In the matter of iCash Payment Systems Limited (No 2) [2013] NSWSC 1239

Supreme Court New South Wales

Medium Neutral Citation: In the matter of iCash Payment Systems Limited (No 2) [2013] NSWSC 1239 Hearing dates: Friday, 16 August 2013 Decision date: 16 August 2013 Jurisdiction: Equity Division - Corporations List Before: Brereton J Decision: Plaintiffs to provide Short Minutes of Order. Defendant to pay plaintiffs' costs on an indemnity basis. Catchwords: CORPORATIONS - Remedies - declaratory relief - plaintiffs claimed purported cancellation of fully paid ordinary shares issued by defendant as consideration for sale and transfer of shares in other company was invalid, void and of no effect - where plaintiffs late in complying with obligations under share sale agreement - consideration of whether defendant entitled to terminate agreement on account of plaintiffs' failure to have performed their obligations under the agreement - consideration of whether time essential under contract - time not essential so defendant not entitled to terminate agreement - plaintiffs entitled to relief sought.

COSTS - Indemnity costs - where cross claim for misleading and deceptive conduct bordering on the preposterous and could never have had significant prospects of success Legislation Cited: (Cth) Corporations Act 2001, s 769B(4) Category: Principal judgment Parties: Wookwon Kang (first plaintiff) Byeongrib Yoo (second plaintiff) Youngwoon Woo (third plaintiff) Kisun Lee (fourth plaintiff) Namweon Lee (fifth plaintiff) Jonghong Park (sixth plaintiff) Suhan Jo (seventh plaintiff) Youngwoo Kim (eight plaintiff) Byoungnam Lim (ninth plaintiff) Eungin Kim (tenth plaintiff) Chung Lim (eleventh plaintiff) Kyoungsuck Oh (twelfth plaintiff) Youngkwan Kang (thirteenth plaintiff) Yeonhee Kim (fourteenth plaintiff) iCash Payment Systems Limited (defendant) Representation: Counsel: Dr A S Bell SC w Mr DFC Thomas (plaintiffs) Mr B W Walker SC w Mr JC Giles (defendant) Solicitors: Banki Haddock Fiora (plaintiffs) Whittens & McKeough Pty Limited (defendant) File Number(s): 13/ 202274