Perception Investire Pty Ltd v Bassal Holdings Pty Ltd [2015] NSWSC 1954

Supreme Court New South Wales

Medium Neutral Citation: Perception Investire Pty Ltd v Bassal Holdings Pty Ltd [2015] NSWSC 1954 Hearing dates: 2, 28, 29, 30 July 2015; 10,11, 12 November 2015 Written submissions 16 November 2015 Date of orders: 18 December 2015 Decision date: 18 December 2015 Jurisdiction: Equity Before: Bergin CJ in Eq Decision: Plaintiff is entitled to the entry of judgment in the amount of $407,832. Plaintiff's claims are otherwise dismissed. Cross Claim is dismissed. Catchwords: CONTRACT – where plaintiff rescinded contract for purchase of commercial property – where option sought – where individual defendant purports to sign option deed for company of which he is not a director – whether held out as company agent such that plaintiff entitled to make assumptions under s 129 of the Corporations Act 2001 – whether option valid – whether option validly extended – whether option validly exercised. Legislation Cited: Conveyancing Act 1919 Conveyancing (Sale of Land) Regulation 2010 Corporations Act 2001 (Cth) Cases Cited: 400 George Street (Qld) v BG International Ltd [2010] QCA 245; [2012] 2 Qd R 302 Alcorn v Regina [2006] NSWCCA 209 Bahr v Nicolay (1988) 164 CLR 604 Basma v Weekes [1950] 2 All ER 146 Black v Smallwood (1966) 117 CLR 52 Correa v Whittingham [2013] NSWCA 263; (2013) 278 FLR 310 Errichetti Holdings Pty Ltd v Western Plaza Hotel Corporation Pty Ltd [2006] WASC 113; (2006) 201 FLR 192 Esperance Cattle Company Pty Ltd v Granite Hill Pty Ltd [2014] WASC 279; (2014) 102 ACSR 255 Essington Investments Pty Ltd v Regency Property Pty Ltd [2004] NSWCA 375 Haixing Group Ltd v Chan [2015] NSWSC 1637 Hightime Investments Pty Ltd v Adamus Resources Ltd [2012] WASC 295 Jones v Dunkel (1959) 101 CLR 298 Junker v Hepburn [2010] NSWSC 88 Kuhl v Zurich Financial Services Australia Ltd [2011] HCA 11; (2011) 243 CLR 361 Martinez v Rowland [1983] 1 Qd R 496 MYT Engineering Pty Ltd v Mulcon Pty Ltd (1997) 25 ACSR 78 MYT Engineering Pty Ltd v Mulcon Pty Ltd (1999) 195 CLR 636 NCR Australia Pty Ltd v Credit Connection Pty Ltd [2004] NSWSC 1 Northside Developments Pty Ltd v Registrar General (1990) 170 CLR 146 Pacific Carriers Ltd v BNP Paribas [2004] HCA 35; (2004) 218 CLR 451 Prothonotary of the Supreme Court of NSW v Alcorn [2007] NSWCA 288 Soyfer v Earlmaze Pty Ltd [2000] NSWSC 1068 Thomas Developments Pty Ltd v Setlee Pty Ltd [2002] NSWSC 816; (2002) 11 BPR 20,495 Torrens Re-Development & Research Pty Ltd v Oakworth Developments Pty Ltd [2008] NSWSC 1096; (2008) 13 BPR 25,501 Category: Principal judgment Parties: Perception Investire Pty Ltd (Plaintiff) Bassal Holdings Pty Ltd (1st Defendant) Saxon Developments Pty Ltd (2nd Defendant) Albert Bassal (3rd Defendant) Representation: Counsel: MJ Gollan/AM Coombes (Plaintiff) DR Pritchard SC/D Krochmalik (2 July 2015, 10-12 November 2015)/A Macauley (28-30 July 2015, 10-12 November 2015) (Defendants)