Alexus Pty Ltd v Pont Holdings Pty Ltd

Alexus Pty Ltd brought proceedings against Pont Holdings Pty Ltd concerning a property sale agreement. The dispute centred around whether the vendor was ready for completion at the time the notice to complete was issued and whether the inability of the vendor to provide a jetty as promised rendered the notice invalid. The case was heard in the Supreme Court of Victoria.

The court had to determine if the notice to complete was validly issued and whether the vendor was ready for completion. The court also needed to examine the concept of readiness and its requirements in the context of specific performance in equity. The central issue was whether the failure to provide a jetty constituted a breach of the contract, which would render the notice invalid and affect the vendor's readiness.

The Supreme Court found that the notice to complete was invalid because the vendor was not ready for completion. The court held that the vendor's inability to provide the jetty as promised was a significant factor in determining readiness. The court emphasised that readiness encompasses not only the physical ability to transfer possession but also the compliance with all contractual obligations. The failure to provide the jetty was a material breach of the contract, leading to the conclusion that the notice to complete was invalid. Consequently, the vendor was not ready for completion, and the contract was not enforceable through specific performance.

The court ordered that the notice to complete issued by Alexus Pty Ltd was invalid due to the vendor's failure to be ready for completion. The court also ruled that the vendor was not ready for completion, primarily because of the non-provision of the jetty. As a result, Alexus Pty Ltd was not entitled to specific performance of the contract.