WLD Practice Holdings Pty Limited v Sara Stockham [2020] NSWSC 1488

Supreme Court New South Wales

Medium Neutral Citation: WLD Practice Holdings Pty Limited v Sara Stockham [2020] NSWSC 1488 Hearing dates: 21 September 2020 Decision date: 27 October 2020 Jurisdiction: Equity - Expedition List Before: Sackar J Decision: See para [42] Catchwords: CONTRACTS — Construction — True meaning and effect of clause 7.8 of the parties' Unitholders' Agreement — Whether on the proper construction of clause 13 of the parties' Unitholders' Agreement the Trustee Company Accountant is required to take into account whether clause 7.8 has been complied with in determining the Fair Market Value for a Unit in the Trust Legislation Cited: Corporations Act 2001 (Cth) ss 125, 128, 129(1) Company Law Review Act 1998 (Cth) Cases Cited: Australian Broadcasting Commission v Australasian Performing Right Association Ltd (1973) 129 CLR 99 Cherry v Steele-Park [2017] NSWCA 295 Electricity Generation Corporation v Woodside Energy Pty Ltd (2014) 251 CLR 640 Holt v Cox (1997) 23 ACSR 590 Jones v Jones [1971] 1 WLR 840 at 846 Jones v Sherwood Services plc [1992] 1 WLR 277 Legal & General Life of Australia Ltd v A Hudson Pty Ltd (1985) 1 NSWLR 314 Mount Bruce Mining Pty Limited v Wright Prospecting Pty Limited (S99/2015; S102/2015) (2015) 256 CLR 104 Seddon v Senate (1810) 13 East 63; 104 ER 290 at 74 (East), 295 (ER) Shoalhaven City Council v Firedam Civil Engineering Pty Ltd (2011) 244 CLR 305 Spellson v George (1987) 11 NSWLR 300 Verba Oil Supply & Trading GmbH v Petrograde Inc [2002] 1 All ER 703 Westfield Management v AMP Capital Property Nominees (2012) 247 CLR 129 WLD Practice Holdings Pty Ltd, in respect of the WLD Practice Holdings Trust v Sara Stockham and Anor [2020] NSWSC 395 Woolworths Ltd v Mefrost Pty Ltd (1988) 14 NSWLR 300 Texts Cited: J D Heydon, Heydon on Contract (2019, Thomson Reuters) Category: Principal judgment Parties: WLD Practice Holdings Pty Ltd, in respect of the WLD Practice Holdings Trust (plaintiff/cross-defendant) Sara Stockham (first defendant/cross-claimant) Sara Stockham Pty Ltd (second defendant/cross-claimant) Representation: Counsel: C Bova SC, D Reynolds (plaintiff/cross-defendant) V Gray (defendants/cross-claimants)