Ozmen Entertainment Pty Ltd v Neptune Hospitality Pty Ltd (No 5) [2019] FCA 904

Ozmen Entertainment Pty Ltd v Neptune Hospitality Pty Ltd (No 5) [2019] FCA 904

The court determined the JVA and Charter Agreement were validly terminated, and any damages owed regarding the Vessel are to be paid solely by Neptune; the appropriate security for Neptune's best case is $750,000, and if the intellectual property is not bought/sold, the sum should be reduced by the ascribed value ($250,000).

Parties
First Applicant: Ozmen Entertainment Pty Ltd; Second Applicant: Kanki Sea Tourism Hospitality & Entertainment Pty Ltd; Respondent: Neptune Hospitality Pty Ltd
Jurisdiction
Australia
Judgment Date
09 May 2019
Procedural Posture
Civil / Post Trial Orders and Reasons for Judgment
Outcome
Declarations and orders made as set out in the judgment; damages to be assessed; cross-claim dismissed except order for shared costs
Legal Topics
Joint Venture Termination, Breach of Contract, Receivership, Damages Assessment, Intellectual Property Valuation
Admiralty and Maritime Joint Venture Termination Breach of Contract Receivership Damages Assessment Intellectual Property Valuation

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Parties

Ozmen Entertainment Pty Ltd

First Applicant

Kanki Sea Tourism Hospitality & Entertainment Pty Ltd

Second Applicant

Neptune Hospitality Pty Ltd

Respondent

Procedural Posture

Civil / Post Trial Orders and Reasons for Judgment

Legal Issues

  1. 1 Whether the Joint Venture Agreement (JVA) and Charter and Licence Agreement were validly terminated
  2. 2 Entitlement to damages for breach of contract, trespass, and conversion regarding the Vessel
  3. 3 Entitlement to profits and accounting in the joint venture business

Ratio Decidendi

The court determined the JVA and Charter Agreement were validly terminated, and any damages owed regarding the Vessel are to be paid solely by Neptune; the appropriate security for Neptune's best case is $750,000, and if the intellectual property is not bought/sold, the sum should be reduced by the ascribed value ($250,000).

Court Disposition

Declarations and orders made as set out in the judgment; damages to be assessed; cross-claim dismissed except order for shared costs

Orders

  • Declaration of valid termination of JVA and Charter Agreement
  • Damages (including interest) to Ozmen for breach of contract, trespass, and conversion to be assessed