Duke Nominees Pty Ltd & Anor v D & S Group of Companies Pty Ltd & Ors [1998] FCA 668

FEDERAL COURT OF AUSTRALIA EQUITY - joint borrowers - obligation to contribute pro rata to obligations under financing agreement - one borrower failing to contribute towards interest liabilities - whether order for contribution should be made against that borrower in favour of other borrowers who paid interest liability. CONTRACT - farming joint venture - informal arrangement - one joint venturer paid substantial rates and taxes direct - whether that joint venturer entitled in equity to contribution from other joint venturer - whether entitlement to equitable contribution as co-owners modified by joint venture agreement - no accounting as between joint venturers - whether order for contribution should be made. CONTRACT - oral agreement to provide vendor finance for purchase of pastoral property - whether written document specifying price accurately recorded agreement of parties - question of fact. PRACTICE AND PROCEDURE - set-off - contract to provide finance to joint borrowers - one joint borrower directly paying substantial sum in reduction of indebtedness - one joint borrower for consideration taking assignment of financing agreement and outstanding debt - whether that joint borrower entitled to set-off against personal indebtedness to another joint borrower claims for contribution for pro rata share of payment in reduction of indebtedness and pro rata share of outstanding indebtedness. Albion Insurance Co Ltd v Government Insurance Office (NSW) (1969) 121 CLR 342, applied Muschinski v Dodds (1985) 160 CLR 583, applied DUKE NOMINEES PTY LTD (ACN 007 861 403) and CHRIS ANGELOPOULOS v D & S GROUP OF COMPANIES PTY LTD (ACN 008 115 473) and ASTERIOS GEROVASILIS and SOUTH AUSTRALIAN ASSET MANAGEMENT CORPORATION SG 44 of 1992 MANSFIELD J ADELAIDE 10 JUNE 1998

IN THE FEDERAL COURT OF AUSTRALIA