Evalena Pty Ltd v Rising Sun Holdings Pty Ltd [2003] NSWSC 622

New South Wales Supreme Court

CITATION : Evalena Pty Ltd v Rising Sun Holdings Pty Ltd [2003] NSWSC 622 HEARING DATE(S) : 14/05/03; 15/05/03; 16/05/03; 03/06/03 JUDGMENT DATE : 11 July 2003 JURISDICTION: Equity Division JUDGMENT OF : Young CJ in Eq DECISION : The plaintiffs' suit is dismissed. The cross claim for debt must also fail as a loan that must be paid "within 10 years" is not due and payable until the ten year period has concluded.

CATCHWORDS : EQUITY [35]- Fiduciary duties- Accountant for Japanese investor- Alleged gift of capital to fiduciary- Fiduciary producing documents on which to base claim- No independent advice- Claim fails. EQUITY [109]- Trust- Whether trust exists- On facts held no. WORDS & PHRASES- "Within"- (within 10 years). Consul Developments Pty Ltd v DPC Estates Pty Ltd (1975) 132 CLR 373 Earl of Morton's Trustees; Douglas v Macdougall [1944] SC 410 Ghana Commercial Bank v Chandiram [1960] AC 732 Haywood v Roadknight [1927] VLR 512 Hunters Beach Investments Pty Ltd v Braams (2001) 38 ACSR 701 In re Hofmann 14 Weekly Notes of Cases 563 (Pa) CASES CITED : Jampco Pty Ltd v Cameron (1985) 3 BPR 9487 Phipps v Boardman [1967] 2 AC 46 Plumor Pty Ltd v Handley (1996) 41 NSWLR 30 Reg v IRC; Ex parte Knight [1973] 3 All ER 721 Reynolds v Reynolds [1941] VLR 249 Town of Alexandria v Clark County 231 SW (2d) (Mo) 622 Ward v Walton (1989) 99 FLR 21 Young v Queensland Trustees Ltd (1956) 99 CLR 560 Evalena Pty Limited (P1) Devlon Pty Limited (P2) Rising Sun Holdings Pty Limited (D1) PARTIES : Brian Muir (D2) Kaoru Hamasaki (D3) Ronald Bentley Brown (D4) Yoshiko Hamasaki (D5) MLC Nominees Pty Limited (D6) FILE NUMBER(S) : SC 1192/03 R N Gye (P) COUNSEL : F M Douglas QC and A I Tonking (D3 & 5) S A Benson (for Liquidator and Receiver of the Trust - written submissions) SOLICITORS : Greg Judd & Associates (P) Matthews Folbigg Pty Ltd (D3 & 5)