Tomanovic v One Australia Pty Limited [2015] NSWCA 11

Court of Appeal Supreme Court New South Wales Medium Neutral Citation: Tomanovic v One Australia Pty Limited [2015] NSWCA 11 Hearing dates: 28 August and 4 September 2014 Decision date: 16 February 2015 Before: Bathurst CJ at [1]; Barrett JA at [220]; Emmett JA at [221] Decision: (1)Leave to amend the notice of appeal refused; (2)Appeal dismissed; and (3)Appellants to pay the respondents' costs of the appeal. Catchwords: APPEAL – civil - pleadings - amendment - grounds of appeal - refusal to allow amendment - amendment sought shortly prior to hearing - opportunity to raise ground at hearing - evidence could have been led at hearing

EVIDENCE – sufficiency - weighing conflicting evidence - expert opinions - evidence of value of company - experts using different methods - valuation accepted by primary judge significantly lower than book value of company - whether primary judge erred in accepting valuation or whether valuation plainly erroneous Legislation Cited: Corporations Act 2001 (Cth), ss 232 and 1305 Cases Cited: Abrahams v The Federal Commissioner of Taxation [1944] HCA 32; (1944) 70 CLR 23 Commissioner of Succession Duties (South Australia) v Executor Trustee and Agency Company of South Australia Limited [1947] HCA 10; (1947) 74 CLR 358 Emerald Quarry Industries Proprietary Limited v Commissioner of Highways (South Australia) [1979] HCA 17; (1979) 142 CLR 351 Gold Coast Selection Trust Ltd v Humphrey (Inspector of Taxes) [1948] AC 459 Gregory v Commissioner of Taxation of the Commonwealth of Australia [1971] HCA 2; (1971) 123 CLR 547 Mallet v Mallet [1984] HCA 21; (1984) 156 CLR 605 McCathie v The Federal Commissioner of Taxation [1944] HCA 9; (1944) 69 CLR 1 Perpetual Trustee Company (Limited) v The Federal Commissioner of Taxation [1942] HCA 4; (1942) 65 CLR 572 Re Global Mortgage Equity Corporation Pty Ltd (ACN 105 108 469) [2013] NSWSC 1586; (2013) 97 ACSR 30 Spencer v The Commonwealth of Australia [1907] HCA 82; (1907) 5 CLR 418 The Commonwealth v Milledge [1953] HCA 6; (1953) 90 CLR 157 The Commissioner of Taxation of the Commonwealth of Australia v St Helens Farm (ACT) Proprietary Limited [1981] HCA 4; (1981) 146 CLR 336 Tomanovic v Global Mortgage Equity Corporation Pty Ltd [2011] NSWCA 104; (2011) 84 ACSR 121 Tomanovic v Global Mortgage Equity Corporation Pty Ltd (No 2) [2011] NSWCA 256; (2011) 86 ACSR 119 Zoltan Tomanovic v Global Mortgage Equity Corporation Pty Ltd (NSWSC, unreported, 17 May 2010) Category: Principal judgment Parties: Zoltan Tomanovic (First appellant) Australia Financial Services Pty Limited (ACN 003 647 925) (Second appellant) One Australia Pty Limited (ACN 003 179 199) (First respondent) Kenneth Sayer (Second respondent) Representation: Counsel: R J Ellicott QC and V R W Gray (First and second appellant) M B J Lee SC and E Cowpe (First and second respondent)