Federal Court of Australia
Federal Court of Australia MJ & PT Gunningham Pty Ltd (Trustee) v Redpa Dairy Partners Pty Ltd (Trustee) [2022] FCA 1334 File number(s): TAD 42 of 2021
Judgment of: MCELWAINE J
Date of judgment: 10 November 2022
Catchwords: CORPORATIONS – whether the applicant effectively exercised its option to acquire additional units in a unit trust – where assets of the trust were sold in the same year as the option was exercised – interpretation of the trust deed and shareholder and unit agreement (Agreement) – where the applicant did not effectively exercise the option strictly and as required by the Agreement – whether equity should come to the applicants aid to ensure its legitimate expectations were not defeated and the second respondent did not receive a windfall gain – application dismissed
Legislation: Federal Court of Australia Act 1976 (Cth) ss 37M and 37N
Cases cited: Aon Risk Services Australia Ltd v Australian National University (2009) 239 CLR 175; [2009] HCA 27 ASIC v Fortescue Metals Group Ltd (2011) 190 FCR 364; [2011] FCAFC 19 Australian Broadcasting Commission v Australasian Performing Right Association Ltd (1973) 129 CLR 99 Australian Broadcasting Corporation v Lenah Game Meats Pty Ltd (2001) 208 CLR 199 Australian Competition & Consumer Commission v Jutsen (No2) [2010] FCA 982 Citta Hobart Pty Ltd v Cawthorn (2022) 96 ALJR 476; [2022] HCA 16 Comdox No 24 Pty Ltd v Robins [2009] NSWSC 367 Day v William Hill (Park Lane) Ld [1949] 1 KB 632 Equuscorp Pty Ltd v Glengallen Investments Pty Ltd (2004) 218 CLR 471; [2004] HCA 55 Hagerty v Hills Central Pty Ltd (2018) 19 BPR 38,853; [2018] NSWCA 200 John Nelson Developments Pty Ltd v Focus National Developments Pty Ltd [2010] NSWSC 150 Mackay v Wilson (1947) 47 SR (NSW) 315 Mount Bruce Mining Pty Ltd v Wright Prospecting Pty Ltd (2015) 256 CLR 104; [2015] HCA 37 Muschinski v Dodds (1985) 160 CLR 583 Quadling v Robinson (1976) 137 CLR 192 Scammell (G) & Nephew Limited v Ouston [1941] AC 251 Stern v McArthur (1988) 165 CLR 489 United Dominions Corporation Ltd v Brian Pty Ltd (1984 – 1985) 157 CLR 1
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