FAI TRADERS INSURANCE CO LTD v ANZ McCAUGHAN SECURITIES [1990] NSWCA 59

FAI TRADERS INSURANCE CO LTD v ANZ McCAUGHAN SECURITIES

SUPREME COURT OF NEW SOUTH WALES COURT OF APPEAL

MAHONEY JA 10 December 1990

[1990] NSWCA 59

Mahoney JA This is an application for expedition of an appeal. On 23 November 1990 Cole J made an order in a claim in which the plaintiff seeks to recover from the defendant, as his Honour described it, $11,928,000 plus interest. The claim appears to be, and I put the matter very broadly and generally, a claim against a broker on the basis that the broker is personally liable for the amount involved to the vendor of the shares. The parties have indicated that a number of issues relevant to the particular case only and some issues more relevant to other and more general matters were dealt with by his Honour in the judgment.

It has been submitted on the one hand that the case will involve only matters relevant to the particular case and on the other hand it has been submitted on the basis of affidavit evidence put before the court that other issues will or may arise which will be of general interest in the stockbroking or the securities industry.

It is obvious that a case of this kind should be disposed of as soon as practicable. Both companies are public companies in the ordinary sense of the term and it is desirable that people know where they stand in relation to amounts of this kind. Reference has been made to the interest which will accrue on the debt claimed no doubt under the terms of the Supreme Court Act. I think prima facie in a commercial matter of this kind it is desirable that the matter be expedited unless there is a significant reason to the contrary. I appreciate the state of the list. The parties have informed the court that the matter will last one or possibly two days. I do not hold counsel rigidly to those estimates but that gives some indication of the size of the case. The parties can be expected to prepare the matter for the hearing of the appeal in the appropriate way and to provide appropriate written submissions.