ISIS Projects v Clarence Street [2006] NSWSC 190

New South Wales Supreme Court

CITATION : ISIS Projects v Clarence Street [2006] NSWSC 190 This decision has been amended. Please see the end of the judgment for a list of the amendments.

HEARING DATE(S) : 02/08/05

JUDGMENT DATE : 29 March 2006

JURISDICTION : Equity Division

JUDGMENT OF : White J

DECISION : See para 118 - 120 of judgment.

CATCHWORDS : COSTS – Dispute resolved without hearing on merits – No capitulation – Whether any party had substantial success - Whether plaintiff acted reasonably in bringing proceedings – Whether any party was almost certain to have succeeded – Whether orders as to costs are appropriate. - TRUSTS AND TRUSTEES – Judgment creditor claiming to be subrogated to trustee's right of indemnity out of trust assets – Whether creditor could have priority over purchasers of trust assets from trustee.

Building and Construction Industry Security of Payment Act 1999 (NSW) LEGISLATION CITED : Real Property Act 1900 (NSW) Corporations Act 2001 (Cth)

ISIS Projects Pty Ltd v Clarence Street Pty Ltd [2004] NSWSC 714 Octavo Investments Pty Ltd v Knight (1979) 144 CLR 360 Jacobs' Law of Trusts in Australia, 6 ed CASES CITED : Australian Securities Commission v Aust-Home Investments Ltd (1993) 44 FCR 194 Re Minister for Immigration & Ethnic Affairs; ex parte Li Qin (1997) 186 CLR 622 One.Tel Ltd v Commissioner of Taxation (2000) 101 FCR 548 Edwards Madigan Torzillo Briggs Pty Ltd v Gloria Stack & Ors [2003] NSWCA 302 Chief Commissioner of Stamp Duties for NSW v Buckle (1998) 192 CLR 226