RAS Capital Investments Pty Ltd v Goldfields Run Land Pty Ltd [2022] NSWSC 1073

Supreme Court New South Wales

Medium Neutral Citation: RAS Capital Investments Pty Ltd v Goldfields Run Land Pty Ltd [2022] NSWSC 1073 Hearing dates: 25 to 28 July 2022 Decision date: 12 August 2022 Jurisdiction: Equity - Commercial List Before: Ball J Decision: (1) The summons be dismissed; (2) The cross-claim be dismissed; (3) Each party bear his or its own costs of the proceedings; (4) Liberty be granted to all parties to apply within 14 days of the date of this judgment to vary order (3). Catchwords: CONTRACTS — Construction — Context — Whether implied novation and supersession of agreement intended CONTRACTS — Implied terms — Terms implied in fact — Whether implied term to pay interest consistent with express terms of the contract CONTRACTS — Misleading conduct under statute — Misleading or deceptive conduct — Opinions — Representations as to present facts — Representations as to future matters — Whether reasonable grounds for making representation GUARANTEE AND INDEMNITY — Discharge of guarantor — Novation of principal contract — Where amounts guaranteed to different entity to that in the novated contract CORPORATIONS — Financial services — Whether second plaintiff provided financial product advice without licence — Whether right to rescind under s 925A of the Corporations Act 2001 (Cth) Legislation Cited: Australian Securities and Investments Commission Act 2001 (Cth) Civil Procedure Act 2005 (NSW) Competition and Consumer Act 2010 (Cth), Sch 2 – Australian Consumer Law Corporations Act 2001 (Cth) Cases Cited: Australian Securities and Investments Commission v Westpac Securities Administration Ltd (2019) 272 FCR 170; [2019] FCAFC 187 BP Refinery (Westernport) Pty Ltd v Shire of Hastings (1977) 180 CLR 266; [1977] UKPCHCA 1 Campbell v Backoffice Investments Pty Ltd (2009) 238 CLR 304; [2009] HCA 25 Forrest v Australian Securities and Investments Commission (2012) 247 CLR 486; [2012] HCA 39 Global Sportsman Pty Ltd v Mirror Newspapers Pty Ltd (1984) 2 FCR 82 Ireland v WG Riverview Pty Ltd (2019) 101 NSWLR 658; [2019] NSWCA 307 McDonald v Dennys Lascelles Ltd (1933) 48 CLR 457; [1933] HCA 25 Nashco Pty Ltd v Yang [2022] NSWCA 137 Orchiston v Schlaepfer [1924] NZLR 1170 Category: Principal judgment Parties: RAS Capital Investments Pty Ltd (First Plaintiff | First Cross-Defendant) Robert Andrew-Smith t/as Mezzanine Commercial Funding (Second Plaintiff | Second Cross-Defendant) Goldfields Run Land Pty Ltd (First Defendant | First Cross-Claimant) Graham Kennedy Welsh (Second Defendant | Second Cross-Claimant) Representation: Counsel: MC Daniels (Plaintiffs | Cross-Defendants) T Warner (Defendants | Cross-Claimants)