NSW Caselaw
New South Wales Supreme Court
CITATION : Seiwa Australia Pty Ltd v Seeto Financial Services Pty Ltd [2008] NSWSC 1260
HEARING DATE(S) : 11 - 14 August 2008
JUDGMENT DATE : 27 November 2008
JURISDICTION : Equity Division
JUDGMENT OF : Harrison J
DECISION : 1. Proceedings dismissed. 2. Order the plaintiffs to pay the costs of the fourth defenant and the fifth defendant.
CATCHWORDS : PARTNERSHIP – accountants – where one partner of a firm promotes investment schemes for clients of the firm – co-partners unaware of single partner's activities – schemes promising returns of 50 per cent per annum – client invests US$4.5M by deposit into a "custodian account" operated by single partner or under his control – loss of all monies – whether in any event single partner resigned from partnership before inducing clients to participate – whether losses recoverable from innocent partners – whether breach of contract or breach of trust by those partners – ss 5 and 11 Partnership Act 1898
LEGISLATION CITED : Limitation Act 1969 Partnership Act 1892
CATEGORY : Principal judgment
Aras v Schmutz (Court of Appeal, 9 December, 1997 per Powell JA, unreported) Essington Investments Pty Ltd v Regency Property Pty Ltd [2004] NSWCA 375 CASES CITED : Estate Realties Ltd v Wignall [1992] 2 NZLR 615 Mercantile Credit Co Ltd v Garrod and Another [1962] 3 All ER 1103 Toll (FGCT) Pty Ltd v Alphapharm Pty Ltd [2004] HCA 52; (2004) 219 CLR 165 Young v Lamb [2001] NSWCA 225
Seiwa Australia Pty Ltd (First Plaintiff) Australia Seiwa Pty Ltd (Second Plaintiff) PARTIES : Shojiro Azuma (Third Plaintiff) Malcolm James Beard (Fourth Defendant) Gregory Charles Ralph (Fifth Defendant)
We try to embed the page this law was scraped from. If the site blocks framing, you still get the link and a local excerpt.
Last checked with source on —
Checking whether the official page can be embedded…
Plain-English simplify of this law: a short summary, key points, and both sides of the argument. Generated on first view via Replicate, then cached. Vote on what helps your study.
No study brief is cached for this law yet. Sign up to generate a plain-English brief.
Sign up to generate