In the matter of Vinidici Rushcutters Bay Pty Ltd — Vinidici Rushcutters Bay Pty Ltd v Zhang [2023] NSWSC 151

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Vinidici Rushcutters Bay Pty Ltd — Vinidici Rushcutters Bay Pty Ltd v Zhang [2023] NSWSC 151 Hearing dates: 29, 30, 31 March 2022 Date of orders: 28 February 2023 Decision date: 28 February 2023 Jurisdiction: Equity - Corporations List Before: Williams J Decision: Proceedings dismissed Catchwords: DECEIT – whether deliberate concealment of information about ownership of company with which plaintiff entered into convertible note agreement pursuant to which plaintiff paid $2,000,000 to the company. MISLEADING OR DECEPTIVE CONDUCT ­– whether deliberate concealment or misleading non-disclosure of information – whether reasonable expectation of disclosure in all the circumstances. Legislation Cited: Competition and Consumer Act 2010 (Cth) sch 2 Corporations Act 2001 (Cth) ss 79, 763A(1), 763B(a)(ii), 1041E(1), 1041F(1), 1041H(1), 1041I(1B), 1041I(4), 1317S Evidence Act 1995 (NSW) s 30 Cases Cited: Australian Securities and Investment Commission v SunEnergy Asia Pacific Pty Ltd [2011] FCA 275 ET-China.com International Holdings Ltd v Cheung (2021) 388 ALR 128; (2021) 150 ACSR 461; [2021] NSWCA 24 Fox v Percy (2003) 214 CLR 118; (2003) 197 ALR 201; (2003) 77 ALJR 989 [2003] HCA 22 Krakowski v Eurolynx Properties Ltd (1995) 183 CLR 563; (1995) 130 ALR 1; (1995) 69 ALJR 629; [1995] HCA 68 Magill v Magill (2006) 226 CLR 551; (2006) 231 ALR 277; (2006) 81 ALJR 254; [2006] HCA 51 Miller & Associates Insurance Broking Pty Ltd v BMW Australia Finance Ltd (2010) 241 CLR 357; (2010) 270 ALR 204; (2010) 84 ALJR 644; [2010] HCA 31 Moubarak by his tutor Coorey v Holt (2019) 100 NSWLR 218; (2019) 374 ALR 150; [2019] NSWCA 102 OXS Pty Ltd v Sydney Harbour Foreshore Authority [2016] NSWCA 120 Watson v Foxman (1995) 49 NSWLR 315 Wood v Balfour (2011) 15 BPR 29,773; [2011] NSW ConvR 56-291; [2012] Q ConvR 54-768; [2011] NSWCA 382 Wormald v Maradaca Pty Ltd [2020] NSWCA 289 Texts Cited: D Rolph, J Varuhas, P Crossley and M Douglas, Balkin & Davis Law of Torts (LexisNexis, 6th ed, 2021) Category: Principal judgment Parties: Vinidici Rushcutters Bay Pty Ltd ACN 614683019 (Plaintiff) Yihao (Eric) Zhang (Defendant) Representation: Counsel: Mr P Herzfeld SC with Mr G Drew (Plaintiff) Mr M Condon SC with Mr E Chan (Defendant)