NSW Caselaw
New South Wales Supreme Court
CITATION : Australian Integrated v FinleaseFinlease v Australian Integrated [2008] NSWSC 560
HEARING DATE(S) : 07/04/2008, 08/04/2008, 09/04/2008
JUDGMENT DATE : 10 June 2008
JURISDICTION : Commercial List
JUDGMENT OF : Macready AsJ at 1
CATCHWORDS : Contracts. Construction and interpretation of contracts. Contract for sharing of back-end leasing profits. Interpretation of variation deed. - Equity. General principles and maxims. Rectification of variation deed to accord with parties' intention. Rectified in part.
Australian Integrated Finance Pty Limited v Finlease Pty Limited & Anor PARTIES : Finlease Pty Limited & Anor v Australian Integrated Finance Pty Limited
FILE NUMBER(S) : SC 50124/2006; 50131/2006
COUNSEL : Mr M Cashion SC & M Walsh for AIF Mr J Stevenson SC & Ms VE Whitaker for Finlease
SOLICITORS : Kemp Strang for AIF MWA Lawyers for Finlease
- 1 - IN THE SUPREME COURT OF NEW SOUTH WALES EQUITY DIVISION COMMERCIAL LIST
Associate Justice Macready
Tuesday 10 June 2008
50124 of 2006 Australian Integrated Finance Pty Limited v Finlease Pty Ltd 50131 of 2006 Finlease Pty Limited & Anor v Australian Integrated Finance Pty Limited JUDGMENT 1 His Honour: This is the hearing of these two proceedings that have been heard together with the evidence in one to be evidence in the other. Australian Integrated Finance Pty Ltd (herein referred to as AIF) carries on business as a financier. Finlease Pty Ltd and Shavel Loren Pty Ltd are finance brokers who trade under the name Finlease Equipment Rentals (herein referred to as Finlease). 2 The dispute concerns their contractual arrangements for profit sharing resulting from their mutual business dealings. Background facts. 3 These are helpfully set out in submissions, which I will incorporate with some amendment. 4 AIF's business includes renting equipment to customers for a fixed term pursuant to rental agreements. Finlease's business is that of a finance broker. It introduces customers to companies such as AIF for the purpose of entry into rental agreements for equipment. In the usual course, Finlease is paid a commission for its role as broker.
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