Rafeletos v Great Wall Resources Pty Ltd (No. 2) [2009] FCA 1396

Rafeletos v Great Wall Resources Pty Ltd (No. 2) [2009] FCA 1396

Great Wall had repudiated the March 2002 agreement under which Mr Rafeletos was to receive 20% of its issued capital for procuring finance for the Yallah Property purchase. On the uncontradicted evidence of the accountant and valuer, and in the absence of cooperation or discovery from Great Wall, damages were assessed as one fifth of the net profit of the Yallah Property venture, with interest and the outstanding St George Bank loan liability added, resulting in judgment for $2,557,076.

Jurisdiction
Australia
Judgment Date
17 November 2009
Procedural Posture
Claim for Damages for Repudiation of an Agreement / Further Hearing on Assessment of Damages After Provisional Findings
Outcome
Judgment entered for George Rafeletos against Great Wall Resources Pty Limited in the sum of $2,557,076, with costs, stayed up to and including 11 December 2009.
Legal Topics
['repudiation of Contract' 'assessment of Damages' 'discovery Non Compliance' 'stay of Orders' 'interest on Judgment']
['contract Law' 'civil Procedure' 'damages'] ['repudiation of Contract' 'assessment of Damages' 'discovery Non Compliance' 'stay of Orders' 'interest on Judgment']

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Procedural Posture

Claim for Damages for Repudiation of an Agreement / Further Hearing on Assessment of Damages After Provisional Findings

Legal Issues

  1. 1 ['Whether Great Wall Resources Pty Limited should pay damages to George Rafeletos for repudiation of the March 2002 agreement.' "How damages should be quantified by reference to the value of 20% of Great Wall's issued capital attributable to the acquisition, development and sale of lots in the Yallah Property." "Whether the hearing should be adjourned despite Great Wall's failure to comply with court orders and provide discovery."]

Ratio Decidendi

Great Wall had repudiated the March 2002 agreement under which Mr Rafeletos was to receive 20% of its issued capital for procuring finance for the Yallah Property purchase. On the uncontradicted evidence of the accountant and valuer, and in the absence of cooperation or discovery from Great Wall, damages were assessed as one fifth of the net profit of the Yallah Property venture, with interest and the outstanding St George Bank loan liability added, resulting in judgment for $2,557,076.

Court Disposition

Judgment entered for George Rafeletos against Great Wall Resources Pty Limited in the sum of $2,557,076, with costs, stayed up to and including 11 December 2009.

Orders

  • ['Great Wall Resources Pty Limited pay to George Rafeletos the sum of $2,557,076, and judgment be entered accordingly.' 'Great Wall Resources Pty Limited pay the costs of George Rafeletos of the proceeding.' 'Orders 1 and 2 be stayed, up to and including 11 December 2009.' 'Leave granted to Great Wall Resources Pty...