Drinkwater v Caddyrack Pty Ltd [2001] NSWSC 255

New South Wales Supreme Court

CITATION : Drinkwater v Caddyrack Pty Ltd [2001] NSWSC 255 CURRENT JURISDICTION: Equity Division FILE NUMBER(S) : SC 3970/96 HEARING DATE(S) : 16/03/01 JUDGMENT DATE : 10 April 2001

PARTIES : Peter Westgarth Drinkwater, John Francis Drinkwater and Lustray Pty Ltd (Plaintiffs/Respondents) Terrance Kyrwood, Geoffrey Kyrwood, Gedrot Pty Ltd and Gavros Pty Ltd (Defendants/Appellants) JUDGMENT OF : Young J

LOWER COURT Supreme Court (Master) JURISDICTION : LOWER COURT 3970/96 FILE NUMBER(S) : LOWER COURT Master McLaughlin JUDICIAL OFFICER :

COUNSEL : M Ashhurst (Plaintiffs/Respondents) M Painter (Defendants/Appellants) SOLICITORS : Hansens (Plaintiffs/Respondents) Wood Roberts (Defendants/Appellants) CATCHWORDS : PROCEDURE [115]- Masters- Appeal- Valuation judgment- When appeal allowed. VALUATION [25]-Shares- Capitalization of maintainable profits- When appropriate method. VALUATION [36]- Appeal- Valuation by Master- When appeal against valuation by Master should succeed. Ahmedi v Ahmedi (1991) 23 NSWLR 288 Commssioner of Succession Duties (SA) v Executor Trustee & Agency Co of South Australia (1947) 74 CLR 358 Do Carmo v Ford Excavations Pty Ltd [1981] 1 NSWLR 409 Drinkwater v Caddyrack Pty Ltd [1999] NSWSC 17 Dynasty Pty Ltd v Coombs (1995) 59 FCR 122 Golosky v Golosky (NSWCA 5.10.93) House v The King (1936) 55 CLR 499 CASES CITED : Kent & Martin v Federal Commissioner of Taxation (22.10.1945) Kyrwood v Drinkwater [2000] NSWCA 126 Ledesma v Nobule Pty Ltd (Master McLaughlin 11.12.97) Morrison v Judd (NSWCA 10.10.95) Narayanan Chettiar v Kaliappa Chettiar [1946] AC 116 Re Golden Bread Pty Ltd [1977] Qd R 44 Sapir v Sapir (No 2) (1989) 13 Fam LR 362 Wilsher v Essex Area Health Authority [1988] AC 1074 DECISION : Appeal dismissed with costs.