Sumiseki Materials Co Ltd -v- Wambo Coal Pty Ltd [No.2] [2013] NSWSC 488

Supreme Court New South Wales

Medium Neutral Citation: Sumiseki Materials Co Ltd -v- Wambo Coal Pty Ltd [No.2] [2013] NSWSC 488 Hearing dates: 19 & 26 April 2013 Decision date: 03 May 2013 Jurisdiction: Equity Division - Commercial List Before: Hammerschlag J Decision: 1. Profit of the company is on a stand alone not consolidated basis 2. Post judgment interest is at the prescribed rate 3. Stay of modification order refused. Catchwords: CORPORATIONS - construction of company's constitution - whether the words "profit of the company available for dividend purposes" means the company on a stand alone basis or the company and its controlled entities - whether contract under which the Constitution was amended to include the words concerned should be rectified - PRACTICE AND PROCEDURE - interest on money judgment - whether the rate should be at the prescribed rate or at a contractual rate which pertained to pre judgment obligations - whether there should be a stay of an order modifying the Constitution Legislation Cited: Civil Procedure Act 2005 (NSW) Corporations Act 2001 (Cth) Uniform Civil Procedure Rules 2005 Cases Cited: Sumiseki Materials Co Ltd v Wambo Coal Ltd [2013] NSWSC 235 Prenn v Simmonds [1971] 1 WLR 1381 Industrial Equity Limited v Blackburn (1977) 137 CLR 567 Goozee v Graphic World Group Holdings Pty Ltd (2002) 42 ACSR 534 Pukallus v Cameron (1982) 180 CLR 447 Ryledar Pty Ltd v Euphoric Pty Ltd (2007) 69 NSWLR 603 Phoenix Commercial Enterprises Pty Ltd v City of Canada Bay Council (No 2) [2010] NSWCA 183 Category: Principal judgment Parties: Sumiseki Materials Co Ltd - Plaintiff Wambo Coal Pty Ltd (ACN 000 668 057) - First Defendant Peabody Australia Mining Limited (ACN 002 818 699) - Second Defendant Representation: Counsel: M.J. Darke - Plaintiff S.D. Robb QC with J.R. Williams - Defendants Solicitors: Allens Linklaters - Plaintiff Herbert Smith Freehills - Defendants File Number(s): 2010/234866