Tamaya Resources Limited (in liq) v Claymore Capital Pty Ltd (No 2) [2015] FCA 637

Tamaya Resources Limited (in liq) v Claymore Capital Pty Ltd (No 2) [2015] FCA 637

Plaintiffs were entitled to judgment for $220,000, pre-judgment and post-judgment interest, and lump sum costs of $433,003.67. Indemnity costs applied from 8 March 2013 following refusal of offer of compromise per r 25.14(3); party/party and indemnity rates otherwise applied with discounts. Fixing costs by lump sum...

Source-derived case information.

Parties
Third Plaintiff: Tamaya Resources Limited (in liquidation) ACN 071 349 249; Fourth Plaintiff: Philip Campbell-Wilson in his capacity as liquidator of Tamaya Resources Limited (in liquidation) ACN 071 349 249; Defendant: Claymore Capital Pty Ltd ACN 082 722 290
Jurisdiction
Australia
Judgment Date
25 June 2015
Procedural Posture
Application for Recovery of Unfair Preferences and Insolvent Transactions; Costs Determination / Post Judgment; Costs and Interest Orders Following Principal Judgment
Outcome
Judgment for plaintiffs; interest and lump sum costs awarded; application otherwise dismissed.
Legal Topics
Costs, Unfair Preferences, Insolvent Transactions, Interest, Lump Sum Costs, Indemnity Costs
Insolvency Corporations Law Civil Procedure Costs Unfair Preferences Insolvent Transactions Interest Lump Sum Costs +1 more

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Parties

Tamaya Resources Limited (in liquidation) ACN 071 349 249

Third Plaintiff

Philip Campbell-Wilson in his capacity as liquidator of Tamaya Resources Limited (in liquidation) ACN 071 349 249

Fourth Plaintiff

Claymore Capital Pty Ltd ACN 082 722 290

Defendant

Procedural Posture

Application for Recovery of Unfair Preferences and Insolvent Transactions; Costs Determination / Post Judgment; Costs and Interest Orders Following Principal Judgment

Legal Issues

  1. 1 Whether to award indemnity costs in relation to issue abandoned before hearing
  2. 2 Whether to award indemnity costs under rule 25.14(3) of the Federal Court Rules 2011 (Cth) following offer of compromise
  3. 3 Whether to award costs in a lump sum under rule 40.02(b) of the Federal Court Rules 2011 (Cth)

Ratio Decidendi

Plaintiffs were entitled to judgment for $220,000, pre-judgment and post-judgment interest, and lump sum costs of $433,003.67. Indemnity costs applied from 8 March 2013 following refusal of offer of compromise per r 25.14(3); party/party and indemnity rates otherwise applied with discounts. Fixing costs by lump sum was appropriate due to irrecoverability risks and proportionality. Costs relating to proving insolvency not admitted before expert report followed party/party rates due to complexity and defendant’s lack of relevant knowledge.

Court Disposition

Judgment for plaintiffs; interest and lump sum costs awarded; application otherwise dismissed.

Orders

  • Judgment for plaintiffs against defendant in the sum of $220,000.
  • Defendant to pay interest on judgment sum from 20 October 2011 to 21 April 2015 in the amount of $54,942, and from 22 April 2015 to 24 June 2015 at the prescribed rates applied by the Supreme Court of New South Wales.