Prosperity Advisers Pty Ltd & Anor v Secure Enterprises Pty Ltd t/as Strathearn Insurance Brokers Pty Ltd [2011] NSWSC 35

Supreme Court New South Wales

Medium Neutral Citation: Prosperity Advisers Pty Ltd & Anor v Secure Enterprises Pty Ltd t/as Strathearn Insurance Brokers Pty Ltd [2011] NSWSC 35 Hearing dates: 31 January 2011, 1 and 2 February 2011 Decision date: 11 February 2011 Jurisdiction: Equity Division - Commercial List Before: Ball J Decision: Proceedings dismissed with costs. Catchwords: NEGLIGENCE - whether insurance broker provided misleading advice to insured concerning insurance policy. DAMAGES -whether insured could have obtained alternative policy - whether insured's loss should be assessed as a loss of a chance. DAMAGES - whether insured's settlement with insurer reasonable. EQUITY - assignments - unassignable property - right to sue - tort - contract - Trade Practices Act 1974 (Cth). CORPORATIONS - company under administration - Corporations Act 2001 (Cth) s 437A(1) - whether can assign cause of action. Legislation Cited: Corporations Act 2001 (Cth) Trade Practices Act 1974 (Cth) Cases Cited: Allstate Life Insurance Co v Australia & New Zealand Banking Group Limited [1994] FCA 814 Boston Commercial Services Pty Ltd v GE Capital Finance A/asia Pty Ltd [2006] FCA 1352; 236 ALR 720 Chapman v Luminis (No 4) [2001] FCA 1106; (2001) 123 FCR 62 Commonwealth v Amann Aviation Pty Ltd [1991] HCA 54; (1991) 174 CLR 64 La Trobe Capital & Mortgage Corporation Limited v Hay Property Consultants Pty Ltd [2011] FCAFC 4 Lloyds TSB General Insurance Holdings Ltd v Lloyds Bank Group Insurance Co Ltd [2003] UKHL 48; [2003] 4 All ER 43 Malec v JC Hutton Pty Ltd [1990] HCA 20; (1990) 169 CLR 638 Monk v Australia and New Zealand Banking Group Ltd (1994) 34 NSWLR 148 National Mutual Property Services (Aust) Pty Ltd v Citibank Savings Ltd (No 1) [1995] FCA 1628; (1995) 132 ALR 514 Park v Allied Mortgage Limited & Ors [1993] FCA 296; (1993) ATPR (Digest) 46-105 Poulton v The Commonwealth [1953] HCA 101; (1952-53) 89 CLR 540 Re Timothy's Pty Limited and the Companies Act [1981] 2 NSWLR 706 Rickard Constructions Pty Ltd v Rickard Hails Moretti Pty Ltd and Others [2004] NSWSC 1041; (2004) 220 ALR 267 Sellars v Adelaide Petroleum NL [1994] HCA 4; (1994) 179 CLR 332 Trendtex Trading Corporation v Credit Suisse [1982] AC 679 at 703 Unity Insurance Brokers Pty Limited v Rocco Pezzano Pty Limited [1998] HCA 38; (1998) 192 CLR 603 Whkyed Pty Limited v Yahoo Australia and New Zealand Pty Limited [2006] NSWSC 650 Category: Principal judgment Parties: Prosperity Advisers Pty Ltd (First Plaintiff) Prosperity Advisers (Newcastle) Pty Ltd (Second Plaintiff) Secure Enterprises Pty Ltd t/as Strathearn Insurance Brokers Pty Ltd (Defendant) Representation: Mr R Beech-Jones SC (Plaintiffs) Ms V Whittaker (Plaintiffs) Mr D Studdy SC (Defendant) Mr A Lo Surdo (Defendant) Gilbert + Tobin (Plaintiffs) Kennedys (Defendant) File Number(s): 2007/266547