Application of Perpetual Trustee Company Ltd [2003] NSWSC 1185

New South Wales Supreme Court

CITATION : Application of Perpetual Trustee Company Ltd [2003] NSWSC 1185 HEARING DATE(S) : 1, 3 December 2003 JUDGMENT DATE : 3 December 2003 JURISDICTION: Equity Division JUDGMENT OF : Young CJ in Eq DECISION : Summons adjourned until foreshadowed event occurs.

CATCHWORDS : EQUITY [204]- Trusts and trustees- Application to court by trustee for judicial advice- Discussion of history and development of remedy- Opinion, advice or direction sought by professional trustee in relation to a proposed demerger- Whether demerger constitutes an event of default according to the trust deed- Advice from counsel obtained by trustee- Whether declaration ought to be under s 63 of the Trustee Act 1925- Question premature. LEGISLATION CITED : Trustee Act 1925 s 63(1), (4) and (11) Auspac Corporate Managers Pty Ltd v J Noble Pty Ltd [2003] NSWSC 548 CBS Productions Pty Ltd v O'Neill (1985) 1 NSWLR 601 Harrison v Mills [1976] 1 NSWLR 42 Hughes v NM Superannuation Pty Limited (1993) 29 NSWLR 653 MTM Funds Management Ltd v Cavalane Holdings Pty Ltd (2000) 158 FLR 121; 35 ACSR 440 CASES CITED : Neagle v Rimmington [2002] 3 NZLR 826 Re Beddoe [1893] 1 Ch 547 Re George Sinnamon [1940] QWN 41 Re Mitchell (1913) 30 WN (NSW) 137 Sanderson v Classic Car Insurances Pty Ltd (1985) 10 ACLR 115 West Merchant Bank Ltd v Rural & Agricultural Management Ltd (1996) 20 ACSR 563 PARTIES : Perpetual Trustee Company Limited (P) FILE NUMBER(S) : SC 6022/03 J Griffiths SC (P) COUNSEL : J T Gleeson SC and A McGrath (for AMP Group Finance Services Ltd and AMP Group Holdings Ltd) M Pembroke SC and P Fury (for Elliott International LP and The Liverpool Limited Partnership) Blake Dawson Waldron (P) SOLICITORS : Mallesons Stephen Jaques (for AMP Group Finance Services Ltd and AMP Group Holdings Ltd) Kemp Strang (for Elliott International LP and The Liverpool Limited Partnership)