POTENTIA3 PTY LTD (IN LIQUIDATION) v Hislop [2019] NSWSC 323

Supreme Court New South Wales

Medium Neutral Citation: POTENTIA3 PTY LTD (IN LIQUIDATION) v Hislop [2019] NSWSC 323 Hearing dates: 7 June 2018 Date of orders: 29 March 2019 Decision date: 29 March 2019 Jurisdiction: Common Law Before: Rothman J Decision: (1) The defendant shall pay to the plaintiff an amount of $1,615,753.08;

(2) The defendant shall pay the plaintiff interest in the aforesaid amount from 11 June 2015 to the date of this Order in accordance with the pre-judgment interest rates calculated at the Reserve Bank Cash Rate, plus 4%;

(3) The defendant shall pay to the plaintiff interest on the amount owing calculated in accordance with Orders (1) and (2) above at the rate of 7.5% from the date of Judgment until payment.

(4) The defendant shall pay the plaintiff's costs of and incidental to the proceedings on an indemnity basis on and from 24 June 2017 and otherwise as agreed or assessed. Catchwords: CORPORATIONS – Directors Loans – whether ban or salary – books record loans – no evidence of employment – order for repayment of loan. Legislation Cited: Corporations Act 2001 (Cth), s 1305 Uniform Civil Procedure Rules 2005 (NSW), r 20.26 Cases Cited: Calderbank v Calderbank [1975] 3 All ER 333 Damelian Automobile Pty Limited (Receivers and Managers Appointed) v Ricardo Rovira Damelian [2012] NSWSC 950 Category: Principal judgment Parties: POTENTIA3 PTY LTD (IN LIQUIDATION) (Plaintiff) Peter Cranston Hislop (Defendant) Representation: Counsel: A G Martin (Plaintiff) No Appearance (Defendant)