Yolarno Pty Ltd v TransGlobal Capital Pty Ltd & Ors (No 2) [2003] NSWSC 1004

New South Wales Supreme Court

CITATION : Yolarno Pty Ltd v TransGlobal Capital Pty Ltd & Ors (No 2) [2003] NSWSC 1004 HEARING DATE(S) : 6 May 2003 - 8 May 2003; 3 November 2003 - 6 November 2003 JUDGMENT DATE : 19 November 2003

JUDGMENT OF : Gzell J DECISION : First and second defendants liable for damages under the Trade Practices Act 1974 (Cth), s 82. Third defendant not liable. Defendants not liable under the Corporations Law (Cth), s 780 or s 781

CATCHWORDS : TRADE PRACTICES - Consumer Protection - Whether representation made that beef industry irrelevant to capital raising - Whether representation misleading or deceptive - Whether individuals involved in contravention - Whether plaintiff relied on representation in entering into contract with first defendant to cause shares to be listed on stock exchange - CONTRACTS - Discharge, Breach and Defence to Action for Breach - Whether first defendant had good reason not to achieve milestones - Whether anticipatory breach - CORPORATIONS - Supervision, Regulation and Correction - Whether obligation to obtain agreement in principle from an underwriter constituted a business of inducing persons to make an agreement for underwriting securities - Whether a dealing in securities without a licence - Whether the first defendant carried on a business of advising others about securities without a licence LEGISLATION CITED : Trade Practices Act 1974 (Cth) Corporations Law (Cth) Watson v Foxman (2000) 49 NSWLR 315 Jones v Dunkel (1959) 101 CLR 298 Cubillo v Commonwealth (2000) 103 FCR 1 Equity Access Pty Ltd v Westpac Banking Corporation (1989) 16 IPR 431 Yorke v Lucas (1985) 158 CLR 661 CASES CITED : Wardley Australia Ltd v Western Australia (1992) 175 CLR 514 Hanave Pty Ltd v LFOT Pty Ltd (1999) 43 IPR 545 British & Beningtons Ld v N W Cachar Tea Co [1923] AC 48 Fairway Estates Pty Ltd v Federal Commissioner of Taxation (1970) 123 CLR 153 National Companies and Securities Commission v Industrial Equity Ltd [1982] 1 NSWLR 42 at 60 Von Doussa v Owens (No 1) (1982) 30 SASR 367 Ryan v Triguboff [1976] 1 NSWLR 588 Yolarno Pty Ltd - Plaintiff PARTIES : TransGlobal Capital Pty Ltd - 1st Defendant Garry Charles Taylor - 2nd Defendant Stuart Murray - 3rd Defendant FILE NUMBER(S) : SC 4575/00 Mr TS Hale SC and Mr JM White - Plaintiff COUNSEL : Mr SL Bell - 1st and 2nd Defendants Mr RKM Rasmussen - 3rd Defendant Hunt Partners - Plaintiff SOLICITORS : Webster O'Halloran & Associates - 1st and 2nd Defendant Castrission & Co - 3rd Defendant