Greencapital Aust Pty Ltd v Pasminco Cockle Creek Smelter Pty Ltd (subject to Deed of Company Arrangement) (No 3) [2018] NSWSC 1956

Supreme Court New South Wales

Medium Neutral Citation: Greencapital Aust Pty Ltd v Pasminco Cockle Creek Smelter Pty Ltd (subject to Deed of Company Arrangement) (No 3) [2018] NSWSC 1956 Hearing dates: 3 & 4 December 2018 Decision date: 14 December 2018 Jurisdiction: Equity - Commercial List Before: Stevenson J Decision: Contract is rescinded Catchwords: CONTRACT – contract for sale of land – where completion conditional on achievement of conditions precedent by sunset date – where conditions precedent not achieved by sunset date – where vendor and purchaser entitled to rescind if conditions precedent not so achieved – where purchaser entitled to step in and itself seek to achieve conditions precedent if they were not so achieved – whether purchaser's entitlement to step in qualified vendor's entitlement to rescind – whether purchaser entitled to reasonable time to elect to step in – where day following sunset day not a business day – where vendor purported to terminate on that non-business day – whether vendor entitled to terminate on non-business day – whether contract in any event frustrated – ambit of purchaser's step in rights – whether assuming contract not rescinded it should be specifically performed – whether assuming contract not rescinded vendor should be restrained from purporting further to rescind for 12 months from judgment Legislation Cited: Contaminated Land Management Act 1997 (NSW) Conveyancing Act 1919 (NSW) Corporations Act 2001 (Cth) Environmental Planning and Assessment Act 1979 (NSW) Cases Cited: Actall Pty Ltd v Pacific Bay Development Pty Ltd [2006] NSWCA 190 Bitannia Pty Ltd v Parkline Constructions Pty Ltd [2009] NSWSC 1302 Butt v M'Donald (1896) 7 QLJ 68 Codelfa Construction Pty Ltd v State Rail Authority of NSW (1982) 149 CLR 337; [1982] HCA 24 Co-Operative Insurance Society Ltd v Argyll Stores (Holdings) Ltd [1998] AC 1 Davis Contractors Ltd v Fareham Urban District Council [1956] AC 696 Dodds v Kennedy (No 2) (2011) 42 WAR 16; [2011] WASCA 131 Mindshare Communications Ltd v Orleans Investments Pty Ltd [2007] NSWSC 1352 Munro v Bodrex Pty Ltd [2002] NSWSC 122 oOh! Media Roadside Pty Ltd v Diamond Wheels Pty Ltd (2011) 32 VR 255; [2011] VSCA 116 Orleans Investments Pty Ltd v MindShare Communications Ltd (2009) 254 ALR 81; [2009] NSWCA 40 Patrick Stevedores Operations No 2 Pty Ltd v Maritime Union of Australia (No 3) (1998) 195 CLR 1; [1998] HCA 30 Pianta v National Finance & Trustees Ltd (1964) 180 CLR 146; [1964] HCA 61 Romanos v Pentagold Investments Pty Ltd (2003) 217 CLR 367; [2003] HCA 58 Secured Income Real Estate (Australia) Ltd v St Martins Investments Pty Ltd (1979) 144 CLR 596; [1979] HCA 51 Selkirk v Romar Investments Ltd [1963] 1 WLR 1415; [1963] 3 All ER 994 Tanwar Enterprises Pty Ltd v Cauchi (2003) 217 CLR 315; [2003] HCA 57 Texts Cited: J D Heydon, M J Leeming and P G Turner, Meagher, Gummow & Lehane's Equity: Doctrines & Remedies (5th ed, 2015, LexisNexis Butterworths) K Lewison & D Hughes, The Interpretation of Contracts in Australia (2012, Lawbook Co) N C Seddon and R A Bigwood, Cheshire & Fifoot Law of Contract (11th ed, 2017, LexisNexis Butterworths) State Environmental Planning Policy No 55 – Remediation of Land (NSW) Category: Principal judgment Parties: Greencapital Aust Pty Ltd (Plaintiff/Cross-Defendant) Pasminco Cockle Creek Smelter Pty Ltd (subject to Deed of Company Arrangement) (Defendant/Cross-Claimant) Representation: Counsel: D A McLure SC with D Habashy (Plaintiff/Cross-Defendant) N J O'Bryan AM SC with D J Tynan and J C Lee (Defendant/Cross-Claimant)