FACTS
Builtcom Constructions Pty Ltd (Builtcom) served a payment claim under the Building and Construction Industry Security of Payment Act 1999 (NSW) (SOPA) for approximately $30.6 million. VSD Investments Pty Ltd (VSD), the principal, responded with a payment schedule, and the matter proceeded to adjudication. The adjudicator awarded Builtcom approximately $8.5 million but declined to value 12 items due to insufficient detail in the payment claim.
Builtcom sought judicial review, arguing the adjudicator had made a jurisdictional error. VSD also challenged the determination. The Supreme Court dismissed both claims. Following that, Builtcom sought release of the $8.7 (awarded amount with interest) million held in court. VSD applied for a stay, arguing restitution risks should Builtcom’s appeal later fail.
ISSUE
Should the Court continue a stay of funds awarded to the contractor where no appeal challenges the determined amount?
FINDING…
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