Urban Fortune Global Ltd v Deicorp Projects (Partridge Ave) Pty Ltd (No 2) [2022] NSWSC 1703

Supreme Court New South Wales

Medium Neutral Citation: Urban Fortune Global Ltd v Deicorp Projects (Partridge Ave) Pty Ltd (No 2) [2022] NSWSC 1703 Hearing dates: 9 December 2022 Date of orders: 13 December 2022 Decision date: 13 December 2022 Jurisdiction: Equity - Expedition List Before: Parker J Decision: See [44]-[46] Catchwords: CONTRACTS – commercial contracts – repudiation – damages – where question reserved as to whether defendant's failure to accept offer for sale of land amounts to repudiation of informal written agreement – where plaintiffs allege that defendant repudiated its obligation to agree the terms of a contract for the sale of land – where defendant denies its repudiation on the basis that plaintiffs did not validly nominate a "special purpose vehicle" or "Purchasing Entity" – where nomination of "special purpose vehicle" and "Purchasing Entity" anterior to defendant's obligation to agree the terms of sale – whether plaintiffs had validly nominated special purpose vehicle and Purchasing Entity – whether defendant raised this defence in its pleadings – plaintiffs held not to have complied with terms of the contract – held that defendant's obligation to make an offer did not arise Legislation Cited: Corporations Act 2001 (Cth), s 131 Cases Cited: Commonwealth v Amann Aviation Pty Ltd (1991) 174 CLR 64 Sellars v Adelaide Petroleum NL (1994) 179 CLR 332 Urban Fortune Global Ltd v Deicorp Projects (Partridge Ave) Pty Ltd [2022] NSWSC 1352 Category: Consequential orders Parties: Urban Fortune Global Limited (First Plaintiff) Polytec Australia One Pty Limited (Second Plaintiff) Deicorp Projects (Partridge Ave) Pty Limited (Defendant) Representation: Counsel: AJL Bannon SC/GW Stapleton (Plaintiffs) ARR Vincent (Defendant)