Wane v Benwest Investment Services Pty Limited [2021] NSWSC 546

Wane v Benwest Investment Services Pty Limited [2021] NSWSC 546

The Second Deed operated as a rescheduling of the debt owed under the First Deed and expressly preserved its terms such that interest continued to accrue on unrepaid principal at the US prime bank rate until full repayment. The principal sum owed under the Second Deed was US$1,881,074.44, and instalment figures were in US dollars. The defendants defaulted on instalments, and subsequently, quantum of judgment is US$838,109.09. An entitlement to summary judgment arises from the parties' consent orders and admissions of default, with no viable defence presented.

Parties
Plaintiff: Louis Wane; First Defendant: Benwest Investment Services Pty Limited; Second Defendant: Anthony Bennett
Jurisdiction
Australia
Judgment Date
19 May 2021
Procedural Posture
Civil / Summary Judgment Application
Outcome
Judgment for the plaintiff
Legal Topics
Construction of Deeds, Summary Judgment, Interest Calculation, Extrinsic Evidence, Prior Negotiations
Civil Procedure Contract Construction of Deeds Summary Judgment Interest Calculation Extrinsic Evidence Prior Negotiations

Case Brief

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Parties

Louis Wane

Plaintiff

Benwest Investment Services Pty Limited

First Defendant

Anthony Bennett

Second Defendant

Procedural Posture

Civil / Summary Judgment Application

Legal Issues

  1. 1 Whether defendants owe plaintiff the amount claimed under the First and Second Deeds.
  2. 2 Whether interest accrues on unpaid instalments under the First Deed and Second Deed.
  3. 3 Proper construction of the settlement deeds regarding quantum.

Ratio Decidendi

The Second Deed operated as a rescheduling of the debt owed under the First Deed and expressly preserved its terms such that interest continued to accrue on unrepaid principal at the US prime bank rate until full repayment. The principal sum owed under the Second Deed was US$1,881,074.44, and instalment figures were in US dollars. The defendants defaulted on instalments, and subsequently, quantum of judgment is US$838,109.09. An entitlement to summary judgment arises from the parties' consent orders and admissions of default, with no viable defence presented.

Court Disposition

Judgment for the plaintiff

Orders

  • Judgment for the plaintiff in the amount of US$838,109.09.
  • Interest on the amount of the judgment to be paid by the defendants to the plaintiff at the maximum prescribed rate from 3 November 2017 up to and including the date of orders.