Hyland Bay Pty Ltd v Petroz (Timor Sea) Pty Ltd

[1996] FCA 305

IN THE FEDERAL COURT OF AUSTRALIA                 ) 
  )  
NEW SOUTH WALES DISTRICT REGISTRY                )  No NG 769 of 1995
  )  
GENERAL DIVISION  )     

BETWEEN:          HYLAND BAY PTY LIMITED
  (ACN 004 808 879)

Applicant

AND:                   PETROZ (TIMOR SEA) PTY LIMITED

(ACN 053 698 794)

First Respondent

PETROZ NL
  (ACN 008 468 568)

Second Respondent

SANTOS (ZOCA 91-12) PTY LIMITED
  (ACN 056 937 752)

Third Respondent

Coram:        Davies J.
Date:          11 March 1996
Place:         Sydney

REASONS FOR JUDGMENT

I am inclined to think that the issue of current value would add quite a deal to the hearing of this case and it could be quite a difficult question if the joint venture is more complex than it was at the relevant date of the sale of Hyland Bay Pty Ltd's interests.

I am inclined to think that justice would be better achieved by looking first at the facts as they existed at the relevant time rather than spending a good deal of time on issues of current value.  So, my impression at this stage is to say that the matter should proceed without evidence as to current value and that that issue should be set aside.  I think the parties will be better off by adopting that course at the present time.

It may be that circumstances will change as the case develops and I will reserve liberty to the parties to come back on this issue and to raise it again if any party thinks it useful to do so.  My current view, however, is that the parties would be better off concentrating on the issues as they bear upon the facts as they were at the relevant date.

I will therefore order that the question of current value be set aside for separate hearing but I reserve liberty to the parties to apply later in the proceedings for vacation of this order if they see fit to do so.

I certify that this and the preceding page
are a true copy of the reasons for judgment
of the Honourable Justice Davies.

Associate:

Date:  11 March 1996

Counsel for the applicant:  J.T. Gleeson

Solicitors for the applicant:  Phillips Fox

Counsel for the 1st & 2nd
respondents:  J.H. Dalton

Solicitors for the 1st & 2nd
respondents:  Barker Gosling (as agents for
  Corrs Chambers Westgarth)

Counsel for the 3rd respondent:                  N.C. Hutley

Solicitors for the 3rd respondent:                Allen Allen & Hemsley

Date of hearing:  11 March 1996

Date of judgment:  11 March 1996