Yan v Yangdo Pty Ltd [2024] NSWSC 1250

Supreme Court New South Wales

Medium Neutral Citation: Yan v Yangdo Pty Ltd [2024] NSWSC 1250 Hearing dates: 20, 21 August 2024 Date of orders: 11 October 2024 Decision date: 11 October 2024 Jurisdiction: Equity - Expedition List Before: Rees J Decision: Declaration made as to construction of clause; Summons and Cross-Summons otherwise dismissed. Catchwords: EXPERT DETERMINATION – valuer engaged to determine "net assets" of corporation and trusts based on the "market value" of assets and after excluding specified liabilities – expert issues determination – expert volunteers that has made an error and re-issues determination – whether expert performed assigned task – whether can have regard to expert's correspondence after determination – whether further expert evidence admissible on such an application, at [7] – principles at [44]-[54] – whether functus officio – principles at [107]-[112] – whether "manifest error" – principles at [123]-[129]. WORDS AND PHRASES – "net assets" at [60]. Cases Cited: 711 Hogben Pty Ltd v Tadros; Tadros v 711 Hogben Pty Ltd [2016] NSWSC 697 ABB Service Pty Ltd v Pyrmont Light Rail Company Ltd (2010) 77 NSWLR 321; [2010] NSWSC 831 AGL Victoria Pty Ltd v SPI Networks (Gas) Pty Ltd [2006] VSCA 173 AIC Ltd v ITS Testing Services (UK) Ltd [2006] EWCA Civ 1601; [2007] 1 Lloyd's Rep 555 Arkaba Holdings Ltd v Commissioner of Highways [1970] SASR 94 Australian Vintage Ltd v Belvino Investments No 2 Pty Ltd [2015] NSWCA 275 Berger & Co Inc v Gill & Duffus SA (1984) 1 AC 382 BP Refinery (Westernport) Pty Ltd v Hastings Shire Council (1977) 180 CLR 266 CBI Constructors Pty Ltd v Chevron Australia Pty Ltd [2024] HCA 28 Crystal Auburn Pty Ltd v IL Wollermann Pty Ltd [2004] FCA 821 Drane v Aqualyng Holdings [2017] QSC 233 Ecosse Property Holdings Pty Ltd v Gee Dee Nominees Pty Ltd (2017) 261 CLR 544 Electricity Generation Corporation v Woodside Energy Ltd (2014) 251 CLR 640 Epping Hotels Pty Ltd v Serene Hotels Pty Ltd [2015] VSC 104 Funtastic Ltd v Madman Film and Media Pty Ltd [2016] VSC 708 Galaxy Energy International Ltd v Eurobunker SpA [2001] 2 All ER (Comm) 912 Griffin v Wainwright [2017] EWHC 2122 (Ch) Heart Research Institute Ltd v Psiron Ltd [2002] NSWSC 646 Holt v Cox (1997) 23 ACSR 590 Homepace Ltd v Sita South East Ltd [2008] EWCA Civ 1 Invensys Plc v Automotive Sealing Systems Ltd [2002] 1 All ER (Comm) 222 John Nelson Developments Pty Ltd v Focus National Developments Pty Ltd [2010] NSWSC 150 Jones v Sherwood Computer Services Pty Plc [1992] 1 WLR 277 JR Consulting & Drafting Pty Ltd v Cummings (2016) 239 ALR 625; [2016] FCAFC 20 Kanivah Holdings Pty Ltd v Holdsworth Properties Pty Ltd [2002] NSWCA 180 Kurc v Eyecare Pty Ltd [2004] VCAT 1139 Laundy Hotels (Quarry) Pty Ltd v Dyco Hotels Pty Ltd [2023] HCA 6 Legal & General Life of Australia Limited v A Hudson Pty Limited (1985) 1 NSWLR 314 Lepcanfin Pty Ltd v Lepfin Pty Ltd [2020] NSWCA 155 London Borough of Camden v Thomas McInerney & Sons Ltd (1986) 9 Con LR 99 Merchant v Commissioner of Taxation [2024] FCA 498 Natoli v Walker (1994) 217 ALR 201 Pancontinental Mining Ltd v Goldfields Ltd (1995) 16 ACSR 463 Queensland Phosphate Pty Ltd v Korda and Shepard (as joint and several liquidators of Legend International Holdings Inc (in liq)) [2017] VSCA 269 Re Estate of Boian (2014) 17 BPR 33,005 Re Global Mortgage Equity Corporation Pty Ltd (2013) 97 ACSR 30 Spencer v Commonwealth of Australia (1907) 5 CLR 418 Star Entertainment Group Ltd v Chubb Insurance Australia Ltd [2022] FCAFC 16 Toepfer v Continental Grain Co [1974] 1 Lloyd's Rep 11 TX Australia Pty Ltd v Broadcast Australia Pty Ltd [2012] NSWSC 4 Veba Oil Supply and Trading GmbH v Petrotrade inc [2001] 2 Lloyd's Rep 731 Texts Cited: Clive Freedman and James Farrell, Kendall on Expert Determination (5th ed, 2015, Thomson Reuters) Doug Jones and Janet Walker, Commercial Arbitration in Australia under the Model Law (3rd ed, 2022, Lawbook Co) W Lonergan, The Valuation of Businesses, Shares and Other Equity (4th ed, 2003, Allen & Unwin) Category: Principal judgment Parties: Philip Kam Hung Yan (First Plaintiff/Fourth Cross-Defendant) Amelia Shu Man Yan (Second Plaintiff/Fifth Cross-Defendant) Fincob Pty Ltd (Third Plaintiff/Sixth Cross-Defendant) Yangdo Pty Ltd (First Defendant/First Cross-Defendant) Kam Wing Yan (Second Defendant/Second Cross-Claimant) Yangdo Service Pty Ltd (Third Defendant/Second Cross-Defendant) Pengie Pty Ltd (Fourth Defendant/Third Cross-Defendant) Penlop Pty Ltd (Fifth Defendant/First Cross-Claimant) Representation: Counsel: R Dick SC / P Gaffney (Plaintiffs) P Knowles SC / K Josifoski (Second and Fifth Defendants) Solicitors: Bartier Perry (Plaintiffs) Project Lawyers (Second and Fifth Defendants) File Number(s): 2024/211869