In the case Annuo Medical Technology Solutions Pty Ltd v Angel Loop Ltd [2024] QSC 256, the plaintiffs, Annuo Medical Technology Solutions Pty Ltd and its founder Dr. Jeni Wellington, alleged that Angel Loop failed to uphold their investment agreement. The plaintiffs argued that Angel Loop did not transfer investment funds as per a non-binding term sheet, leading to a breach of their contractual obligations. The case also involved disputes over share pricing, director appointments, and alleged misrepresentations. The court, led by Freeburn J, concluded that the term sheet was non-binding and struck out the statement of claim filed by the plaintiffs on August 22, 2024. The court dismissed the plaintiffs' application for summary judgment and did not find sufficient cause to proceed against AFCA for their decision not to entertain the plaintiffs' complaints. Consequently, the court ruled in favor of Angel Loop and associated defendants on the procedural grounds provided under the Uniform Civil Procedure Rules 1999. The court will hear the parties on costs and further directions.
Full text: https://www.sclqld.org.au/caselaw/150007