25/07/2024
CBD Law successfully worked in conjuction with Counsel to have a Supreme Court decision overturned in favour of our client via a Court of Appeal Hearing. After many hours of work in compiling Appeal Books and Submissions, it was very pleasing to achieve this result. Thank you to our Counsel S K Hill and our Senior Counsel J Redwood and of course our staff.
Judgment Just In: SSABR Pty Ltd v AMA Group Limited [2024] NSWCA 175
The Court of Appeal has allowed an appeal by SSABR Pty Ltd and HAAPRC Pty Ltd (“appellants”) against a decision of the New South Wales Supreme Court rectifying cl 5.1 of a Business Sale Agreement (“BSA”) entered into by the appellants and AMA Group Limited and AMA Group Solutions Pty Ltd (“AMA”). The Court held that AMA had not shown, by clear and convincing proof, that the parties to the BSA had the common intention that cl 5.1 should provide for an earn-out amount to be calculated by reference to “average annual” Earnings Before Interest and Tax (“EBIT”), rather than EBIT, over the Earn-Out Period.
Read the judgment here: https://tinyurl.com/SSABRvAMA
Summary: https://tinyurl.com/SSABRvAMAsum
