On 22 December 2017 Charter Pacific served a demand on one of the Microlatch companies, Securicom (NSW) Pty Ltd, seeking repayment of hundreds of thousands of dollars loaned by Charter Pacific in good faith to assist the Microlatch to develop and maintain its patent portfolio.
Rather than repaying the money it had borrowed, however, on 12 January 2018 Securicom (NSW) applied to the Queensland Supreme Court to set aside that demand. Securicom (NSW)’s application was heard by the Queensland Supreme Court on 31 January 2018 and judgment was reserved. Charter Pacific looks forward to the Court’s determination.
Given that Securicom (NSW) threw up a bunch of reasons why the loaned amounts should not have to be repaid (none of which have any merit, as will be seen), there was reference in the court proceedings to the binding Share Purchase Agreement between Charter Pacific and Microlatch – as the content of that agreement is confidential, it was dealt with as confidential evidence in the proceedings. Charter Pacific will keep stakeholders fully informed in relation to the outcome of the Court’s determination. The release by Microlatch on its website today about the proceedings is full of errors and misleading, and thus should be disregarded.