ACN 116 746 859 (formerly known as Palermo Seafoods Pty Ltd) v Lunapas Pty Ltd & Anor (No. 2) [2017] NSWSC 1799

Supreme Court New South Wales

Medium Neutral Citation: ACN 116 746 859 (formerly known as Palermo Seafoods Pty Ltd) v Lunapas Pty Ltd & Anor (No. 2) [2017] NSWSC 1799 Hearing dates: 15 December 2017 Date of orders: 15 December 2017 Decision date: 15 December 2017 Jurisdiction: Equity Before: Slattery J Decision: Judgment to be paid to the plaintiff for interest entered in the sum of $70,648.12. Directions made for written submissions in relation to other issues. Catchwords: CIVIL PROCEDURE- Court administration – case management – Practice Notes - interest – interest up to judgment – Civil Procedure Act 2005, s 100 – whether compound interest applicable – application of Practice Note SC Gen 16. Legislation Cited: Civil Procedure Act 2005 s 100 Cases Cited: ACN 116 746 859 (formerly known as Palermo Seafoods Pty Ltd) v Lunapas Pty Ltd & Anor [2017] NSWSC 1583 Category: Costs Parties: Plaintiff: ACN 116 746 859 (formerly Palermo Seafoods Pty Ltd) Defendant: Lunapas Pty Ltd Second Defendant: Luciano Menniti Representation: Solicitors:

Plaintiff: in person Defendants: in person, John Gregg, Gregg Lawyers File Number(s): 2013/206954 Publication restriction: No

Judgment 1. This is the Court's second judgment upon the retrial of these proceedings. In the first judgment on the retrial, the Court awarded $250,000 to the plaintiff against both defendants on account of the defendants' conversion of the plaintiff's goods: ACN 116 746 859 (formerly known as Palermo Seafoods Pty Ltd) v Lunapas Pty Ltd & Anor [2017] NSWSC 1583. ("the principal judgment"). But in the principal judgment the Court reserved questions of interest and costs for further argument 2. This judgment should be read together with the principal judgment. Events, matters and persons are referred to in this judgment in the same way as they are in the Court's principal judgment. 3. This judgment deals with the contested question of interest which was the subject of argument on 15 December 2017. Other outstanding issues have been adjourned for further argument to 18 February 2018. 4. With the leave of the Court, the parties both appeared by audio link at the hearing on 15 December 2017. The principals of both parties are all resident out of Sydney; Messrs Palermo on the north coast of New South Wales, and Mr Menniti in Queensland. The Court accommodated their respective requests to conserve their resources and to take an economical approach to the conduct of post-judgment directions hearings. Provided the parties serve all the documents upon which they propose to rely in advance of audio hearing, the Court has been prepared to accommodate these requests. 5. The interest issue in contest between the parties may be shortly stated. After the orders on the principal judgment were made on 11 December 2017, the Court provided to the parties a draft calculation of interest on the judgment sum of $250,000 from 8 May 2013 up to 11 December 2017. That calculation was undertaken in accordance with the applicable rates of interest during the period under which interest was accruing, pursuant to Civil Procedure Act 2005 s 100 and Practice Note SC Gen 16. The calculation provided by the Court to the parties concluded that a total interest figure of $70,648.12 had accrued under SC Gen 16 up to the date of judgment. The calculation was as follows: INTEREST CALCULATION FOR THE PURPOSES OF HIS HONOUR'S ORDERS MADE ON 11 DECEMBER 2017 Start Date: 8 May 2013 End Date: 11 December 2017 Applicable Interest rate: see Civil Procedure Act 2005 (NSW), s 100, Supreme Court of NSW Practice Note SC Gen 16 and Reserve Bank of Australia Cash Rate ("Cash Rate"). Number of days: 1679 Pre-judgment Interest Calculations: Date from Date to Base Days in period Rate Daily Rate Simple Interest 8/5/2013 30/06/2013 250,000 54 7% $47.9452 $2,589.04 1/07/2013 31/12/2013 250,000 184 6.75% $46.2329 $8,506.85 1/01/2014 30/06/2014 250,000 181 6.50% $44.5205 $8,058.22 1/07/2014 31/12/2014 250,000 184 6.50% $44.5205 $8,191.78 1/01/2015 30/06/2015 250,000 181 6.50% $44.5205 $8,058.22 1/07/2015 31/12/2015 250,000 184 6% $41.0959 $7,561.64 1/01/2016 30/06/2016 250,000 182 6% $40.9836 $7,459.02 1/07/2016 31/12/2016 250,000 184 5.75% $39.2760 $7,226.78 01/01/2017 30/06/2017 250,000 181 5.50% $37.6712 $6,818.49 01/07/2017 11/12/2017 250,000 164 5.50% $37.6712 $6,178.08 TOTAL $70,648.12