Industry Funds Management (Nominees 2) Pty Ltd v Bellspin Pty Ltd [2011] NSWSC 41

Supreme Court New South Wales

Medium Neutral Citation: Industry Funds Management (Nominees 2) Pty Ltd v Bellspin Pty Ltd [2011] NSWSC 41 Hearing dates: 26 November 2010 Decision date: 11 February 2011 Jurisdiction: Common Law Before: Harrison J Decision: 1. Direct the parties within seven days to bring in short minutes of order giving effect to these reasons. 2. I will hear the parties on the question of costs. Catchwords: CONTRACTS - loan agreement - whether borrower advised lender of need to vary terms and conditions of agreement - whether lender represented to vendor that it would agree to such variation - written agreement held to be all-encompassing and binding - no binding oral representations held to have been made EVIDENCE - proof - onus of proof - party seeking to rely upon spoken words as a foundation for a cause of action - necessary that the words spoken are capable of forming a binding contract and are intended by the parties to be legally binding - mere aspirational words insufficient Cases Cited: Commonwealth Bank of Australia v Serobian [2009] NSWSC 302 Watson v Foxman (1995) 49 NSWLR 315 Category: Procedural and other rulings Parties: Industry Funds Management (Nominees 2) Pty Ltd (Plaintiff) Bellspin Pty Ltd (First Defendant) Cine San Marco Pty Ltd (Second Defendant) Joysea Pty Ltd (Third Defendant) Nextplan Pty Ltd (Fourth Defendant) Marco Zagato (Fifth Defendant) Tobias Farinha (Sixth Defendant) Representation: Counsel: A McInerney (Plaintiff) P Glissan (Fifth Defendant) Solicitors: Gadens (Plaintiff) Kingsley, Chung, Chuan, Liu (Fifth Defendant) File Number(s): 2009/293192