International Money Management Pty Limited (in liq) v Anderson

The liquidators of International Money Management Pty Limited sought to recover the balance of the purchase price for shares sold to Anderson. The Federal Circuit Court was asked to determine whether it could make a judgment based on admissions made by the defendant, Anderson. The liquidators argued that the balance was owed and payable, and that Anderson had admitted to owing it. Anderson contended that the Court could not make a judgment on admissions as it would be inappropriate to do so without a point of principle.

The Court considered whether a judgment on admissions was appropriate in the circumstances of the case. It found that the liquidators had made a prima facie case for judgment based on the admissions of Anderson. The Court determined that it was not necessary to decide whether there was a point of principle for the purpose of making the judgment. It held that the appropriate course of action was to make the judgment on the admissions.

The Court granted judgment to the liquidators for the amount of the purchase price owing by Anderson, plus interest. It found that there was no point of principle which would prevent it from making the judgment on admissions. The Court ordered Anderson to pay the balance of the purchase price, plus interest, to the liquidators. The Court also ordered that the matter be listed for further directions to determine the costs of the proceedings.