Daily Banking: Wednesday, 29 July 2015 View in browser
For optimised viewing please add "benchmark@benchmarkinc.com.au" to your safe senders list.
AR Conolly Company Lawyers.
A daily Bulletin listing our choice of Decisions of Superior Courts of Australia.

Daily Banking

Executive Summary (One Minute Read)
Casaclang v WealthSure Pty Ltd (FCA) - corporations - financial services - conduct of previously “authorised representative” - applicants entitled to damages for losses
Aquatic Air Pty Ltd v Siewert (NSWSC) - contract - personal property - share agreements - security agreements - no effective exercise of Call option - breach of payment obligations - claim otherwise dismissed
Summaries With Link (Five Minute Read)
Casaclang v WealthSure Pty Ltd [2015] FCA 761
Federal Court of Australia
Buchanan J
Corporations - financial services - applicants claimed damages from Wealthsure for losses caused by conduct of previously “authorised representative” of WealthSure - claims based on provisions of Corporations Act 2001 (Cth), alternative statutory obligations, negligence and contract - Pts 7.7, 7.9 & 7.10 Corporations Act - Australian Securities and Investments Commission Act 2001 (Cth) - Sch 2 Competition and Consumer Act 2010 (Cth) - ‘financial product’ - ‘credit facility’ - liability of licensee for conduct of authorised representative - actual or apparent authority - liability of licensee in negligence after revocation of authority - held: applicants entitled to damages or compensation for identified loss, plus interest from date of losses, being date of transfer of funds to representative’s control - applicants to bring in short minutes of order.
Aquatic Air Pty Ltd v Siewert [2015] NSWSC 928
Supreme Court of New South Wales
Brereton J
Contract - personal property - defendants owned all shares in aviation companies through which first defendant conducted aviation operations - plaintiff company claimed in its own right or as assignee of rights of subsidiary in liquidation, orders avoiding two share sale agreements for misrepresentation, damages for misrepresentation and/or breaches of warranty in connection with share sale agreements, orders avoiding a security agreement and associated securities (security agreements) for misrepresentation and damages for misrepresentation - ss9-15(2) & ss38-10(5) A New Tax System (Goods and Services Tax) Act 1999 (Cth) - s12GM Australian Securities and Investments Commission Act 2001 (Cth) - Sch2, s243 Competition and Consumer Act 2010 (Cth) - s477(2)(c) Corporations Act 2001 (Cth) - Sch 1, ss105–100 Taxation Administration Act 1953 (Cth) - held: all claims in connection with sale share agreements and security agreements failed - however defendants breached obligation under security agreement to pay outgoings in respect of property - defendants liable to plaintiff for amounts it paid for outgoings accruing after 13/10/11 - no effective exercise of Call option - declaration - plaintiff’s claim otherwise dismissed.