Gatsios Holdings v Kritharas Holdings (in Liquidation) [2002] NSWCA 29

Reported Decision : (2002) ATPR 41-864

New South Wales Court of Appeal

CITATION : Gatsios Holdings v Kritharas Holdings (in Liquidation) [2002] NSWCA 29 FILE NUMBER(S) : CA 40355 of 2001 HEARING DATE(S) : 12/02/02 JUDGMENT DATE : 14 March 2002

Gatsios Holdings Pty Ltd (ACN 076 177 869) PARTIES : v Nick Kritharas Holdings Pty Ltd (In Liquidation) (ACN 054 663 464) JUDGMENT OF : Spigelman CJ at 1; Mason P at 36; Meagher JA at 43

LOWER COURT JURISDICTION : Supreme Court LOWER COURT 3132 of 2000 FILE NUMBER(S) : LOWER COURT Hamilton J JUDICIAL OFFICER :

COUNSEL : A: Mr Ash R: Mr Evans SOLICITORS : A: Conway Leather Shaw R: Australian Government Solicitor CATCHWORDS : Declaration Sought - breach of section 52 of the Trade Practices Act 1974 - whether trustee entitled to be indemnified from trust assets - section 59(4) of Trustee Act 1925 - whether activitiy in respect of which indemnity is claimed must be "reasonable" and/or "proper" - appeal dismissed with costs. LEGISLATION CITED : Trade Practices Act 1974 Trustee Act 1925 Belar Pty Ltd (in liq) v Mahaffey [2000] 1 Qd R 477 Vacuum Oil Co. Pty Ltd v Wiltshire (1945) 72 CLR 319 at 335 Stott v Milne (1884) 25 Ch 710 16 715 In Re Beddoe [1893] 1 Ch 547 at 558 In Re Grimthorpe (Deceased) [1958] 1 Ch 615 at 623 R.W.G. Management Ltd v Commissioner for Corporate Affairs [1985] VR 385 at 396 Ron Kingham Real Estate Pty Ltd v Edgar [1999] 2 Qd R 439 at 442 McRae v Coulton (1986) 7 NSWLR 644 at 661 CASES CITED: Project Blue Sky Inc v Australian Broadcasting Authority (1998) 194 CLR 355 In Re Chennell (1878) 8 Ch 492 at 502 Ecclesiastical Commissioners v Pinney [1900] 2 Ch 736 at 742-743 Corrigan v Farrelly (1897) QLJ 105 at 111-112 Australian Competition & Consumer Commission v Top Snack Foods Pty Limited [1999] FCA 752; 21 ATPR 41-708 Vyse v Foster (1872) 8 LR Ch App 309 Balkin v Peck (1998) 43 NSWLR 706 at 712 Worrall v Harford (1802) 8 Ves Jun 4, 32 ER 250 Benett v Wyndham (1862) 4 DF& J 259; 45 ER 1183 In re Raybould [1900] 1 Ch 199 DECISION : Appeal dismissed with costs.