could be said that recoupment was impossible was the date on which the property was sold; therefore, pre-judgment interest should run from 30 May 2014.

Court Disposition

Pre-judgment interest to run from 30 May 2014; parties to bring in short minutes of order to give effect to judgment; Court to hear parties on costs if not agreed.