MIS Funding No 1 Pty Limited v Beefeater Sales International Pty Limited [2015] NSWSC 1109

Supreme Court New South Wales

Medium Neutral Citation: MIS Funding No 1 Pty Limited v Beefeater Sales International Pty Limited [2015] NSWSC 1109 Hearing dates: 27 and 28 July 2015 Decision date: 11 August 2015 Jurisdiction: Equity Division Before: Ball J Decision: (1) Judgment for the plaintiff against each defendant for the sum of $650,282.90. (2) The cross claim be dismissed. (3) The defendants pay the plaintiff's costs on an indemnity basis. Catchwords: CONTRACTS – general contractual principles – loan agreement – action to recovery money advanced by lender for the purpose of investing in agribusiness scheme – where borrower signed a power of attorney in favour of lender – whether money was advanced by the lender to the scheme on the borrower's behalf – whether money advanced was paid in a way authorised by the loan agreement – whether loan agreement required money to be paid so that borrower would acquire a legal or equitable lease of the relevant land – where no legal or equitable lease was acquired RESTITUTION – restitution resulting from unenforceable, incomplete, illegal or void contracts – recovery of money paid or property transferred – where loan under which money was advanced was transferred to third party – whether loan transfer assigned right to recover money paid on basis of mistake Legislation Cited: Conveyancing Act 1919 (NSW) Corporations Act 2001 (Cth) Real Property Act 1900 (NSW) Cases Cited: Equuscorp Pty Ltd v Belperio [2006] VSC 14 Kyabram Property Investments Pty Limited v Murray [2005] NSWCA 87 Shomat Pty Ltd v Rubinstein (1995) 124 FLR 284 Category: Principal judgment Parties: MIS Funding No 1 Pty Limited (ACN 119 268 905) (Plaintiff/Cross Defendant) Beefeater Sales International Pty Ltd (ACN 084 104 754) (First Defendant/First Cross Claimant) Peter Richard Woodland (Second Defendant) Willmott Finance Pty Ltd (Receivers and Managers Appointed) (In Liquidation) (ACN 081 274 811) (Third Defendant) Woodland Home Products Pty Limited (ACN 002 060 246) Second Cross Claimant Representation: Counsel: D C Price (Plaintiff/Cross Defendant) J Emmett (First and Second Defendants/Cross Claimants)