Golden Roc Investment Pty Ltd v Cui

In the Federal Circuit Court of Australia, Golden Roc Investment Pty Ltd brought an action against Cui for a loan made in July 2021. The plaintiff claimed that the defendant had failed to repay the principal and interest on a loan calculated in United States dollars. Cui did not file a defence or enter an appearance to defend the action, and as a result, the plaintiff sought a default judgment. The court had to consider whether it should grant the default judgment and, if so, how the damages should be calculated.

The primary legal issue was whether the court could grant a default judgment against Cui, given that Cui had not filed a defence or entered an appearance. Additionally, the court had to determine how to calculate the damages, considering that the loan was in United States dollars, but the plaintiff sought damages in Australian dollars. The court had to decide on the appropriate date for currency conversion in the calculation of damages.

The court found that Cui had defaulted in the proceedings, and it was appropriate to grant a default judgment against Cui. Regarding the calculation of damages, the court held that the appropriate date for currency conversion was the date on which the court enforced the judgment. This meant that the damages would be calculated in Australian dollars at the exchange rate on the date of enforcement, ensuring that the plaintiff received the full amount owed in Australian currency.

The court ordered that judgment be entered in favour of Golden Roc Investment Pty Ltd against Cui. The judgment included an order for the amount owed, calculated in Australian dollars, to be paid by Cui to Golden Roc Investment Pty Ltd. The court also ordered Cui to pay the costs of the proceeding.