Moorstone Financing Partners Pty Ltd v Stable Properties Pty Ltd [2018] NSWSC 582

Moorstone Financing Partners Pty Ltd v Stable Properties Pty Ltd [2018] NSWSC 582

The agreement between the parties was sufficiently certain and binding; the plaintiff fulfilled its obligations by providing the agreed introduction; the amount due was 2% plus GST of the principal sum raised in the second facility ($13.6 million), and capitalised interest is not included in 'total capital raised'; the agreement did cover the second facility because it was contemplated as refinancing the first, not as additional engagement.

Parties
Plaintiff: Moorstone Financing Partners Pty Ltd; Defendant: Stable Properties Pty Ltd
Jurisdiction
Australia
Judgment Date
01 May 2018
Procedural Posture
Claim for Damages for Breach of Contract / Judgment
Outcome
Judgment for the plaintiff, damages and interest awarded, costs order adjusted
Legal Topics
Contract Construction, Brokerage Fee Agreements, Costs Discretion, Damages for Breach of Contract
Equity Contract Law Contract Construction Brokerage Fee Agreements Costs Discretion Damages for Breach of Contract

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Parties

Moorstone Financing Partners Pty Ltd

Plaintiff

Stable Properties Pty Ltd

Defendant

Procedural Posture

Claim for Damages for Breach of Contract / Judgment

Legal Issues

  1. 1 Whether the brokerage fee agreement was binding and enforceable
  2. 2 The method of calculating the brokerage fee: whether 'total capital raised' included capitalised interest or was limited to principal advanced
  3. 3 Whether the agreement was void for uncertainty

Ratio Decidendi

The agreement between the parties was sufficiently certain and binding; the plaintiff fulfilled its obligations by providing the agreed introduction; the amount due was 2% plus GST of the principal sum raised in the second facility ($13.6 million), and capitalised interest is not included in 'total capital raised'; the agreement did cover the second facility because it was contemplated as refinancing the first, not as additional engagement.

Court Disposition

Judgment for the plaintiff, damages and interest awarded, costs order adjusted

Orders

  • Plaintiff to have judgment for damages of 2% of $13,600,000 plus GST ($299,200)
  • Interest to run from 25 August 2016