Central Management Holdings Pty Ltd and Aphelion Marketing Pty Ltd v Nauru Phosphate Royalties Trust [2006] NSWDC 7

New South Wales District Court

CITATION: Central Management Holdings Pty Ltd and Aphelion Marketing Pty Ltd v Nauru Phosphate Royalties Trust [2006] NSWDC 7

HEARING DATE(S): 8 March 2005

JUDGMENT DATE: 9 March 2005

JUDGMENT OF: Rolfe DCJ

DECISION: Order the defendant to pay the plaintiffs the amounts set out in paragraph 33 of this Judgment.

CATCHWORDS: Agreement for loan of money - Damages inadequate remedy - Order for specific performance - Equitable jurisdiction of District Court of New South Wales - s 134 (1)(h) of District Court Act 1973

LEGISLATION CITED: District Court Act 1973 Supreme Court Act 1970

CASES CITED: Wight v Haberdan Pty Limited (1984) 2 NSWLR 281 Commonwealth Bank of Australia v Hadfield(2001) 53 NSWLR 614

Central Management Holdings Pty Ltd (First Plaintiff) PARTIES: Aphelion Marketing Pty Ltd (Second Plaintiff) Nauru Phosphate Royalties Trust (Defendant)

FILE NUMBER(S): 1623/04

COUNSEL: M Elliott for the Plaintiffs E Finnane for the Defendant

JUDGMENT 1 On 1 October 1997 the first plaintiff, Central Management Holdings Pty Limited and the second plaintiff, Aphelion Marketing Pty Limited, were the holders of twenty per cent and five cent respectively of the profit units in the Ronsi Holding Trust, which I will refer to in this judgment as "the Trust". The remaining profit units in the Trust were held by NPR (Sydney) Pty Limited. The Trust was established by the Trust Deed dated 19 July 1997, which is located behind tab 2 in the plaintiffs' hearing bundle, being exhibit A in these proceedings. Ronsi Holdings Pty Limited was the Trustee.

2 It is not in dispute that under the terms of the Trust Deed the holders of the profit units were entitled to give the Trustee directions regarding the making and calculation of interim distributions.