Turning Point Capital Pty Ltd v Dempsey [2022] NSWDC 185

Turning Point Capital Pty Ltd v Dempsey [2022] NSWDC 185

On a businesslike and commercially sensible construction, the Mandate entitled Turning Point Capital Pty Ltd to a 2% fee only if it provided a letter of offer from a financier for the refinance contemplated by the Mandate, namely a loan of $12,500,000. The Assetline offer was for a different, lesser loan and did not satisfy the Mandate. The Exponential document was a preliminary letter of intent subject to due diligence, security registration, availability of funds and further documents, and was not a letter of offer. In any event, Barry Dempsey personally was not the borrower under the relevant proposed loans and would not be liable for the fee. The quantum meruit claim failed because Mr...

Jurisdiction
Australia
Judgment Date
01 June 2022
Procedural Posture
Civil Claim for Breach of Written Agreement With Alternative Unjust Enrichment/quantum Meruit Claim / Principal Judgment After Hearing
Outcome
Judgment for the defendant; plaintiff ordered to pay the defendant's costs.
Legal Topics
['commercial Contract Interpretation' 'mortgage Broker Mandate' 'letter of Offer' 'quantum Meruit' 'costs Follow the Event']
['contract' 'unjust Enrichment' 'civil Procedure'] ['commercial Contract Interpretation' 'mortgage Broker Mandate' 'letter of Offer' 'quantum Meruit' 'costs Follow the Event']

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 1 Authorities cited 2 Party arguments 2 Amounts and remedies 1
Sign in to unlock

Procedural Posture

Civil Claim for Breach of Written Agreement With Alternative Unjust Enrichment/quantum Meruit Claim / Principal Judgment After Hearing

Legal Issues

  1. 1 ['Whether the Mandate entitled Turning Point Capital Pty Ltd to a 2% fee in relation to the Assetline Offer Sheet.' 'Whether the Mandate entitled Turning Point Capital Pty Ltd to a 2% fee in relation to the Exponential letter of intent.' 'Whether Barry Dempsey would personally be liable for any 2% fee under the Mandate.' 'Whether Turning Point Capital Pty Ltd established an alternative claim in quantum meruit or unjust enrichment against Barry Dempsey.']

Ratio Decidendi

On a businesslike and commercially sensible construction, the Mandate entitled Turning Point Capital Pty Ltd to a 2% fee only if it provided a letter of offer from a financier for the refinance contemplated by the Mandate, namely a loan of $12,500,000. The Assetline offer was for a different, lesser loan and did not satisfy the Mandate. The Exponential document was a preliminary letter of intent subject to due diligence, security registration, availability of funds and further documents, and was not a letter of offer. In any event, Barry Dempsey personally was not the borrower under the relevant proposed loans and would not be liable for the fee. The quantum meruit claim failed because Mr...

Court Disposition

Judgment for the defendant; plaintiff ordered to pay the defendant's costs.

Orders

  • ['Judgment for the defendant.' 'Order the plaintiff to pay the costs of the defendant.']