Read the full judgment text of HCA 002125/2008 on BabelCite. This High Court CFI judgment was delivered on 6 February 2009.
1. Shiranne agreed to buy commercial properties from New Asia and Sky Fox respectively. In each case it paid substantial deposits (totalling about $40 million), representing some 50% of the purchase price. It did so because New Asia and Sky Fox intimated that they were in financial difficulty and were prepared to offer a good deal in return for a substantial deposit. But New Asia and Sky Fox, both of which entered into creditors' voluntary liquidations, failed to complete. Shiranne therefore
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