PMB Australia Ltd v MMI General Insurance Ltd (No 2)

PMB Australia Ltd sought damages from several defendants, including MMI General Insurance Ltd, for losses related to insurance contracts. The dispute centred on the assessment of interest carrying costs and the calculation of interest under section 57 of the Insurance Contracts Act 1984 (Cth). The case was heard in the Supreme Court of Victoria. The court had to decide whether the plaintiff was entitled to amend its statement of claim after the publication of reasons for judgment but before the final judgment, and if so, whether the proposed claims had prospects of success. Additionally, the court needed to determine the appropriate interest rates and the appropriate costs order given the plaintiff's partial success in its claims.

The court considered the timing of the application to amend the statement of claim, noting that the application was made after the reasons for judgment had been published but before the final judgment was delivered. The court found that the application was made too late and dismissed the request to amend the statement of claim. The court further examined the merits of the plaintiff's claims against the individual defendants, awarding damages to PMB Australia Ltd against six of the defendants. Regarding the interest payable, the court determined the daily interest rates under section 57(2) of the Insurance Contracts Act 1984 (Cth). The court also ordered that the defendants pay 80% of the plaintiff's costs of the proceeding, including reserved costs, which were to be assessed on the standard basis.

In summary, the court denied leave to amend the statement of claim but proceeded to assess the merits of the claims. The plaintiff was successful in obtaining damages against several defendants and was awarded interest on the judgment sums. The court also ordered that the defendants pay a significant portion of the plaintiff's costs, departing from the usual order that costs follow the event.