Luxcon Developments No. 2 Pty Ltd v Ratner [2014] NSWSC 861

Supreme Court New South Wales

Medium Neutral Citation: Luxcon Developments No. 2 Pty Ltd v Ratner [2014] NSWSC 861 Hearing dates: 13 and 20 June 2014 Decision date: 20 June 2014 Jurisdiction: Equity Division - Duty List Before: White J Decision: 1. Order that orders 3 and 4 made on 13 June 2014 be discharged. 2. On the cross-claimant by his counsel giving the usual undertaking as to damages, order that the cross-defendant pay into the trust account or controlled moneys account of its solicitor, Salim Rutherford Lawyers, a sum or sums that on completion of the last to be sold of lots 29, 3, 19 and/or 23 in Strata Plan 89685 will bring the moneys held by Salim Rutherford Lawyers pursuant to this order or the orders of 13 June 2014 to an amount of not less than $1.5 million. 3. Forthwith after completion of the sales of any of the lots referred to in these orders direct the plaintiff/cross-defendant to notify in writing the cross-claimant's solicitors of the completion of the sale, the amount of the net proceeds of sale received and how that is made up, and how the net proceeds have been or are to be disbursed. 4. Order that the defendant pay the plaintiff's costs of the summons. 5. Order that the cross-defendant pay the cross-claimant's costs of the claim for interim relief in the cross-summons. Catchwords: EQUITY - Equitable remedies - Injunctions - Interlocutory injunctions - Whether an interlocutory injunction should be granted pending outcome of further proceedings - Whether defendant is entitled to set aside $1.5 million of the profits of sale of land - Serious question on determination of enforcement of joint venture agreement to be tried in further proceedings - Serious question to be tried on amount of net profits and percent of profit share owed to defendant - Balance of convenience favoured granting of interlocutory injunction. Cases Cited: Breen v Williams [1996] HCA 57; (1996) 186 CLR 71 United Dominions Corp Ltd v Brian Pty Ltd [1985] HCA 49; (1985) 157 CLR 1 Category: Interlocutory applications Parties: Luxcon Developments No. 2 Pty Ltd (Plaintiff) John Ratner (Defendant) Representation: Counsel: A Vincent (Plaintiff) R Kaye (13/6/2014) with K Dawson (Defendant) Solicitors: Salim Rutherford Lawyers (Plaintiff) Deutsch Miller (Defendant) File Number(s): 2014/169734