St Jude Property Investments Pty Limited v Folari Pty Limited [2013] NSWSC 957

Supreme Court New South Wales

Medium Neutral Citation: St Jude Property Investments Pty Limited v Folari Pty Limited [2013] NSWSC 957 Hearing dates: 15 July 2013 Decision date: 15 July 2013 Jurisdiction: Equity Division Before: Kunc J Decision: Accounts determined Catchwords: CONTRACTS - Joint venture - Taking of accounts to determine net profit share payable - No issue of principle Cases Cited: Folari Pty Ltd & Anor v St Jude Property Investments Pty Ltd & Anor [2012] NSWCA 120 Category: Principal judgment Parties: St Jude Property Investments Pty Ltd (First Plaintiff) Michael Saklaoui (Second Plaintiff) Folari Pty Ltd (First Defendant) Kevin Zouki (Second Defendant) Representation: Counsel: Mr A.F. Fernon (First Plaintiff) Mr S.F. Hughes (First Defendant) Solicitors: First plaintiff: Shanahans Butlers Solicitors

First defendant: Boyd House & Partners File Number(s): 2008/279220 Publication restriction: No

EX TEMPORE Judgment 1HIS HONOUR: These proceedings are the taking of an account to determine the amount ultimately payable pursuant to a declaration made by Tamberlin AJ in the primary hearing of these proceedings. His Honour's orders (inter alia) were: 1. Declares that the first plaintiff is entitled to be paid by the first defendant an amount equal to 20 percent 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. 2The parties have agreed on many of the items in the ultimate calculation as to what is 20 percent of the net profits from the sale of those properties. There remain a number of areas of disagreement which are to be resolved in the course of the hearing before me. I propose to deliver reasons in relation to each of those disputed items as the parties address me on them.