Spangaro v Corporate Investment Australia Funds Management Ltd [2003] FCA 1025

FEDERAL COURT OF AUSTRALIA

Spangaro v Corporate Investment Australia Funds Management Ltd [2003] FCA 1025 CORPORATIONS – managed investment scheme – minimum subscription for interests not reached – whether subscription monies refundable by custodian or responsible entity TRUSTS – express trust – money paid by investors for particular purpose – purpose not satisfied – promise to refund money – whether promise creates trust – constructive trust – knowing receipt of trust property by responsible entity RESTITUTION – unjust enrichment – money had and received – total failure of consideration – money paid to third party – whether recoverable from third party WORDS AND PHRASES – "minimum subscription"

Corporations Law ss601FB, 601FC Adams v Bank of New South Wales (1984) 1 NSWLR 285 Agip (Africa) Ltd v Jackson [1990] 1 Ch 265 Armstrong, Re; deceased [1960] VR 202 Australian & New Zealand Banking Group Ltd v Westpac Banking Corporation (1988) 164 CLR 662 Baden Delvaux v Société Générale [1993] 1 WLR 509 Baltic Shipping Co v Dillon (1993) 176 CLR 344 Bank of Credit & Commerce International (Overseas) Ltd v Akindele [2001] Ch 437 Banque Belge pour l'Etranger v Hambrouck [1921] 1 KB 321 Banque Financičre de la Cité v Parc (Battersea) Ltd [1999] 1 AC 221 Barnes v Addey (1874) LR 9 Ch App 244 Belmont Finance Corporation Ltd v Williams Furniture Ltd (No 2) [1980] 1 All ER 393 Black v Freedman & Co (1910) 12 CLR 105 Burley, In re; Alexander v Burley [1910] 1 Ch 215 Burton v Bevan [1908] 2 Ch 240 Chillingworth v Esche [1924] 1 Ch 97 Citadel General Assurance Co v Lloyds Bank (Canada) [1997] 3 SCR 805 Commissioner of Stamp Duties (Qld) v Jolliffe (1920) 28 CLR 178 Commissioner of State Revenue (Vict) v Royal Insurance Australia Ltd (1994) 182 CLR 51 Commonwealth Homes and Investment Co Ltd v Smith (1937) 59 CLR 443 Consul Development Pty Ltd v DPC Estates Pty Ltd (1975) 132 CLR 373 Daly v The Sydney Stock Exchange Ltd (1986) 160 CLR 371 David Securities Pty Ltd v Commonwealth Bank of Australia (1992) 175 CLR 353 Doneley v Doneley [1998] 1 Qd R 602 DPC Estates Pty Ltd v Grey & Counsel Development Pty Ltd (1974) 1 NSWLR 443 Equiticorp Finance Ltd (in liq) v Bank of New Zealand (1993) 32 NSWLR 50 Fibrosa Spolka Akcyjna v Fairbairn Lawson Combe Barbour Ltd [1943] AC 32 Hancock Family Memorial Foundation Ltd v Porteous (1999) 32 ACSR 124 Heartley v Nicholson (1875) LR 19 Eq 233 International Sales and Agencies Ltd v Marcus [1982] 3 All ER 551 Jalmoon Pty Ltd (in liq) v Bow (1997) 2 Qld R 62 Kauter v Hilton (1953) 90 CLR 86 Knight v Knight (1840) 3 Beav 148 Koorootang Nominees Pty Ltd v ANZ Banking Group Ltd [1998] 3 VR 16 LHK Nominees Pty Ltd v Kenworthy [2002] WASCA 291 Lipkin Gorman v Karpnale Ltd [1991] 2 AC 548 Macquarie Bank Ltd v Sixty-Fourth Throne Pty Ltd [1998] 3 VR 133 Mara v Browne [1896] 1 Ch 199 Martin v Andrews (1856) 7 El & Bl 1 [119 ER 1148] Mears v Western Canada Pulp and Paper Co Ltd [1905] 2 Ch 353 Moses v Macferlan (1760) 2 Burr 1005 [97 ER 676] National Motor Mail-Coach Co Ltd, In re; Anstis' & McLean's Claims [1908] 2 Ch 228 Ninety Five Pty Ltd (in liq) v Banque Nationale de Paris [1988] WAR 132 Pavey & Matthews Pty Ltd v Paul (1987) 162 CLR 221 Richards v Delbridge (1874) LR 18 Eq 11 Rolled Steel Products (Holdings) Ltd v British Steel Corporation [1986] 1 Ch 246 Roxborough v Rothmans of Pall Mall Australia Ltd (2001) 208 CLR 516 Royal Bank of Canada v The King [1913] AC 283 Royal Brunei Airlines Sdn Bhd v Tan (P.C.) [1995] 2 AC 378 Selangor United Rubber Estates Ltd v Cradock (No 3) [1968] 1 WLR 1555 Swain v The Law Society [1983] 1 AC 598 Tara Shire Council v Garner [2003] 1 Qd R 556 Tito v Waddell (No 2) [1977] Ch 106 Trident General Insurance Co Ltd v McNiece Bros Pty Ltd (1988) 165 CLR 107 Trust Company of Australia Ltd v Commissioner of State Revenue (2003) 77 ALJR 1019 Walsh Bay Developments Pty Ltd v Federal Commissioner of Taxation (1994) 29 ATR 311; (1995) 130 ALR 415 Westpac Banking Corp Ltd v Savin [1985] 2 NZLR 41 Williams, In re; Williams v Williams [1897] 2 Ch 12 Williams-Ashman v Price & Williams [1942] 1 Ch 219 Winterton Constructions Pty Ltd v Hambros Australia Ltd (1991) 101 ALR 363 Woodend Water Board and Maddock Lonie and Chisholm v Hyan Enterprises Pty Ltd (unreported, Full Court of the Supreme Court of Victoria, Murphy, Fullagar and Vincent JJ, 15 November 1990)