Thomas v SMP (International) No 6 [2010] NSWSC 1311

New South Wales Supreme Court

CITATION : Thomas v SMP (International) No 6 [2010] NSWSC 1311

HEARING DATE(S) : 6 October and 4 November 2010

JUDGMENT DATE : 16 November 2010

JURISDICTION : Equity

JUDGMENT OF : Pembroke J

DECISION : See judgment

CATCHWORDS : INTEREST - compound interest - when applicable - appropriate rate - annual rests - EQUITY - breach of fiduciary duty - equitable jurisdiction to award compound interest - discretion - PRACTICE NOTE SC GEN 16 - guidance - Reserve Bank of Australia cash rate

LEGISLATION CITED : Civil Procedure Act 2005 Late Payment of Commercial Debts (Interest) Act 1998 (UK)

CATEGORY : Procedural and other rulings

Bushwall Properties Ltd v Vortex Ltd [1975] 1 WLR 1649 Hagan v Waterhouse (1991) 34 NSWLR 308 Hungerfords v Walker (1988) 171 CLR 135 Morgan Equipment Co v Rodgers (1993) 32 NSWLR 467 CASES CITED : President of India v La Pintada Compania Navigacion SA [1985] AC 104 Re Dawson; Union Fidelity Trustee Co Ltd v Perpetual Trustee Co Ltd [1966] 2 NSWR 211 Southern Cross Commodities Pty Ltd (in liq) v Ewing (1987) 11 ACLR 818 Thomas v SMP (International) Pty Limited (No 4) [2010] NSWSC 984 Wallersteiner v Moir (No 2) [1975] QB 373 Westdeutsche Bank v Islington LBC [1996] AC 669

Bowles & Whelan, "Judgment Awards & Simple Interest Rates", International Review of Law & Economics, Volume 1 (1981) 111 F A Mann, "On Interest, Compound Interest & Damages" (1985) 101 LQR 30 Jacobs' Law of Trusts in Australia, 7th ed, ed. J D Heydon & M J Leeming (Sydney, 2006) TEXTS CITED : United Kingdom Law Commission, "Pre-Judgment Intereset on Debts & Damages" Report Law Com No 287 (2004) United Kingdom Law Commission, "Law of Contract: Report on Interest", Report Law Com No 88 (1978) Practice Note No SC Gen 16 Snell's Equity, 29th ed, ed. P V Baker & P St J Langan (London, 1990)