Tredmore Pty Ltd v Atlas Advisors Australia Pty Ltd [2023] NSWCA 60

Court of Appeal Supreme Court New South Wales Medium Neutral Citation: Tredmore Pty Ltd v Atlas Advisors Australia Pty Ltd [2023] NSWCA 60 Hearing dates: 8 March 2023 Date of orders: 31 March 2023 Decision date: 31 March 2023 Before: Ward P at [1]; Meagher JA at [2]; Gleeson JA at [93] Decision: 1. Appeal dismissed. 2. Cross-appeal dismissed. 3. Appellants pay 50% of the first respondent's costs of the proceedings (being the appeal and cross-appeal). 4. Grant leave to either party to file a notice of motion seeking to have the question of costs argued and determined otherwise than in accordance with order 3. Any such motion should be filed within 14 days of the making of these orders, and should be determined with the benefit of written submissions, but otherwise on the papers. Catchwords: CORPORATIONS – financial services – misleading or deceptive conduct – whether oral representations misleading or deceptive – where claim relates to alleged oral representations in Mandarin as to safety of investment in financial products relating to property development – whether oral representations made to effect that investment had little or no risk – where borrower did not own properties to be developed or have contracts in place for their acquisition or development CORPORATIONS – financial services – misleading or deceptive conduct – whether written representation misleading or deceptive – where claim relates to alleged written representation in Mandarin as to the safety of financial products – where primary judge found use of Mandarin term "anquan" misleading or deceptive insofar as it described investment – where borrower did not own properties to be developed or have contracts in place for their acquisition or development Legislation Cited: Corporations Act 2001 (Cth), ss 761G, 761GA, 1041H Cases Cited: Coulton v Holcombe (1986) 162 CLR 1; [1986] HCA 33 Fox v Percy (2003) 214 CLR 118; [2003] HCA 22 Lee v Lee (2019) 266 CLR 129; [2019] HCA 28 Miller & Associates Insurance Broking Pty Ltd v BMW Australia Finance Ltd (2010) 241 CLR 357; [2010] HCA 31 Texts Cited: Nil Category: Principal judgment Parties: Tredmore Pty Ltd as trustee for the Xue Family Trust (First Appellant/First Cross-Respondent) Lijuan Xue (Second Appellant/Second Cross-Respondent) Lili Xue (Third Appellant/Third Cross-Respondent) Atlas Advisors Australia Pty Ltd (First Respondent/Cross-Appellant) Wenyan Zhuang (also known as Fiona Zhuang) (Second Respondent) Representation: Counsel: David Weinberger with Rhea Thrift (Appellants/Cross-Respondents) Patrick Knowles SC with Sarah Danne (Respondents/Cross-Appellants)