In Bulwer Pty Ltd v Ryan [2024] QSC 155, the Supreme Court of Queensland ruled in favour of Bulwer Pty Ltd, declaring that the applicant validly terminated a contract dated 2 August 2022 for the sale of two sub-sub-leases and associated shares due to the failure of the seller to obtain necessary consents by the stipulated deadline. The court found that although some consents were signed after the sunset date, they were not effectively "obtained" for the purposes of the contract until confirmation was communicated to the buyer. The decision reinforced the principle that time is of the essence in contracts and upheld the buyer’s right to seek a refund of the deposit, which had been previously paid into court. The judge ordered the return of $128,500 to the applicant, along with provisions for cost submissions to be resolved on the papers without in-person appearances.
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