CGU v Zurich [2003] NSWSC 951

New South Wales Supreme Court

CITATION : CGU v Zurich [2003] NSWSC 951 revised - 3/11/2003 HEARING DATE(S) : 9/10/03, 10/10/03 JUDGMENT DATE : 31 October 2003

JUDGMENT OF : McDougall J at 1 DECISION : Refer paras 91-93 of judgment

CATCHWORDS : CONTRACT - transfer of shares upon termination of joint venture agreement - whether "fair value" of shares to be determined by reference only to second defendant's net tangible assets or whether other factors may also be considered - whether cl 5.02(b) of the joint venture agreement is void for uncertainty - severability of that clause - effect on cl 5.03 if cl 5.02(b) is void but not severable LEGISLATION CITED : Estate Duty Assessment Act 1914-28 (Cth) Grifiths v W E & D T Cave Limited [1998] 78 P & CR 8 Kiraz v Classic Tiles Pty Ltd (unrep: CA 40024/94 18/8/95: BC 9505172) McCathie v Federal Commissioner of Taxation (1944) 69 CLR 1, 6 Abrahams v Federal Commissioner of Taxation (1944) 70 CLR 23, 31 CASES CITED : Holt v Cox (1994) 15 ACSR 313, (1997) 23 ACSR 590 Re Smith & Fawcett Ltd [1942] Ch 304, 306 Stillwell Trucks Pty Ltd v Nectar Brook Investments Pty Ltd (1993) 115 ALR 294, 301 GPI Leisure Corporation Ltd v Herdsman Investments Pty Ltd (No 1) (1990) ANZ Conv R 367 Polgara Pty Ltd v Vision Wise Holdings Pty Ltd (1996) NSW Conv R 55-781 Investors Compensation Scheme Ltd v West Bromwich Building Society [1998] 1 WLR 896, 902, 904 CGU Insurance Limited v Zurich Australia Insurance Limited Associated Marine Insurers Agents Pty Limited PARTIES : Michael Arthur Hill Geoffrey Gerald Gauci Anthony Ernest Day John Leonard Butler Ian Forbes Brown Robert John Wagstaffe FILE NUMBER(S) : SC 50086/03 COUNSEL : Plaintiff: M A Pembroke SC/T M Faulkner Defendants: S Finch SC/L McCallum SOLICITORS : Plaintiff: Mallesons Stephen Jaques Defendants: Baker & McKenzie