Shinetec (Australia) Pty Ltd v The Gosford Pty Ltd; The Gosford Pty Ltd v Bank of China Ltd (No 3) [2023] NSWSC 1596

Shinetec (Australia) Pty Ltd v The Gosford Pty Ltd; The Gosford Pty Ltd v Bank of China Ltd (No 3) [2023] NSWSC 1596

Judgment for Gosford against Bank of China for $37,000,000 is to be stayed pending steps to discharge the PRC Civil Ruling restraining payment, and pending recognition of this Court's judgment in the PRC. Interest is awarded from 10 August 2021 since Gosford has been kept out of its money and the Bank was not entitled to defer its obligations due to ISP98 provisions.

Jurisdiction
Australia
Judgment Date
15 December 2023
Procedural Posture
Consequential Orders / Post Judgment Orders and Directions
Outcome
Judgment entered in favour of cross-claimant against cross-defendant stayed until further order; plaintiff's claim dismissed with costs; interest awarded on judgment amount; orders made for reporting steps taken regarding PRC Civil Ruling and recognition of judgment.
Legal Topics
['letter of Credit' 'stay of Judgment' 'interest' 'extraterritorial Orders']
['private International Law' 'civil Procedure'] ['letter of Credit' 'stay of Judgment' 'interest' 'extraterritorial Orders']

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Procedural Posture

Consequential Orders / Post Judgment Orders and Directions

Legal Issues

  1. 1 ["Whether judgment should be stayed pending approach to a court of competent jurisdiction in the PRC to discharge its order and pending application by cross-claimant to have this Court's judgment recognised in the PRC" 'Whether interest at court rates should apply on the $37,000,000 from 10 August 2021 where judgment debtor was restrained by PRC court order' 'Whether the Court will enforce a contract where performance is forbidden by law of place of performance']

Ratio Decidendi

Judgment for Gosford against Bank of China for $37,000,000 is to be stayed pending steps to discharge the PRC Civil Ruling restraining payment, and pending recognition of this Court's judgment in the PRC. Interest is awarded from 10 August 2021 since Gosford has been kept out of its money and the Bank was not entitled to defer its obligations due to ISP98 provisions.

Court Disposition

Judgment entered in favour of cross-claimant against cross-defendant stayed until further order; plaintiff's claim dismissed with costs; interest awarded on judgment amount; orders made for reporting steps taken regarding PRC Civil Ruling and recognition of judgment.

Orders

  • ["Plaintiff's claim dismissed with costs." 'Orders 7 to 14 made by Lindsay J on 2 August 2021 and extended on 13 August 2021 be discharged.' 'Judgment entered against Bank of China Limited in favour of The Gosford Pty Ltd in the amount of AUD 37,000,000.' 'Bank of China Limited to pay interest on the judgment at...