NSW Caselaw
New South Wales Supreme Court
CITATION : Russo v Resource Developments International Pty Ltd (No 3) [2003] NSWSC 838 HEARING DATE(S) : 22/07/03 JUDGMENT DATE : 12 September 2003 JURISDICTION: Equity Division JUDGMENT OF : Young CJ in Eq DECISION : The first and fourth defendants are liable to the plaintiff for $658,180.06 and for the costs of these damages proceedings.
CATCHWORDS : CONTRACT [126]- Share sale agreement- Whether still enforceable- Whether frustration by insolvency of subsidiaries- Abandonment- Elements. LEGISLATION CITED : Frustrated Contracts Act 1978, s 7 DTR Nominees Pty Ltd v Mona Homes Pty Ltd (1978) 138 CLR 423 CASES CITED : De Soysa v De Pless Pol [1912] AC 194 Lindsay v Mahoney (1979) 1 BPR 9584 Summers v The Commonwealth (1918) 25 CLR 144 Vincenzo Russo (P1) Merkado Pty Limited (P2) Resource Developments International Pty Limited (D1) PARTIES : Premier Resources Limited (D2) Hy-Tec Industries Pty Limited (D3) Iyad Rafidi (D4) Placido Costa (D5) FILE NUMBER(S) : SC 1947/02 COUNSEL : F G Lever SC (P) B Rayment QC and P Conway (D1 & 4) SOLICITORS : Bartier Perry (P) Oliveri Attorneys (D1 & 4)
IN THE SUPREME COURT OF NEW SOUTH WALES EQUITY DIVISION
YOUNG CJ in EQ
Friday 12 September 2003
1947/02 – RUSSO v RESOURCE DEVELOPMENTS INTERNATIONAL PTY LTD (NO 3) JUDGMENT 1 HIS HONOUR: I gave judgment in this matter after a lengthy hearing on 2 April 2003, see [2003] NSWSC 239. I then gave a supplementary judgment on 26 May 2003 dealing with costs, [2003] NSWSC 446. What remains in this case is the determination of the quantum of damages which should be paid by the first and fourth defendants to the plaintiff as a result of my first judgment. 2 On 22 July 2003, I received further evidence on the outstanding issues and heard argument from Mr F Lever SC for the plaintiff, and Mr B W Rayment QC and Ms P Conway for the first and fourth defendants. 3 The plaintiff's claim for damages fall under discrete heads which can be summarised as follows:
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