A builder was awarded $2.1M by the NSWSC.  The NSWCA then took it all away.

A builder was awarded $2.1M by the NSWSC.  The NSWCA* then took it all away.

Some of the reasons why -

The B had claims against three parties. All three owed the same debt. The B could sue any of them (coordinate liability). The B settled with two of the parties. They accepted a deal that resulted in property worth $5M, but the property was actually worth $7.9M (market value). The B got a $2.9M benefit.

In return, the B released the two parties from their debt and they no longer had to pay anything.  The CA said you cannot be winning twice. The B got a $2.9M benefit from settling, so the remaining defendant (the developer) owes $2.9M less.

The B's $2.1M judgment disappeared. If you settle with some people who owe you money, you can't also get the full amount from others who owe you the same debt. The court will subtract what you already got.

The B tried to hide the deal using related companies. The court saw through it.

Some clever drafting by the author of the settlement deed.

*Kaloriziko Pty Ltd as trustee for Ryde Combined Unit Trust v Calibre Construction Group Pty Ltd (No 2) [2025] NSWCA 259