Travelex Ltd V Hamilford Pty Ltd [2010] NSWLC 21

Local Court of New South Wales

CITATION: Travelex Ltd V Hamilford Pty Ltd [2010] NSWLC 21

JURISDICTION: Civil

PARTIES: Travelex Limited Hamilford Pty Limited

FILE NUMBER: 11725/2009

PLACE OF HEARING: Downing Centre Local Court

DATE OF DECISION: 08/09/2010

MAGISTRATE: Magistrate Freund

CATCHWORDS: Civil - General Division

LEGISLATION CITED:

Dean-Willcocks v Commissioner of Taxation [2008] NSWSC 1113 Fox Entertainment Precinct Pty Limited –v-Centennial Park and Moore Park Trust (2004) 11 BPR 21,629 CASES CITED: Leibler v Air New Zealand Ltd (No 2)[1999] 1 VR 1 Misiaris-v-Saydels Pty Limited [1989] ANZ ConvR 403 Queensland Bacon Pty Limited –v- Rees (1966) 115 CLR 266 Taylor –v-Johnson (1983) 151 CLR 422

TEXTS CITED:

REPRESENTATION: Mr. McDonald instructed by Linton Pitt Lawyers Mr. O'Conner instructed by Crowley Calvert & Associates

ORDERS:

IN THE LOCAL COURT OF NEW SOUTH WALES DECISION 1) Travelex Limited ("Travelex") is a company that provides foreign exchange and payment services. Between December 2002 and April 2007, Hamilford Pty Limited ("Hamilford") entered into a number of contracts with Travelex for the sale and purchase of overseas currency ("the Previous Contracts"). The Previous Contracts were all "spot deals" which required Hamilford to settle the transaction within 2 days of entering the deals. The Previous Contracts are not the subject of this litigation. 2) It is alleged by Travelex that: a) on 13 April 2007, Mr. Spriggs on behalf of Hamilford had a telephone conversation with an employee of Travelex where he instructed Travelex to purchase sixty million Japanese Yen at an Australian Dollar/ Japanese Yen exchange rate of 97.00 to be settled on 12 July 2007; b) That the total amount that Hamilford was required to pay to Travelex on 12 July 2007 based on the exchange rate on 13 April 2007 was $618,556.70; c) A confirmation of the Hamilford's purchase order was faxed to Hamilford on 13 April 2007 it stated as follows: