ay 4u o NOT FOR GENERAL DISTRIBUTION RSS Li) THE FEDERAL COURT OF AUSTRALIA ) } NEW SOUTH WALES DISTRICT REGISTRY ) No. G344 of 1983 ) GENERAL DIVISION ) BETWEEN : GEORGE FENECH and JULIAN FENECH Applicant AND: ROBERT STERLING Respondent MINUTES OF ORDEP Judge making order: Beaumont, J. Date order made: 12 June 1986 Where made: Sydney THE COURT ORDERS THAT: In addition to the sum of $3,975.92 the respondent pay to the applicants the sum of $2,583.13. Note: Settlement and entry of orders is dealt with in Order 36 of the Federal Court Rules. UL THE FEDERAL COURT OF AUSTRALIA ) ) NEW SOUTH WALES DISTRICT REGISTRY ) No. G344 of 1983 } GENERAL DIVISION ) BETWEEN : GEORGE FENECH and JULIAN FENECH Applacant AND: ROBERT STERLING Respondent iO 1O g Beaumont, J. 3 a 13 June 1986 REASONS FOR JUDGMENT (No. 2) For reasons given on 12 September 1985, I reserved liberty to the applicants to apply for further relief. The Matter was restored to the list for this purpose. Again, although given notice of the further hearings, the respondent has not appeared. According to their additional affidavit evidence, the applicants say that, if they had been unable. in November 1977, to invest in a suitable real estate investment, they would have placed funds on deposit with Westpac Banking Corporation in a savings investment account. Evidence from Westpac showed that, 1n the relevant period, the rates of interest paid by Westpac for this purpose fluctuated between 7.25% per annum and 11.5% per annum. If the whole sum of $3,650.00 paid by the applicants to the respondent had been invested with Westpac, 1t would have earned interest amounting to $3,409.05 over the relevant period. On the other hand, the applicants should not be permitted to claim hoth the banking charges and interest of 225.92, mentioned in the previous reasons, and interest lost on a notional investment. Account should also be taken of the contingency that the whole of the sum of $3,650.00 may not have been invested in an investment account but could have been applied elsewhere. I propose to allowa discount of $500.00. In the circumstances, after deducting the sum of $352.92 already inciuded in the previous order, the applicants should now receive a further sum of $2,583.13. That sum has been calculated as follows:- 1. Further amount claimed $3,409.05 Less: 2. Amount already awarded $325.92 3. Discount for Contingency $500.00 825.92 i) $2,583.13 Les) I make the following order: In addition to the sum of $3,975.92, the respondent pay to the applicants the sum of $2,583.13. Counsel and Solicitors Mr. J.F. Kildea was instructed for Applicant: by the Public Solicitors' Office. The Respondent did not appear. Date of hearing: 10 June 1986 Date Judgment Delivered: 13 June 1986 ee ) mpaancine les. 2 Ole BO Tne procs: Abas _ iw I} THE FEDERAL COURT OF AUSTRALIA NEW SOUTH WALES DISTRICT REGISTRY No. G344 of 1983 GENERAL DIVISION BETWEEN : GEORGE FENECH and JULIAN FENECH Applicant AND: ROBERT STERLING , Respondent CORAM: Beaumont, J. DATED: 13 June 1386 REASONS FOR JUDGMENT (No. 2) For reasons given on 12 September 1985, I reserved liberty to the applicants to apply for further relief. The matter was restored to the list for this purpose. Again, although given notice of the further hearings, the respondent has not appeared. According to their additional affidavit evidence, the applicants say that, if they had been unable, in November 1977, to anvest in a sultable real estate unvestment, they would have placed funds on deposit with Westpac Banking Corporation in a savings investment account. Evidence from Westpac showed that, in the relevant period, NOT FOR GENERAL DISTRIBUTION IN_THE FEDERAL COURT OF AUSTRALIA NEW SOUTH WALES DISTRICT REGISTRY No. G344 of 1983 ~~~ GENERAL DIVISION BETWEEN : GEORGE FENECH and JULIAN FENECH Applicant AND: ROBEPT STERLING Respondent MINUTES OF OPDER Judge making order: Beaumont, J. Date order made: 13 June 1986 Where made: Sydney THE COURT ORDERS THAT: In addition to the sum of $3,975.92 the respondent pay to the applicants the sum of $2,583.13. Note: Settlement and entry of orders 1s dealt with in Order 36 of the Federal Court Rules. te the rates of interest paid by Westpac for this purpose fluctuated between 7.25% per annum and 11.5% per annum. If the whole sum of $3,650.00 paid by the applicants to the respondent had been invested with Westpac, 1t would have earned interest amounting to $3,409.05 over the relevant period. On the other hand, the applicants should not he permitted to claim both the banking charges and interest of $325.92, mentioned in the previous reasons, and interest lost on a notional investment. Account should also be taken of the contingency that the whole of the sum of $3,650.00 may not have been invested in an investment account but could have been applied elsewhere. I propose to allowa discount of $500.00. In the circumstances, after deducting the sum of $352.92 already included in the previous order, the applicants should now receive a further sum of $2,583.13. That sum has been calculated as follows:- Ll. Further amount claimed $3,409.05 Less: 2. Amount already awarded $325.92 2. Discount for Contingency $500.00 825.92 $2,583.13 I make the following order: In addition to the sum of $3,975.92, the respondent pay to the applicants the sum of $2,583.13. Counsel and Solicitors Mr. J.F. Kildea was instructed for Applicant: by the Public Solicitors' Office. The Respondent did not appear. Date of hearing: 10 June 1986 Date Judgment Delivered: 13 June 1986 - Se ir Oo ayaa aely Celyy ene can Te ce ~ aiey om Sco, Or weve ty boud - mong Te bee ees eet 2 Oboe - 2 ~.lece Gor. cat Len Toe Associate >