Sara Stockham Pty Ltd v WLD Practice Holdings Pty Ltd [2021] NSWCA 51

Court of Appeal Supreme Court New South Wales Medium Neutral Citation: Sara Stockham Pty Ltd v WLD Practice Holdings Pty Ltd [2021] NSWCA 51 Hearing dates: 19 March 2021 Decision date: 06 April 2021 Before: Gleeson JA at [1]; Leeming JA at [2]; Emmett AJA at [39]. Decision: 1. The notice of appeal filed 9 December 2020 be dismissed as incompetent. 2. The application for leave to appeal be dismissed. 3. Sara Stockham and Sara Stockham Pty Ltd pay the costs of WLD Practice Holdings Pty Ltd in this Court. Catchwords: CONTRACT - unitholders agreement - one unitholder wished to exit - agreement contained provision for valuation of units of exiting unitholder - unitholders agreement also contained provision prohibiting trustee from effecting decisions in respect of Major Policy Issues without unanimous unitholder resolution - construction of those provisions determined as separate questions - whether valuer required to be satisfied that decisions made by trustee had complied with clause concerning Major Policy Issues APPEAL - leave - cross-claim dismissed following answers to separate questions - whether appeal as of right - requirement to show matter at issue to value of $100,000 Legislation Cited: Judicature Act 1873 (UK), s 25 Law Reform (Law and Equity) Act 1972 (NSW), s 5 Supreme Court Act 1970 (NSW), ss 101, 103 Trustee Act 1925 (NSW), s 63 Uniform Civil Procedure Rules 2005 (NSW), rr 28.2, 51.41 Cases Cited: Berry v Berry [1929] 2 KB 316 Bundanoon Sandstone Pty Ltd v Cenric Group Pty Ltd [2019] NSWCA 87; 373 ALR 591 Burns v Corbett; Gaynor v Burns (2017) 96 NSWLR 247; [2017] NSWCA 3 Cenric Group v TWT Property Group [2018] NSWSC 1570 Charles v Federal Commissioner of Taxation (1954) 90 CLR 598; [1954] HCA 16 Foss v Harbottle (1843) 2 Hare 461; 67 ER 189 Hawcroft General Trading Co Pty Ltd v Hawcroft [2017] NSWCA 91 Lorrimar v Serco Sodexo Defence Services Pty Ltd [2014] NSWCA 371 Melbourne Port Authority v Anshun Pty Ltd (1981) 147 CLR 589; [1981] HCA 45 MWB Business Exchange Centres Ltd v Rock Advertising Ltd [2019] AC 119; [2018] UKSC 24 Rapsey, in the matter of Australasian Mortgage Finance Ltd (Administrator Appointed) [2021] FCA 189 Rema Tip Top Asia Pacific Pty Ltd v Grüterich [2019] NSWSC 1594 The Owners – Strata Plan No 91322 v Trustees of the Roman Catholic Church for the Archdiocese of Sydney [2019] NSWCA 89 WLD Practice Holdings Pty Ltd v Sara Stockham [2020] NSWSC 1488 WLD Practice Holdings Pty Ltd, in respect of the WLD Practice Holdings Trust v Sara Stockham [2020] NSWSC 395 WLD Practice Holdings Pty Ltd, in respect of the WLD Practice Holdings Trust v Sara Stockham [2020] NSWSC 464 Category: Principal judgment Parties: Sara Stockham Pty Ltd (First applicant) Sara Stockham (Second applicant) WLD Practice Holdings Pty Ltd (Respondent) Representation: Counsel: R Newlinds SC, V R W Gray (Applicants) C N Bova SC, D J Reynolds (Respondent)