Valoutin Pty Ltd & Anor v Furst [1998] FCA 339

FEDERAL COURT OF AUSTRALIA BANKRUPTCY - voidable disposition - recovery in specie - whether trustee in bankruptcy must elect to avoid disposition before property is sold by the disponee to a third party CONTRACT - implied contract EVIDENCE - documents - whether a trust is a 'business' for the purposes of the Evidence Act 1995 (Cth) - whether a trust balance sheet is admissible under s 69 of the Evidence Act - whether an annual report is admissible under s 1305 of the Corporations Law SALE OF LAND - Torrens title - indefeasibility of title - whether a volunteer obtains an indefeasible title - bad and doubtful title -time when vendor must show a good title - whether good title must be shown when possession is to be given - whether doubtful title prevents an action at law - when court will not determine the validity of a title TRUSTS - determination of a trust - determination when consideration fails - surrender of a beneficial interest - statute of frauds - surrender must be in writing - part performance TRESPASS - whether proper plaintiff is person entitled to possession Bankruptcy Act 1966 (Cth) ss 120, 121 Corporations Law s 1305 Evidence Act 1995 (Cth) s 69 Property Law Act 1958 (Vic) ss 49(2), 53, 54, 55 Transfer of Land Act (Vic) 1958 ss 42, 43

Alexander v Mills (1870) 6 Ch App 124 mentioned Avondale Printers & Stationers Ltd v Haggie [1979] 2 NZLR 124 discussed Baker & Ors v Official Trustee in Bankruptcy (unreported, Full Court, Federal Court, 3 August 1995) applied Bain v Fothergill (1874) 7HL 158 mentioned Bell v Scott (1921) 21 SR(NSW) 706 mentioned Bell v Scott (1922) 30 CLR 387 mentioned Biggs v McEllister (1880) 14 SALR 86 mentioned Bogdanovic v Koteff (1988) 12 NSWLR 472 not followed Boyman v Gutch (1831) 131 ER 147 mentioned Brady v Stapleton (1952) 88 CLR 322 applied Brickles v Snell [1916] 2 AC 599 mentioned Calverley v Green (1984) 155 CLR 242 mentioned Chang v The Registrar of Titles (1976) 137 CLR 177 mentioned Charles Marshall Pty Ltd v Grinsley (1956) 95 CLR 353 mentioned Cooper v Denne (1792) 34 ER 754 applied Crichton v Crichton (1930) 43 CLR 536 considered Crow v Campbell (1884) 10 VLR (E) 186 mentioned Dowling v Moore (1908) 9 SR(NSW) 31 followed Duke Group Ltd(in liq) v Pilmer & Ors (Unreported, Supreme Court of South Australia, 4 November 1994, Mullighan J) followed Dyer v Dyer (1788) 30 ER 42 mentioned Facey & Ors v Rawsthorne & Anor (1925) 35 CLR 566 mentioned Forrer v Nash (1865) 55 ER 858 discussed Frazer v Walker [1967] 1 AC 569 discussed Gollin & Company Ltd v Karenlee Nominees Pty Ltd (1983) 153 CLR 455 distinguished Halkett v Earl of Dudley [1907] 1 Ch 590 discussed Harold Elliott and H Elliott (Builders) Ltd v Pierson [1948] Ch 452 discussed Haynes v Hirst (1927) 27 SR(NSW) 480 mentioned Hutchinson & Anor v Ross (1933) 262 NY 381 applied IAC (Finance) Pty Ltd v Courtenay (1962-1963) 110 CLR 550 mentioned In re Brown; Gordon v Rosenberg (1967) 11 CBR(NS) 17 applied In re Roe and Eddie's Contract [1933] VLR 427 mentioned In re Scott and Alvarez's Contract [1895] 2 Ch 603 followed In re the Land Tax Act; Ex parte Finlay (1884) 10 VLR (E) 68 mentioned Johnson v Clarke [1928] Ch 847 mentioned Kadissi v Jankovic [1987] VR 255 mentioned King v Smail [1958] VR 272 followed KLDE Pty Ltd v Commissioner of Stamp Duties(Qld) (1984) 155 CLR 288 mentioned Lysaght v Edwards [1876] 2 ChD 499 mentioned McDonald v Marson (1913) 33 NZLR 248 followed Manning v Turner [1957] 1 WLR 91 mentioned Mather and Deegan v Morgan [1971] Tas SR 192 mentioned MEPC Ltd v Christian-Edwards & Ors [1981] AC 205 considered Miller v Kavanagh [1932] VLR 391 mentioned Mitchell v Colgan [1922] VLR 372 mentioned Moss v Perpetual Trustees & Agency Co of New Zealand Ltd [1923] NZLR 264 mentioned Mullings v Trinder (1870) 10 Eq 449 discussed Napier v Public Trustee (Western Australia) (1980) 32 ALR 153 mentioned Nottingham Patent Brick and Tile Co v Butler (1886) 16 QBD 778 applied Pearce v Stevens & Ors (1904) 24 NZLR 357 followed Pips (Leisure Productions) Ltd v Walton [1980] 43 P&CR 415 approved Procter v Hugh [1921] 2 Ch 256 mentioned Pyramid Building Society (in liq) v Scorpion Hotels Pty Ltd [1998] 1 VR 188 mentioned Pyrke v Waddingham (1852) 68 ER 813 followed Rasmussen v Rasmussen [1995] 1 VR 613 followed Re Marra Developments Ltd & the Companies Act [1979] 2 NSWLR 193 followed Residues Treatment and Trading Company Ltd & Anor v Southern Resources Ltd & Ors (1989) 7 ACLC 608 not followed Rose v Rose (1986) 7 NSWLR 679 explained Saunders v Vautier (1841) 49 ER 282 mentioned Smith v Colbourne (1914) 2 Ch 533 discussed Tilley v Thomas [1867] 3 Ch App 61 mentioned Toohey v Gunther (1928) 41 CLR 181 discussed Toyota Motor Corporation Australia Ltd & Anor v Ken Morgan Motors Pty Ltd & Ors (1994) 2 VR 106 esp at 178-179 mentioned Trade Practices Commission v TNT Management Pty Ltd (1984) 56 ALR 647 followed Van Reesema v Flavel (1989) 7 ACLC 972 on appeal 7 ACSR 225 mentioned Walker v Public Trustee [1938] 38 SR(NSW) 662 mentioned Wallis v Hands [1893] 2 Ch 75 followed Wilson & Anor v Thomas [1958] 1 WLR 422 considered Ziel Nominees Pty Ltd v VACC Insurance Co Ltd (1975) 180 CLR 173 applied Zsadony v Pizer [1955] VLR 496 mentioned VALOUTIN PTY LTD and PAUL HENRY HARPUR v DEBORAH LEA FURST, STANLEY TREMBACK and THE OFFICIAL TRUSTEE IN BANKRUPTCY (AS TRUSTEE OF THE BANKRUPT ESTATE OF ABRAHAM GOLDBERG) VG 523 of 1993 FINKELSTEIN J MELBOURNE 6 APRIL 1998