In the matter of Rafic Pty Ltd

Rafic Pty Ltd brought proceedings against the defendant, seeking an order that the defendant purchase the plaintiff's shareholding in a company at a specified price. The defendant did not make the payment within the 28 days after the date on which judgment took effect. The plaintiff sought interest on the unpaid amount, arguing that the order for the purchase of shares for a specified price constituted an order for the payment of money. The defendant disputed this, contending that the order did not constitute an order for the payment of money.

The central legal issue before the court was whether the order for the purchase of shares for a specified price constituted an order for the payment of money, and consequently, whether interest was payable on the shareholding purchase price. The court needed to determine the nature of the order and its implications for the calculation of interest on the unpaid amount.

The court held that the order for the purchase of shares for a specified price constituted an order for the payment of money. Consequently, interest was payable on the shareholding purchase price. The court reasoned that the order was effectively an order for the payment of a sum of money, as it directed the defendant to purchase the plaintiff's shareholding at a specified price. Therefore, the provisions of the law regarding interest on money judgments applied, and interest was payable on the unpaid amount. The court found in favour of the plaintiff.

The court ordered the defendant to pay the plaintiff interest on the shareholding purchase price in accordance with the relevant provisions of the law. The defendant was also ordered to pay the remaining balance of the purchase price within a specified time.