Binaray Pty Ltd (ACN 119 724 211) as Trustee for the Allen Family Trust v RAMS Financial Group Pty Limited (ACN 105 207 538)

The plaintiff, Binaray Pty Ltd, as trustee for the Allen Family Trust, sued RAMS Financial Group Pty Limited for breach of contract, seeking damages for loss of profits. The case was heard in the Supreme Court of New South Wales. The primary dispute centred on the quantification of damages for the loss of a valuable commercial opportunity and the recoverability of interest on the damages awarded.

The court was required to determine the proper method for calculating loss of profits in the context of a breach of contract, as well as the appropriate measure of damages for a lost commercial opportunity. The court also had to assess whether certain damages claimed were statute-barred and to decide on the appropriate basis for calculating interest on the awarded damages.

The court ruled that the damages for loss of profits were to be calculated based on the actual profits that the plaintiff would have made, had the contract been performed. It found that the plaintiff's expert witness's approach to calculating these damages was reasonable. Regarding the statute-barred claim, the court found that part of the claim for damages was indeed time-barred. However, the court determined that interest should be calculated from the date the judgment was entered until the date of payment. The court ordered that the defendant pay the plaintiff $45,174.20 in damages, and directed the defendant to provide an affidavit detailing the calculation of interest by a specified date. Additionally, the court required the parties to submit their views on interest and costs by another specified date.