St Jude Property Investments Pty Ltd v Folari Pty Ltd [2011] NSWSC 328

Supreme Court New South Wales

Medium Neutral Citation: St Jude Property Investments Pty Ltd v Folari Pty Ltd [2011] NSWSC 328 Hearing dates: 19 November 2010, and 23 and 24 March 2011 Decision date: 20 April 2011 Jurisdiction: Equity Division Before: Tamberlin AJ Decision: 1. Declares that the first plaintiff is entitled to be paid by the first defendant an amount equal to 20 per cent of the net profits from the sale of the properties 58-64 John Street, Lidcombe less expenses relating to the development approval up to the date that approval was granted. 2. Orders that an account be taken to ascertain the net amount payable to the first plaintiff. 3. Orders that the amount so ascertained be paid by the first defendant to the first plaintiff forthwith together with interest. 4. Orders that the defendants pay the costs of the plaintiffs on the claim. 5. Orders that the cross-claim be dismissed and that the defendants pay the costs of the plaintiffs on the cross-claim. Catchwords: CONTRACT - formation - parties - terms - whether joint venture - whether plaintiffs entitled to share of profits.

EVIDENCE - witnesses - credibility. Category: Principal judgment Parties: St Jude Property Investments Pty Ltd (First Plaintiff/Cross-Defendant) Michael Saklaoui (Second Plaintiff) Folari Pty Ltd (First Defendant/First Cross-Claimant) Kevin Zouki (Second Defendant/Second Cross-Claimant) Representation: Counsel: A Fernon (Plaintiffs) S F Hughes (Defendants) Solicitors: Joseph Grassi & Associates (Plaintiffs) Legal Recovery Solutions (Defendants) File Number(s): 2008/279220