Aquamore Credit Equity Pty Ltd v Hung; First on First Development Pty Ltd v Aquamore Credit Equity Pty Ltd (No 2) [2022] NSWSC 117

Supreme Court New South Wales

Medium Neutral Citation: Aquamore Credit Equity Pty Ltd v Hung; First on First Development Pty Ltd v Aquamore Credit Equity Pty Ltd (No 2) [2022] NSWSC 117 Hearing dates: On the papers Date of orders: 17 February 2022 Decision date: 17 February 2022 Jurisdiction: Common Law Before: Meagher JA Decision: In proceeding 2019/371915: (1) Judgment for the plaintiff against the first defendant and the second defendant in the amount of $10,175,367, that judgment to take effect as of 21 December 2021. In proceeding 2020/341930: (2) The Court declares that the stipulation in clause 7.1 of the Facility Agreement between Aquamore Credit Equity Pty Ltd and First on First Development Pty Ltd dated 7 December 2016 providing for the payment of interest at the Higher Rate is unenforceable as a penalty. (3) Otherwise dismiss the claims for relief made by the summons filed 2 December 2020. In proceedings 2019/371915 and 2020/341930: (4) Order that First on First Development Pty Ltd and Mr Edgar Hung and Mr Trevor Chappell pay 70% of the costs of Aquamore Credit Equity Pty Ltd and Mr Allen Hsu and Mr Zachary Chang of both proceedings assessed on the ordinary basis. Catchwords: COSTS – offer of compromise – whether period for acceptance reasonable in circumstances JUDGMENTS AND ORDERS – interest – pre-judgment interest – rate applicable JUDGMENTS AND ORDERS – interest – post-judgment interest – exercise of discretion in Civil Procedure Act 2005 (NSW) s 101 Legislation Cited: Uniform Civil Procedure Rules 2005 (NSW), rr 20.26, 36.4(3), 36.7 Civil Procedure Act 2005 (NSW), ss 100, 101 Category: Costs Parties: Aquamore Credit Equity Pty Ltd (Plaintiff, 2019/371915; First defendant, 2020/341930) Edgar Hung (First defendant, 2019/371915) Trevor Chappell (Second defendant, 2019/371915) First on First Development Pty Ltd (Plaintiff, 2020/341930) Allen Hsu (Second defendant, 2020/341930) Zachary Chang (Third defendant, 2020/341930) Representation: Counsel: B Le Plastrier and R Sud (Plaintiff, 2019/371915; Defendants, 2020/341930) F Corsaro SC (Defendants, 2019/371915; Plaintiff, 2020/341930)