In the matter of Global Mortgage Equity Corporation Pty Limited [2013] NSWSC 1818

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Global Mortgage Equity Corporation Pty Limited [2013] NSWSC 1818 Hearing dates: 28 November 2013 Decision date: 06 December 2013 Jurisdiction: Equity Division - Corporations List Before: Black J Decision: Orders made for stay of judgment in earlier proceedings to be lifted in respect of specified sum and for the transfer of shares. Orders stayed until 4pm 14 February 2014. No orders made as to costs. Catchwords: PROCEDURE - judgments and orders - order sought declaring value of shares and related orders - where the Court of Appeal has provided directions on the determination of the value of the shares and made related orders in earlier judgment - whether declaratory relief necessary. PROCEDURE - judgments and orders - enforcement of judgment and orders - order sought lifting stay of judgment in earlier proceedings - order sought for stay of current judgment pending appeal - whether the defendants' interests are protected. PROCEDURE - costs - general rule costs follow the event - costs of issues - where each party seeks a costs order against the other for costs incurred by a valuation exercise - whether either party acted unreasonably in the conduct of proceedings. Legislation Cited: - Civil Procedure Act 2005 (NSW) s 98 - Uniform Civil Procedure Rules 2005 (NSW) r 42.1 Cases Cited: - Bostik of Australia Pty Ltd v Liddiard (No 2) [2009] NSWCA 304 - Bowen Investments v Tabcorp Holdings Ltd (No 2) [2008] FCAFC 107 - Elite Protective Personnel Pty Ltd v Salmon (No 2) [2007] NSWCA 373 - Howard's Storage World Pty Ltd v Haviv Holdings Pty Ltd [2010] FCAFC 5; (2010) 182 FCR 84 - Hughes v Western Australia Cricket Association (Inc) (1986) 8 ATPR 40-748 - James v Surf Road Nominees Pty Ltd (No 2) [2005] NSWCA 296 - Keddie v Stacks/Goudkamp Pty Ltd [2012] NSWCA 254 - Milne v Attorney-General (Tasmania) (1956) 95 CLR 460 - Oschlack v Richmond River Council [1998] HCA 11; (1998) 193 CLR 72 - Permanent Trustee Australia Ltd v FAI General Insurance Co Ltd (Supreme Court of New South Wales, Hodgson CJ in Eq, 3 June 1998) - Perochinsky v Kirschner (No 2) [2013] NSWSC 837 - Re Global Mortgage Equity Corp Pty Ltd [2013] NSWSC 1586 - Ruddock v Vardalis (No 2) [2001] FCA 1865; (2001) 115 FCR 229 - Short v Crawley (No 40) [2008] NSWSC 1302 - Tomanovic v Global Mortgage Equity Corp Pty Ltd (No 2) [2011] NSWCA 256; (2011) 86 ACSR 119 - Yazgi v Permanent Custodians Ltd (No 2) [2007] NSWCA 306 Category: Procedural and other rulings Parties: Zoltan Tomanovic (First Plaintiff) Australian Financial Services Corporation Pty Limited (Second Plaintiff) Global Mortgage Equity Corporation Pty Limited (First Defendant) One Australia Pty Limited (Second Defendant) Representation: Counsel: V.R. Gray (Plaintiffs) M.B.J. Lee SC/E. Cowpe (Defendants) Solicitors: Corporate & Civil Legal (Plaintiffs) Harris Friedman (Defendants) File Number(s): 2008/282203