Wong v Van Vlymen [2016] NSWSC 161

Supreme Court New South Wales

Medium Neutral Citation: Wong v Van Vlymen [2016] NSWSC 161 Hearing dates: 22 - 24 February 2016; further written submissions 24 and 29 February 2016 Decision date: 01 March 2016 Jurisdiction: Equity - Expedition List Before: Stevenson J Decision: Contract does not have implied term that performance is subject to finance. Specific performance to be ordered Catchwords: CONTRACTS – interpretation – whether an implied term that performance subject to obtaining finance; EQUITY – specific performance – contract for sale of unlisted shares – defendant willing to perform contract but allegedly unable to obtain finance – whether damages an adequate remedy – whether specific performance should be refused on discretionary grounds by reason of impossibility or hardship Legislation Cited: Supreme Court Act 1970 (NSW) Cases Cited: ANZ Executors & Trustees Ltd v Humes Ltd [1990] VR 615 Attorney-General (Belize) v Belize Telecom Ltd [2009] 1 WLR 1988; 2 All ER 1127 Beswick v Beswick [1968] AC 58 Boyarsky v Taylor [2008] NSWSC 1415; 14 BPR 26,553 BP Refinery (Westernport) Pty Ltd v Hastings Shire Council (1977) 180 CLR 266 Codelfa Construction Pty Ltd v State Rail Authority (NSW) (1982) 149 CLR 337 Commonwealth Bank of Australia v Barker [2014] HCA 32; 243 CLR 169 Evans v Robcorp Pty Ltd [2014] QSC 26 Fullers Theatres Ltd v Musgrove (1923) 31 CLR 524 Masters v Cameron (1954) 91 CLR 353 Pasedina (Holdings) Pty Ltd v Khouri (1977) 1 BPR 9460 Suttor v Gundowda Pty Ltd (1950) 81 CLR 418 Trident General Insurance Co Ltd v McNiece Bros Pty Ltd (1988) 165 CLR 107 Zorbas v Titan Properties (Aust) Pty Limited [2005] NSWSC 440 Texts Cited: I C F Spry, Equitable Remedies, (9th ed 2014, Lawbook Co.) P W Young, C Croft and M Smith, On Equity, (2009, Thomson Reuters Lawbook Co.) J D Heydon, M J Leeming and P G Turner, Meagher, Gummow and Lehane's Equity: Doctrines & Remedies, (5th ed 2014, LexisNexis Butterworths) Category: Principal judgment Parties: Patrick Wong (First Plaintiff) Overseas Shipping Trading and Investment Pty Limited (Second Plaintiff) Willem Van Vlymen (First Defendant) Magriet Van Vlymen (Second Defendant) Pacific Investment Holdings Pty Ltd (Third Defendant) Orbis Commodities Pty Ltd (Fourth Defendant) Pacific Investment Limited (Fifth Defendant) Representation: Counsel: S Burchett (Plaintiffs) B Oliak (Defendants)