Spangaro v Corporate Investment Australia Funds Management Ltd (No 2) [2003] FCA 1363

FEDERAL COURT OF AUSTRALIA

Spangaro v Corporate Investment Australia Funds Management Ltd (No 2) [2003] FCA 1363 PRACTICE AND PROCEDURE – defaulting trustee – judgment debt – interest – statutory entitlement unless "good cause to the contrary" – whether penalty rate of interest appropriate – effect of delay

Federal Court of Australia Act 1976 (Cth) s 51A Penalty Interest Rates Act 1983 (Vic) s 2

Alemite Lubrequip Pty Ltd v Adams (1997) 41 NSWLR 45 referred to Clarke v Foodland Stores Pty Ltd [1993] 2 VR 382 cited Dawson, Re; Union Fidelity Trustee Co Ltd v Perpetual Trustee Co Ltd [1966] 2 NSWR 211 discussed Hagan v Waterhouse (1992) 34 NSWLR 308 discussed HK Frost Holdings Pty Ltd (in liq) v Darvall McCutcheon (a firm) [1999] FCA 795 cited Marsh v Ruby [1975] VR 191 cited MBP (SA) Proprietary Limited v Gogic (1991) 171 CLR 657 cited Nagy v Masters Dairy Ltd (1997) 150 ALR 301 cited O'Sullivan v Management Agency & Music Ltd [1985] QB 428 referred to Southern Cross Commodities Pty Ltd (in liq) v Ewing (1987) 11 ACLR 818 referred to Tennant, In Re; Mortlock v Hawker (1942) 65 CLR 473 cited Jacobs' Law of Trusts in Australia 5th ed, 1986 Lewin on Trusts 17th ed, 2000

JUSTIN SPANGARO (on his own behalf and in a representative capacity) v CORPORATE INVESTMENT AUSTRALIA FUNDS MANAGEMENT LTD,

AUSTRALIAN COTTON LTD (IN LIQUIDATION), CARDINAL FINANCIAL SECURITIES LTD, JOHN PATRICK MCGETTIGAN, GARRY MARTIN WHITE,

JOHN CHARLES KERIN, THOMAS JAMES VALENTINE and JUSRINI WALZL (also known as JUNIE WALZL) V 3019 of 2001 FINKELSTEIN J 28 NOVEMBER 2003 MELBOURNE

IN THE FEDERAL COURT OF AUSTRALIA

VICTORIA DISTRICT REGISTRY V 3019 of 2001

BETWEEN: JUSTIN SPANGARO (on his own behalf and in a representative capacity)

Plaintiff

AND: CORPORATE INVESTMENT AUSTRALIA FUNDS MANAGEMENT LTD,