In the matter of Rafic Pty Ltd [2018] NSWSC 1608

In the matter of Rafic Pty Ltd [2018] NSWSC 1608

Section 101 of the Civil Procedure Act 2005 (NSW) does not apply as the underlying order was not for the payment of money but for the purchase and cancellation of shares, and no amount was due and payable to the plaintiff until the share transaction was implemented.

Jurisdiction
Australia
Judgment Date
10 October 2018
Procedural Posture
Equity Corporations List / Application for Interest Determination Following Judgment
Outcome
Plaintiff has no entitlement to interest under s 101 Civil Procedure Act 2005 (NSW); plaintiff to pay the costs of the application.
Legal Topics
['interest on Judgment' 'oppression Remedy' 'share Buyout Orders']
['corporations Law' 'civil Procedure'] ['interest on Judgment' 'oppression Remedy' 'share Buyout Orders']

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Procedural Posture

Equity Corporations List / Application for Interest Determination Following Judgment

Legal Issues

  1. 1 ['Whether order for purchase of shares constitutes an order for the payment of money under s 101 Civil Procedure Act 2005 (NSW)' 'Whether interest is payable on the purchase price of shares where payment was not made within 28 days of judgment']

Ratio Decidendi

Section 101 of the Civil Procedure Act 2005 (NSW) does not apply as the underlying order was not for the payment of money but for the purchase and cancellation of shares, and no amount was due and payable to the plaintiff until the share transaction was implemented.

Court Disposition

Plaintiff has no entitlement to interest under s 101 Civil Procedure Act 2005 (NSW); plaintiff to pay the costs of the application.

Orders

  • ['The Court determines the plaintiff has no entitlement to interest under s 101 of the Civil Procedure Act 2005 (NSW).' 'Plaintiff to pay costs of and incidental to the application.']