| Wilmink v Westpac Banking Corporation (FCAFC) – loan
statement incapable of being converted into a bill of exchange – claim against
bank failed
|
| Griffin
Energy Group Pty Limited (Subject to DOCA) v ICICI Bank Ltd (Singapore Branch) (NSWSC)
– standby letters of credit – sale agreement - conditions to enable vendor to
demand payment could not be met
|
| Cox v Wettenhall
(VSC)
– share purchase agreement – dispute resolution provision - no error in
contract for expert determination – claims dismissed
|
| Kaboko
Mining Ltd v Noble Resources International Pte Ltd (WASC)
– corporations – genuine dispute in relation to statutory demand – demand set
aside
|
| Summaries With Link (Five Minute Read) |
Wilmink v Westpac Banking Corporation [2015] FCAFC 17
Full Court of the Federal Court of Australia
Foster, Yates & Gleeson JJ
Bills of exchange - appellants claimed damages
against bank based on alleged default by bank under purported bill of exchange
- primary judge concluded purported bill of exchange was not a bill within
meaning of Bills of Exchange Act 1909 (Vic) – appellants contended
primary judge erred in finding that a loan statement was incapable of
conversion to a bill of exchange in s25 – appellants also claimed primary judge
denied them procedural fairness by hearing proceeding on the papers – held:
loan statement did not satisfy requirement under s25 of a simple
signature on a blank stamped paper – loan statement not a document capable
of being converted into bill of exchange – no denial of procedural fairness in
delivering judgment without oral hearing – appeal dismissed.
Wilmink
|
Griffin
Energy Group Pty Limited (Subject to DOCA) v ICICI Bank Ltd (Singapore Branch) [2015] NSWSC 87
Supreme Court of New South Wales
Hammerschlag J
Standby letters of credit – dispute
concerning operation of three standby letters of credit issued on 28/2/11 –
each letter of credit had maximum liability of $50 million and on its face was
to expire on 1/3/15 – letters of credit issued to secure final instalment under
sale agreement for sale of shares in companies – sale shares represented
underlying interest in coal mine – whether conditions to enable plaintiff to
demand payment under letters of credit could be met - International Standby
Practices (ISP98) - provision for extension of date for timely presentation
where last day for presentation not a business day – requirement of declaration
that amount due and payable and delivery of drafts - held: letters of credit
not capable of being security for payment of last instalment – summons
dismissed.
Griffin
Energy Group Pty Limited
|
Cox v Wettenhall [2015] VSC 38
Supreme
Court of Victoria
Judd
J
Contract
for expert determination – share purchase agreement - dispute resolution - plaintiffs
were vendors of shares under share purchase agreement – second defendant was
purchaser - plaintiffs sought declaration that an expert determination made by first
defendant under the agreement was of no effect - expert had been appointed by
parties to resolve dispute concerning calculation of third tranche of purchase
price – held: vendors failed to establish determination did not conform with
contract, or any breach of contract by expert, or any error in expert’s
determination – claims against defendants dismissed.
Cox
|
Kaboko Mining Ltd v Noble
Resources International Pte Ltd
[2015] WASC 67
Supreme
Court of Western Australia
Master
Sanderson
Corporations
– statutory demand – plaintiff was an exploration and development company –
defendant was company member of group which operated in metals, energy and
agriculture markets – plaintiff sought to set aside statutory demand served on
it by defendant – held: there was genuine dispute as to whether there had been
breach of pre-payment facility agreement between parties which triggered payment
or debt obligation to defendant - there was genuine dispute in relation to debt
the subject of the statutory demand – demand set aside.
Kaboko
Mining Ltd
|
