HP Mercantile Pty Limited v Hartnett & Ors [2015] NSWSC 1475

Supreme Court New South Wales

Medium Neutral Citation: HP Mercantile Pty Limited v Hartnett & Ors [2015] NSWSC 1475 Hearing dates: 14 September 2015 Date of orders: 08 October 2015 Decision date: 08 October 2015 Jurisdiction: Equity - Commercial List Before: Darke J Decision: Separate questions each answered affirmatively. Catchwords: CONTRACTS – construction and interpretation – loan agreements entered into to facilitate participation in investment scheme – limited recourse provision – whether condition for operation of provision satisfied – whether provision operates when events of default have occurred. Cases Cited: Electricity Generation Corporation v Woodside Energy Limited [2014] HCA 7; (2014) 251 CLR 640; Guo Hui Cai v Xiao Yan Guo (No 2) [2014] NSWSC 1416; HP Mercantile Pty Limited v Clements [2014] NSWSC 509; Mainteck Services Pty Limited v Stein Heurtey SA [2014] NSWCA 184; Pacific Carriers Limited v BNP Paribas [2004] HCA 35; (2004) 218 CLR 451; Thompson v Smith (1976) 135 CLR 102; Toll (FGCT) Pty Limited v Alphapharm Pty Limited [2004] HCA 52; (2004) 219 CLR 165; Undershaft (No 1) Limited v Commissioner of Taxation [2009] FCA 41 Category: Principal judgment Parties: HP Mercantile Pty Limited (Plaintiff) Gerard Hartnett (Defendant) Gary Robert Wilson (Defendant) Attila Bodonyi (Defendant) Oliver Fonda (Defendant) Anthony William Andrew (Defendant) Ross Alexander Mars (Defendant) Frank Alexander Watkins (Defendant) Campbell Faulds (Defendant) John Luies (Defendant) Peter James Christie (Defendant) Bacroy Pty Limited Trading As John Jansen Family Trust (Defendant) Cathrine Lesley Stewart (Defendant) Robert Scolaro (Defendant) Stephen John Noblett (Defendant) Peter David Chapman (Defendant) Donald James Duncan (Defendant) Alastair Roderick Hood (Defendant) Nicholas Rossetti (Defendant) Gary Groth-Marnat (Defendant) Alexander Leslie Alan Holmes (Defendant) Simon Gregory Pritchard (Defendant) Mark Venables (Defendant) Ronald Anthony Baldini (Defendant) Ross Douglas Jose (Defendant) Alan John Bradshaw (Defendant) Helen Marie Creaser (Defendant) Keith Alexander Wallis (Defendant) Wayne James Spindler (Defendant) Richard William Sutton (Defendant) Antonio Bartuccio (Defendant) Robin Clifford James O'Neill (Defendant) Jean-Michel Dominique Seneque (Defendant) Guilbert John Percival (Defendant) Anthony Kubicki (Defendant) Gregory Plevey (Defendant) Thomas McIntyre (Defendant) Matthew Christopher Wenke (Defendant) Christopher Michailidis (Defendant) Michael Foletti (Defendant) John Fitzpatrick (Defendant) David George Gourley (Defendant) John Jeffreys (Defendant) Sharon Kell (Defendant) Heather Kelly (Defendant) John William Dunn (Defendant) Robert John Terry (Defendant) Ross Jeffrey Smith (Defendant) Paul William McDermott (Defendant) Jonathon Sidney Lowe (Defendant) Arthur Jones (Defendant) Sean Hogan (Defendant) Holly Bryant (Defendant) Audrey Chang (Defendant) Paul Burke (Defendant) Neville Vernon Deague (Defendant) Graham Ellender (Defendant) Paul Anthony McCluskie (Defendant) Laurence Mitchell (Defendant) Valentine Vargassoff (Defendant) Kevin Raymond Vaughan (Defendant) John Anthony Van De Ven (Defendant) Jeremy Dale Simpson (Defendant) Douglas Roach (Defendant) David Ralph (Defendant) Noel Edward Quick (Defendant) Randall Kenneth Perry (Defendant) Graham Ronald Paterson (Defendant) Roberta O'Sullivan (Defendant) John Michael Fisher (Defendant) Steven Doyle (Defendant) James Noel Brickwood (Defendant) Sigrid Birzer (Defendant) Robert Arthur Handley Bailey (Defendant) Shane Allard (Defendant) Gregory Raymond Smith (Defendant) Andrew Norris (Defendant) Russell John Hawkins (Defendant) Craig Randall Hawkins (Defendant) Brian Walter Gray (Defendant) Peter Michael Deed (Defendant) Alexander Rex Cameron (Defendant) Paul Benbow (Defendant) Edmund Lawrence Woods (Defendant) Joe Galante (Defendant) David John Gray (Defendant) Ralph Young (Defendant) Sean Patrick O'Donovan (Defendant) Representation: Counsel: B Walker SC, P Knowles (HPM) CRC Newlinds SC, A D'Arville (defendants represented by Jonathon Eastoe Lawyers and/or Tiernan & Associates) A Leopold SC, E Holmes (defendants represented by DLA Piper)