MSPR Pty Ltd and Phyro Holdings Pty Ltd v Advanced Braking Technology Ltd [2012] NSWDC 140

District Court New South Wales

Medium Neutral Citation: MSPR Pty Ltd and Phyro Holdings Pty Ltd v Advanced Braking Technology Ltd [2012] NSWDC 140 Hearing dates: 21 - 25 May; 13 and 15 August 2012 Decision date: 22 August 2012 Before: Knox SC DCJ Decision: 1. The Plaintiff's Statement of Claim is dismissed. 2. Verdict for the Defendant. 3. Plaintiffs to pay Defendant's costs on the usual basis to be agreed as assessed. 4. Leave reserved to the parties to make a further application on the issue of costs. Catchwords: CONTRACTS - construction and interpretation of contract - whether monies advanced constitute loan or cash for equity payments - shortfall in underwriting - Jones v Dunkel inference: absence of evidence of underwriter, directors and officers of company - business records and absence of documentation - recording of monies advanced by corporate officers and directors Legislation Cited: Evidence Act 1995 Cases Cited: Aneve Pty Ltd v Bank of Western Australia Ltd [2005] NSWCA 441 Australian Competition and Consumer Commission v Advanced Medical Institute Pty Ltd (No 2) [2005] FCA 1357; (2005) 147 FCR 235 Claremont Petroleum NL v Cummings (1992) 110 ALR 239 Gordon v Ross [2006] NSWCA 157 Hospitality Group Pty Ltd v Australian Rugby Union Ltd [2001] FCA 1040; (2001) 110 FCR 157 Jones v Dunkel (1959) 101 CLR 298 Lewis v Nortex Pty Ltd [2002] NSWSC 1083 McMurtrie v Commonwealth [2006] NSWCA 148 Ringrow Pty Ltd v BP Australia Ltd [2003] FCA 933; (2003) 130 FCR 569 Roach v Page (No 15) [2003] NSWSC 939 Shum Yip Properties Development Co Pty Ltd v Chatswood Investment and Development Co Pty Ltd [2002] NSWSC 13; (2002) 166 FLR 451; (2002) 40 ACSR 619 Thomas v State of NSW [2008] NSWCA 316; (2008) 74 NSWLR 34 Watson v Foxman (1995) 49 NSWLR 315 Young v Queensland Trustees (1956) 99 CLR 560 Texts Cited: JD Heydon, Cross on Evidence, 6th Australian edn, LexisNexis Butterworths, Sydney, 2000 Category: Principal judgment Parties: MSPR Pty Ltd (First Plaintiff) Phyro Holdings Pty Ltd (Second Plaintiff) Advanced Braking Technology Ltd (Defendant) Representation: Mr T Lynch (Plaintiffs) Mr I Pike SC (Defendant) Holman Webb Lawyers (Plaintiffs) Marque Lawyers (Defendant) File Number(s): 2009/00338826