Ramsay v BigTinCan Pty Ltd [2014] NSWCA 324

Court of Appeal Supreme Court New South Wales Medium Neutral Citation: Ramsay v BigTinCan Pty Ltd [2014] NSWCA 324 Hearing dates: 4 June 2014 Decision date: 16 September 2014 Before: McColl JA at [1]; Macfarlan JA at [10]; Gleeson JA at [103] Decision: Appeal dismissed with costs. [Note: The Uniform Civil Procedure Rules 2005 provide (Rule 36.11) that unless the Court otherwise orders, a judgment or order is taken to be entered when it is recorded in the Court's computerised court record system. Setting aside and variation of judgments or orders is dealt with by Rules 36.15, 36.16, 36.17 and 36.18. Parties should in particular note the time limit of fourteen days in Rule 36.16.] Catchwords: EQUITY - company director formulated and implemented plan to divert funding and business opportunities to new company - second appellant knowingly assisted him in dishonest and fraudulent design - whether causal connection between breaches of fiduciary duty and company's failure to obtain funding - whether loss of opportunity to obtain funding is itself a substantial financial loss - failure to obtain funding only causally related to financial loss where funding would have been put to profitable use - assessment of equitable compensation where plaintiff cannot adduce precise evidence of loss Legislation Cited: Civil Procedure Act 2005 (NSW), s 100 Corporations Act 2001 (Cth), ss 181, 232, 1417H Supreme Court Act 1970 (NSW), s 75A(8) Uniform Civil Procedure Rules 2005 (NSW), r 51.53 Cases Cited: Adelaide Petroleum NL v Poseidon Ltd (1990) 98 ALR 431 Akins v National Australia Bank (1994) 34 NSWLR 155 AMP Services Ltd v Manning [2006] FCA 256 BigTinCan Pty Ltd v Ramsay [2013] NSWSC 1248 Brickenden v London Loan & Savings Co [1934] 3 DLR 465 Chappel v Hart [1998] HCA 55; 195 CLR 232 Commonwealth v Amann Aviation Pty Ltd [1991] HCA 54; 174 CLR 64 Consul Development Pty Ltd v DPC Estates Pty Ltd [1975] HCA 8; 132 CLR 373 Daniels v Anderson (1995) 37 NSWLR 438 Farah Constructions Pty Limited v Say-Dee Pty Limited [2007] HCA 22; 230 CLR 89 Fitzgerald v Penn [1954] HCA 74; 91 CLR 268 Houghton v Immer (No 155) Pty Ltd (1997) 44 NSWLR 46 Howard v Commissioner of Taxation [2014] HCA 21; 88 ALJR 667 I & L Securities Pty Ltd v HTW Valuers (Brisbane) Pty Ltd [2002] HCA 41; 210 CLR 109 Kenny & Good Pty Ltd v MGICA (1992) Ltd [1999] HCA 25; 199 CLR 413 March v E & M H Stramare Pty Ltd [1991] HCA 12; 171 CLR 506 Maguire v Makaronis [1997] HCA 23; 188 CLR 449 McCrohon v Harith [2010] NSWCA 67; Aust Torts Reports 82-056 Nicholls v Michael Wilson & Partners Ltd [2012] NSWCA 383 O'Halloran v R T Thomas & Family Pty Ltd (1998) 45 NSWLR 262; 29 ACSR 148 OzEcom v Hudson Investment Group [2007] NSWSC 719 Placer (Granny Smith) Pty Ltd v Thiess Contractors Pty Ltd [2003] HCA 10; 77 ALJR 768 Poseidon Ltd v Adelaide Petroleum NL [1991] FCA 663; 105 ALR 25 Re Dalkeith Investments Pty Ltd (1984) 9 ACLR 247 Selangor United Rubber Estates Ltd v Cradock (No 3) [1968] 1 WLR 1555 Sellars v Adelaide Petroleum NL [1994] HCA 4; 179 CLR 332 Spotless Group Ltd v Blanco Catering Pty Ltd [2011] FCA 979; 212 IR 396 State of New South Wales v Moss [2000] NSWCA 133; 54 NSWLR 536 Target Holdings Ltd v Redferns (A Firm) [1996] 1 AC 421 Tjiong v Tjiong [2012] NSWCA 201 Warman International Ltd v Dwyer [1995] HCA 18; 182 CLR 544 Westpac Banking Corporation v Bell Group Ltd (in liq) (No 3) [2012] WASCA 157; 44 WAR 1 Category: Principal judgment Parties: David Ramsay (First Appellant) Roel Pollers (Second Appellant) BigTinCan Pty Ltd (Respondent) Representation: Counsel: C Botsman (Appellants) A P Cheshire/ S Spadijer (Respondent) Solicitors: Barraket Stanton Lawyers (Appellants) McLachlan Thorpe Partners (Respondent) File Number(s): CA 2013/296002 Decision under appeal Jurisdiction: 9111 Citation: BigTinCan Pty Ltd v Ramsay [2013] NSWSC 1248 Date of Decision: 2013-09-04 00:00:00 Before: Ball J File Number(s): SC 2010/108812